- It's said that every business is now a digital business.
It's just a question of degree.
It's also a question of whether business leaders understand
and drive the changes necessary to stay competitive.
Walmart's an interesting case in point.
The company is the classic Goliath of an industry.
Despite this, many people think that Goliath
has become David as a different Goliath has emerged, Amazon.
Amazon was born digital and despite its remarkable growth,
it remains progressive in its use of technology.
As of 2018, Amazon accounts for almost half
of all online retail spend in the US.
Walmart comes in fourth place with 3.7% of US online sales.
And where do you think
the majority of retail growth is happening?
You guessed it, online.
However, David has become more nimble despite his size.
In recent years, Walmart has been laser-focused
on improving its digital maturity.
Walmart's 2016 acquisition of Jet.com
was a turning point for their digital ambitions
bringing great technology and talent into the Walmart fold
together with a broader presence in Silicon Valley.
The company has also established Walmart Labs,
augmenting digital talent and in some cases
luring that talent from Amazon
and other digital native organizations.
The point is if yours is an older vintage company
that's feeling the pressure
of the digital native organizations
with their younger and more energetic workforces,
modern processes and more scalable technology, don't fret.
It's important to imitate what works best for them
while leveraging the advantages
that an older successful company has
in established customer bases,
volumes of data to mine,
and a wealth of experience.
I'm Peter High, the president of Metis Strategy,
a strategic advisory firm
at the intersection of business and technology disciplines.
I'm sure you've taken steps
towards becoming digitally mature,
but how far have you gone?
What steps lie ahead?
How do you ensure
that the steps you undertake are sustainable?
Answering these questions can help you mature
to become a digital leader.
The best companies don't rest
on the successes of the past and present.
They look forward and chart bold new paths,
reinventing themselves along the way.
I look forward to charting that path with you.
If you're ready, let's begin.