Treat digitisation as a crisis that’s happening right now by taking the sort of decisive action normally reserved for emergencies.
By the mid 2000s German book retailer Thalia was already under threat from Amazon. Rather than wait for disaster to strike, company CEO Michael Busch took bold action. Working with partners from across the publishing industry, he rolled out multiple innovations at speed. In 2013, Thalia beat Amazon for market share in Germany.
If you wait for digitisation to disrupt your markets, you’ve already left it too late. You need to act now and act decisively. Writing for McKinsey Insights, Arun Arora, Michael Becker, Markus Simon and Florian Wunderlich say, on average, today’s firms are only 40% digitised. There’s a lot more change to come, and you need to structure your business to make digitisation possible.