All men’s gains are the fruit of venturing.

Herodotus

The rate of innovation in the new economy has fundamentally shifted traditional business models, and the trajectory of this disruptive force is only set to continue, as big-tech companies and start-ups invest heavily in all things digital. Stranded in the middle of this tremendous shift are the old guard — those who have thrived by mastering traditional business growth tactics.

Some say pre-digital incumbents have lost the war, and that their most successful years are behind them. But where naysayers see declining margins as inevitable following imminent disruption, those who understand digital see a cornucopia of opportunity. Pre-digital incumbents have deeply embedded supply chains, unique and impressive in-house expertise and capabilities, vast networks, and a strong customer base and reputation. As things stand, these assets are under­utilised because pre-digital incumbent leaders instinctively focus on and invest in outdated business strategies. But now more than ever a shift is required, and time is of the essence. Those who wish to realise success in the new economy need to take action and, rather than worrying about protecting the status quo, proactively seek to disrupt themselves before a competitor takes the honours.

As technologists working in a pre-digital incumbent, we understand the challenges you face as the leader of such an organisation, and the associated feeling of being overwhelmed in the face of change and uncertainty. That’s why we’ve provided you with a succinct framework for transitioning your company successfully from pre-digital to digital. We don’t underestimate the monolithic task of digital transformation, but we have sought to make a clear case that opportunity exists whether you reach for it or not.

We trust that, having read Chasing Digital in its entirety, you will now appreciate the importance of each chapter, and the layered framework we have created to help you successfully lead your digital transformation and imagine new horizons. Your strategy, organisational design and culture are vital to building your flywheel, which is powered by the three key digital components — data, platforms and systems of intelligence. The accelerators of change will help facilitate your digital transformation, ensuring sound leadership from your board, proper risk management practices to protect your organisation, and the right investment mindset to drive longevity and growth in the face of uncertainty.

Like all big business decisions, a conversion of this magnitude must be driven from the top, but support has to come from all levels of the organisation. To thrive, your organisation will need a dogged and determined leader, someone who is willing to push themselves and their organisation well outside of their respective comfort zones.

Invest in the future

To have a future, you must invest in it.

The new economy is only just getting started, and there is a huge amount of uncertainty regarding the future. What we do know is that technology will play a massive role in solving the most complicated political, societal and environmental problems we face today. Data, platforms and systems of intelligence will be fundamental to this.

The internet is a global and open platform that feeds off data and is the backbone of our new economy. So how big is the opportunity from here? According to the World Economic Forum, four billion people on this planet still don’t have access to the internet. Bringing four billion people online presents a huge amount of opportunity, not just in terms of new markets, but with regard to the advancement of our species.

As more people and ideas join this global platform, novel interactions will continue to evolve and the global web of connectivity will grow. We will also see a massive shift in power, as centralised institutions and platforms, such as banks and governments, lose influence and control. We will see developing nations transition into thriving economies, and watch decentralised platforms facilitate interactions between parties without the need for an intermediary.

Artificial intelligence will play an ever more pivotal role in the advancement of our society and economy. One fascinating example of AI in action is at the confluence of machine learning and blockchain technology. Work in this area is only just beginning, but the foundations now exist to enable machines and algorithms to buy, sell and negotiate with one another without the need for human intervention. This activity is achieved through harnessing the power of smart contracts, immutable and decentralised blockchain ledgers and self-learning algorithms that feed off vast data sets.

Automated, self-governing ‘systems’ are only now becoming possible and will continue to evolve as blockchain, advances in imagery technology, cloud computing and artificial intelligence matures. The processes and laws that govern how we do business will completely change as these types of systems become commonplace. Just how this will affect the future of business is hard to say. What we can confidently predict is that those who aspire to be successful in the future must seek to understand and embrace these technologies and the associated opportunities they present.

Embrace the chase

There are signs everywhere that a metamorphosis is afoot in the business world. Some refer to this as the fourth revolution, while others see the change as simply the start of a new economy based on information, data or network effects. Regardless of how people define these developments, change is here. The pace and timing of technology development poses many questions, with many answers undiscovered. For us, change is the greatest known unknown and the only real consistent force. Remember, there is no end to this transformation; you’ll always be chasing digital.

Ambitious organisations must embrace the chase and establish the necessary digital foundations to meet new challenges as they present themselves. Businesses that cling to the status quo risk losing their competitive edge and, we believe, their viability. The internet has led to mass disruption as businesses of all shapes and sizes, in every industry and around the globe, race to develop strategies that enable new avenues of growth. Chasing Digital provides a guide to help companies overcome the inevitable hurdles and chart a course for future success.

We hope Chasing Digital gives you the confidence to invest further in innovation and technology, and compete globally for years to come, regardless of sector or industry. This book is about how to create a legacy, not only for yourself, but for those who succeed you. It’s a question of when, not if. So look to new horizons, learn from your customers, don’t be afraid to fail, and remember that digital is a continual chase. There is no endpoint.