Technology moves at an exponential pace and traditional organizations do not. True leaders cannot get left behind the digital curve. According to a recent McKinsey Study on Digital Quotient, Digital Leaders outperform their peers with 5X more revenue growth, 8X more operating profit growth, and nearly 2X better shareholder returns. Yet only 16% of companies are really positioned to be digital leaders in their respective markets. So while digital transformation is on the mind of most executives, there remains a significant gap in achieving the real impact of digitizing enterprises. To unleash these gains for your business true digital transformation requires rethinking how business is conducted including business processes, organization and talent, innovation models, and how to fully engage their digitally empowered customers.
Such transformation is evident across many sectors.
- Medical institutions are using Artificial Intelligence like Watson to change the way cancer is treated.
- Retailers are using Big Data and predictive analytics to create customized experiences for their shoppers.
- Field workers are becoming "uberized", leveraging location-aware devices, apps, and messaging to better coordinate activities and increase productivity.
- Buyers and sellers are leveraging Blockchain technology to increase privacy/security and reduce friction in payment systems.
- Power generators are using the Internet of Things to gather system-wide information to help them better manage power distribution and consumption.
- Entirely new business models and market opportunities are being created every day such as ride sharing, digital therapeutics, and drone delivery.
Despite the broad range of verticals and applications for the next generation digital technology, certain themes have begun to emerge. The technologies that are being employed are:
- Connected (via pervasive Mobile, Web, and IoT touchpoints)
- Aware (harnessing big data and analytics to understand historical patterns and context)
- Smart (applying machine learning/AI to enable targeted, prescriptive actions)
- Trusted (embedding privacy and security at all layers of interactions).
Phorum 2017 will focus on these key themes, and provide real world examples of how digital enterprises are doing things that weren't possible even two years ago. Attendees hear from thought leaders in these different areas, will meet and interact with solution providers that are leading the charge with new technologies and share experiences with enterprise users that are solving next generation problems.