Innovation, change, disruption. These ideas are not unique to the digital age. They describe most eras of progress that have helped shape the modern world. What is radically different today is the breakneck speed at which they are taking place.
To adapt, businesses are implementing the technology, people, and processes required to keep up with the rapid evolution of technology and data. Unfortunately, some are not adapting quickly enough – including many industry giants. Since the year 2000, 52 percent of companies in the Fortune 500 have either gone bankrupt, been acquired, or ceased to exist as a result of digital disruption.
On the contrary, while many companies are struggling with the pace of change, the majority of consumers are not. Consumers have quickly embraced social media, IoT, and the variety of devices, channels, and platforms now available. Their ability to connect and influence at a real-time, global level has propelled them into a position of power that has many businesses on their heels — but certainly not all.
To find out more, download The Evolving Role of the CMO.