By: Knowledge at Wharton
04/27/2020
When the Mosaic browser, with its consumer-friendly interface, was released to the world in 1993, most had no idea how radically this first foray into the internet era would transform our lives, both personally and professionally. As humans, we are generally poor at detecting and acting on early signals of change. And as business leaders, we don’t fare much better.
Most companies were late to the party on PCs, e-commerce, smartphones, digital payments, the sharing economy, gig work, AI, and now virtual ways of working. And it’s not for lack of trying. Last year, companies spent nearly $1.2 trillion on digital transformation, according to research by International Data Corporation. Yet only 13 percent of leaders believe their organizations are truly ready to compete in the digital age.
Enter the Covid-19 crisis. Although it may not be a welcomed shock to the system, it’s driving the rapid adoption of digital technologies and ways of working needed for companies just to stay relevant and continue to operate. Not only has the stock market experienced a historic drop in value, but companies also have had to dramatically change the way they operate amidst a social lockdown.