Organizations looking to truly embrace digital transformation must stop focusing on their own internal problems and systems and concentrate on meeting their customers’ needs.
Speaking at the joint CMO, CIO magazines and ADMA Executive Connections event, entitled ‘Mastering Digital Transformation’, former Lonely Planet executive director and innovation consultant, Gus Balbontin, shared the challenges of digital disruption at the travel publishing business and the customer, operational and strategic lessons that must be learnt to cope in a digital age.
Once heralded as the first point of call for any traveler to plan their journey, Lonely Planet struggled to maintain its competitive edge and profit margins as digital disruption triggered a major shift in the media industry. At the same time, the need for change was compounded by socio, political and economic forces, he said.
“Taking a look at our website in 2002, we had been going at it for six years and were clearly ahead compared to TripAdvisor, who had only been going for six months,” he said. Fast forward to today, and TripAdvisor is worth over $11 billion, but Lonely Planet sold a few years ago for $75 million.
“With disruption, we tend to point the finger a lot, but it’s important to remember failure is not opposite of success,” he continued. “Failure is the path to success. You need to be courageous to pitch your ideas and be open to judgment or even ridicule. Because that is how innovation works, it is a game of volume and it is a game of resilience.”
Read original article on https://www.cmo.com.au/article/584513/want-master-digital-transformation-stop-thinking-about-your-own-problems/
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