“Banking is necessary but banks are not” ( quote from Bill Gates ) is not just applied for the incumbents in banking industry but all leaders in traditional industries. Traditional companies are facing unprecedented challenges from 4 major forces in the Digital Economy. Many of them will not survive if they don’t act now & don’t do it right. Last week in Shanghai, I have shared my experience gained from consulting large incumbents & cultivating innovative startups. We talked about these 4 key types of competitors for traditional companies: 1. Tech Giants Amazon Alibaba 2. Unicorns Gogovan Klook 3. Traditional companies from other industries with great digital capabilities to cross over to your industry Volkswagon getting into insurance 4. Companies in your same industry but with better digital capabilities than you Strategy that we learned from Business School, MBA and EMBA still matters but may not be good enough to empower leaders to win & even survive in the Digital Age. We talked about how to formulate Digital Strategy, cultivate a Digital Workforce & work with Digital Colleague around us. More importantly, how to innovate & collaborate with startups. Will deliver this talk in Tsingtao, Taiwan, Malaysia & more Asia’s cities in the next few months. CU.
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