“Data is the foundation of digital business. Every touch point, every click, every digital exhaust is relevant insight.” - Ray Wang
According to Innosight research, the average company tenure on the S&P 500 Index was 37 years in 1977. By 2027, it is forecast to be just 12 years. At the current churn rate, about half of the companies now on the S&P 500 will be replaced over the next 10 years.
The reasons for this accelerating turnover include “a complex combination of technology shifts and economic shocks, some of which are beyond the control of corporate leaders,” notes the research, but very often, companies are simply missing opportunities to adapt or change. For example, many enterprise organizations continue to apply existing business models to new markets and begin to fall behind.
For brands considering digital transformation initiatives, there’s no time to wait, says Ray Wang, Principal Analyst, Founder and Chairman of Constellation Research and author of the best-selling book Disrupting Digital Business. “Digital Darwinism is unkind to those who wait.”
Constellation Research defines digital transformation as the methodology in which organizations transform and create new business models and culture with digital technologies. Wang notes organizations with digital business models are now creating a winner-take-all market, with much of that derived from insight streams.
The future is big data business models built on insight, says Wang: insight-based differentiation, insight brokering, and insight-based business platforms. “If 20% of your revenue is not an insight stream by 2020, you won’t have a digital business model.”
Want to learn more about insight streams and the role of data in developing digital business models? Ray Wang shares his insights and advice in a fast-paced The Role of Data in Digital Transformation webinar.
Register now and learn how to move from data to decisions, how data is powering future business models in an AI-driven, digital world, and how to succeed with a data-driven approach to digital transformation. Don’t miss this look at the future of business from a leading advisor to Global 2000 companies.