If you can remember typewriters and analogue machines you’ll believe the digital business world arrived some years ago. But it seems we have so far only seen the early demonstrations in the digital revolution.
As a move to prepare business leaders for the coming changes, IMD Business School and Cisco have announced a collaboration to develop thought leadership and address business challenges in digital transformation – “to all aspects of enterprises, in every industry.”
IMD business school is a world leader in ‘business transformation’ – developing new business models and exemplary leadership. Cisco’s expertise is in ‘IT transformation’ – creating robust business infrastructures and leveraging IT to support business functions from manufacturing to sales. ‘Digital transformation’ is about a profound cultural change to take competitive advantage of what data can do for all aspects of business.
For organizations digital transformation means not only gaining a clear understanding of digital technologies, but undertaking organizational change, building leadership capacity, and developing strategies to innovate new products and penetrate markets that can be accessed through digital technologies - and at the same time protecting against digital threats and cybercrime.
A contribution valued at $US 10 million from Cisco will fund the Cisco Chair in Digital Business Transformation and create the IMD/Cisco Global Center for Digital Business Transformation, to be located on IMD’s campus in Lausanne, Switzerland, and fully operational by summer 2015.
According to Gartner Research, by 2020, 75% of businesses will be a digital business or will be preparing to become one, yet only 30% of these efforts will be successful due to lack of talent and technical expertise. Gartner reveals the number one reason companies fail in digital transformation efforts is a failure to re-imagine and reinvent the business from top to bottom before they begin.
The partnership between Cisco and IMD will combine original research and Cisco Consulting’s open innovation approach in order to generate practical insights that executives can apply directly to their businesses. By conducting original research, the Global Center for Digital Business Transformation will work to define digital business transformation and what it means in today’s competitive marketplace.
“IMD has had an excellent relationship with Cisco and its top executives for many years. We are extremely grateful to Cisco for funding this new initiative so generously, and are excited about the research to come.” says Dominique Turpin, IMD President
Michael Wade, Professor of Innovation and Strategic Information Management at IMD commented “This new Global Center will operate at the intersection of technology and organizations. Its main goal is to help executives who are struggling with the ‘how’ of digital business transformation. These executives know that they must change and adapt to digital opportunities and threats, but they don’t know how.”
“Together, Cisco and IMD will ‘write the book’ on managing transformation in the new digital age.” says Edzard Overbeek, Senior Vice President, Cisco Services.