Digital native firms have already shown their prowess in outperforming or at least competing with the legacy companies. Those still relying on traditional methods are slipping down the rope of business progress. But now another breed of companies have emerged, known as the digital re- inventors. These are those that have had run of success sung digital means, then experienced some sort of setbacks, to finally get the formula correct. Such players now exist at all leading industries. Their impact is the highest in telecom, followed by tech, media and retail banking. Those sectors slightly lagging the overall average include retail, insurance, logistics, automotive, healthcare and a few more. These re inventors are adept at introducing innovations to their business model. Even technology gets embedded at work innovatively. Newer schemes such as design thinking and AI tools are constantly used up. The investment made is more decisive. Going ahead, incumbents must start preparing early so they not lose their present dominant status. They must be open to business innovations and experiments. A dual approach needs to be carried across the business- model. A venture- capital approach may also be adopted for investments.

Source:https://www.mckinsey.com/business-functions/digital-mckinsey/our-insights/how-digital-reinventors-are-pulling-away-from-the-pack

Uploaded Date:26 June 2019