During the World Economic Forum’s annual meeting in Davos, Switzerland on “Bloomberg Surveillance“, Vivian Hunt, managing partner for U.K. and Ireland at McKinsey & Co, and Carolyn Fairbairn, director general at Confederation of British Industry, discuss the focus for U.K. businesses as the nation transitions out of the European Union at the end of the month.
Vivian Hunt clearly mentioned that it’s important to modernize their business to Digital transformation. Currently, offline business got reduced a lot when things can be purchased and ordered online with all the possible ways to return back if not satisfied.
In general, every CEO’s and directors of a company should have got an idea that it’s important to modernize their business and digital transformation is the first issue.
Two things that influence in forcing the change is to continue driving earnings and to sustain in the market in competitive environment. We can’t stay in the market when there we found a drop in earnings as it will affect the recurring investments required.
In this digital movement, it’s more important to focus on the competitor growth and technology updates to keep our system smooth and easy for the people. Updates are more important in every industry to make it so easy and cool. Digital transformation is much need as per the current scenario and it should be the first move towards the right target.
You should really know about the emerging startups in recent times and it will help you to understand the way people requirements are gathered and satisfied. It’s tough time for existing business to compete each other with a variety and if a successful startup can make it easy then we should learn things by analysing them.