We were lucky enough to have professor Vankat come in and talk to us during one of our meetings. Vankat is a professor of Management Information Systems and Strategy & Innovation here at Boston University Questrom School of Business. He is very popular in the research field as well and is one of the most sited professors in America. His talk with our club was shaped around a book he recently wrote called, The Digital Matrix. This book explains the shifting digital future of our world.
The digital future is a world in which all businesses will be constantly connected and operating digitally. Some refer to this future as “ambient computing”. Ventak argues this is what the future of our world will look like very soon. This doesn’t just refer to Google, Apple, IBM, and other companies that deliver digital projects and services. John Deere, BMW, Whirlpool and other industrial companies are encompassed in the effects of this digital future. The future of success and survival in any industry now lies in adapting to the digital transformation.
Digital disruptors such as Uber, entering typically successful non digital services, such as the taxi industry, are the ones who are becoming leaders in these industries. However, most legacy businesses today continue to operate by old playbooks. Most are not keeping pace with the changes going on in their respective industries. Vankat has written The Digital Matrix to explain the players shaping this future landscape and the steps to take for businesses survive and prosper.
For current industry leaders to remain successful, they must be willing to take steps to transform at the root of their business. That will determine their position as one the future disruptors and leaders in this new era. The need for change is the most difficult part for a currently successful business to realize. It is very difficult to convince top management that a very successful method of business currently practiced must be altered and revamped in order for survival in the future.
”Change is not easy, but it is inevitable, and it’s necessary for growth and survival” – Vankat