Business is Not as Usual in the Age of Digital Transformation
Digital transformation typically begins as low cost POCs (proof of concepts), that evolve into mission critical corporate initiatives as positive results, consumer demands and market trends converge. Digital transformation becomes mission critical when consumers vote with their money to accept the digital replacements for physical products, services and processes. Last month a regional retail book and entertainment chain, Hastings, filed for bankruptcy. CFO Duane Huesers blamed “a decline in the market for “physical media properties” like music, movies, books, games and media rentals.” Hastings joins chains like Blockbuster, Borders Group and Tower Records that went out of business as a result of not making the transition to digital fast enough. The strange part of this story is that Hastings never changed. Faced with overwhelming evidence, market trend data and their own sales data that showed consumers were moving to Netflix, Amazon and streaming music, they simply could