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Digital Thinking: Learning from the Best | @ThingsExpo #IoT #M2M #DigitalTransformation

George Lucas, creator of Star Wars, once said, 'You can't do it unless you can imagine it.'

How Digital Thinking Separates Retail Leaders from Laggards

George Lucas, creator of Star Wars, once said, "You can't do it unless you can imagine it." In our latest research on the future state of work in the retail sector, we find many industry executives struggling to imagine where the future is leading them and their organizations, not to mention the role digital technologies will play along the way.

Traditional retailers are challenged by rapidly emerging new business models, such as Amazon Go and Facebook's launch of its digital commerce platform, Marketplace. Moreover, pioneering companies in the sharing economy (i.e., Uber) are expanding from their initial markets into areas such as food delivery, while insurgent retailers, such as Sun Basket, are combining digital and social media platforms, mobile apps and massive volumes of new data to encroach on retailers' territory. These nontraditional competitors are changing the rules of the retail game via disruptive strategies.

To better understand the strategies and technologies that digital transformation requires, Cognizant's Center for the Future of Work, surveyed 500 executives from the retail industry across 18 countries, in partnership with renowned economist Nouriel Roubini.  Sadly, our research shows a significant number of retailers making decisions and forming strategies based on outdated attitudes, fears and misunderstandings. Given all the hype around digital, and the available data on its increasing importance, it is surprising to see enormous and persistent differences in thinking between retail's digital leaders and laggards.

Digital leaders tend to experience higher revenue growth, and their attitudes about digital technologies suggest they will keep their leadership position. Their perspective on how retail jobs and work will be transformed as a result of digital is also more evolved, as are their ideas on the vastly new and enhanced skills that will be needed to support tomorrow's retail environment.

Digital laggards see an alternate reality. They place far less importance on digital technologies and their future role, and they show higher levels of fear and concern about digital overall. Our findings reveal a reluctance among laggards to digitally transform their thinking, IT infrastructures, doctrines and business strategies. If they remain on this track, their companies could find themselves in dire straits.

This report digs deeply into the differences in thinking between digital leaders and laggards, as well as between high- and low-revenue-growth retailers, and highlights strategies that can be employed to achieve and maintain digital leadership. We also delve into the role that "mental constructs" and personal attitudes play in separating retailing's digital leaders from laggards. We explore how the thinking of digital leaders results in differentiated strategies, greater returns and improved results. We reveal the differences between leaders and laggards in their digital technology investments, and then analyze how leaders believe digital implementations should be sequenced between now and 2025. We also scrutinize the perceptions of frontline retail managers in terms of the mistakes they believe are being made by executives when it comes to digital transformation.

Download the full report, "How Digital Thinking Separates Retail Leaders from Laggards."

Watch the 3-minute video on digital thinking in retail.

Follow Kevin Benedict on Twitter @krbenedict

More Stories By Kevin Benedict

Kevin Benedict is an opinionated futurist, Principal Analyst at the Center for Digital Intelligence™, C4DIGI.com, emerging technologies analyst, and digital transformation and business strategy consultant. In the past 8 years he has taught workshops for large enterprises and government agencies in 18 different countries, and is a keynote speaker at conferences worldwide. He spent nearly 5 years working as a Senior Analyst at Cognizant (CTSH), and 2 years serving in Cognizant's Center for the Future of Work where he wrote many reports, hundreds of articles, interviewed technology experts, and produced videos on the future of digital technologies and their impact on industries. He has written articles published in The Guardian, wrote the Forward to SAP Press' book titled "Mobilizing Your Enterprise with SAP", published over 3,000 articles and was featured as thought leader and digital strategist in the Department of Defense's IQT intelligence journal. Kevin lectures and leads workshops, teaches and consults with companies and government agencies around the world to help develop digital transformation and business strategies. Visit his website at C4DIGI.com.

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