Digital disruption is not forcing businesses into a dramatic revolution in the way they operate. Instead, it’s more of an evolution.
Those are the results of a new report by Nimbus Ninety, the UK’s independent research community for disruptive business and technology leaders.
The report says that out of 163 C-suite and directors surveyed, just 6 per cent said there was a need for a total business model reinvention.
On the other hand, the majority of respondents (33 per cent) chose the word ‘evolve’ to describe how they need to change in order to stay on top.
Still, 76 per cent said a business model is necessary to grow and gain a competitive advantage.
Looking at the biggest advantages and disadvantages to business evolution, customer experience was rated as the biggest opportunity, while legacy systems were shown as the biggest threat.
Sixty-three per cent of respondents said customer experience was the biggest growth and competitive advantage opportunity, followed by customer relationship (47 per cent) and product offering (45 per cent).
Of major obstacles to growth, legacy systems (44 per cent) was the biggest, followed by risk averse culture and organisational structure (both at 40 per cent).
Details of the report will be unveiled during the 6th IGNITE Summit, March 14 – 15 in London.
“To reinvent or evolve is the major dilemma facing senior executives as they consider how to meet the challenges of the digitally disruptive age.” stated Nimbus Ninety Director of Research, Caroline Boyd.
She added, “It’s a highly charged and topical debate that challenges established industry incumbents to consider how radical their approach to business model change will need to be to enable them to survive in the digital economy.”