Digital transformation is a very hot topic right now, but everyone’s definition of it seems to be different. To start off the show, Michael asks for Tony’s definition to lay the foundation for today’s discussion.
Whenever Tony is invited to have a conversation with a company that finds itself falling behind, his first actions have little to do with technology. He determines what is happening in the industry, what the strengths of the company are, and how willing to change this company is. Tony then provides insight on where his analysis moves towards after covering these areas.
It’s hard to keep in-touch with the ever-changing landscape of technology, but Tony recommends three ways that we can stay up to date. Then, he shares the five stages of digital transformation as outlined in his book.
A lot of companies have created venture arms and external business development groups. Tony believes that this is a positive decision from them because it’s a good way to understand the external environment. However, though this behavior is necessary, Tony says that it is not sufficient and explains why. He then speaks to the importance of getting all employees involved in change.
With a lot of unknowns being at play regarding technological regulations, the advice Tony gives to companies is to do what is morally right for their customers. Tony finishes his interview by talking about what his plans are for the next few years.