The definition of "digital business" is a lot broader than you may think. "It's not just about technology companies and start-ups anymore," said Michael J. Biltz, an executive at Accenture, a firm specializing in consulting, technology services and outsourcing. "Every company is a technology company at its core and in the process of converting to a digital business."
Think of a company that's looking for new ways to weave social, mobile, analytics and cloud technologies into its next generation business strategy — and don't stop at Google. Instead, consider how almost every business of any size — from multinational conglomerates like General Electric to fledgling neighborhood retailers and restaurants — are reimagining themselves, exploring opportunities and embracing the digital wave.
And while businesses differ in size and scope, they share common goals. As Andy Markowitz, director of Global Digital Strategy at GE, noted: "The objective of our role, from a global perspective, is to help our businesses — no matter where they are and what they do — connect with our customers or sell more product."
Can you afford to sit on the sidelines? Not if you believe Biltz — director of Accenture Technology Vision and co-author of the Accenture Technology Vision 2014 report, the firm's annual take on the future of technology and how it will affect businesses in the next three to five years. He thinks mastery of digital technologies is an essential core competency for any successful business.