Why Inaction is the Biggest Digital Risk

In this video:

Over the past 20 years, our world has digitalized at a rapid pace, creating significant disruption to how businesses operate. While traditional business models have been based around taking raw materials and selling products and services that create value for the end user, newer tech platforms may act as a connection point between users and providers, generating revenue through monetizing data and service fees. One example of this difference can be seen in the operation of a hotel (traditional) vs. booking a vacation rental through AirBnB.

A common misconception about digital transformation is that the goal is to continue to operate the business in the same way, just at an accelerated pace. However, to successfully compete in today's digital landscape, traditional businesses looking to undergo digital transformation need to critically assess and evolve their business models. In this video, Rob Austin, Professor of Information Systems and Evolution of Work Chair at the Ivey School of Business, discusses why failure to take action toward digitalization is the greatest threat facing businesses today.

Note: This article was originally published under our former name, The Ivey Academy. We are now known as Ivey Executive Education.

About Ivey Executive Education

Ivey Executive Education is the home for executive Learning and Development (L&D) in Canada. It is Canada’s only full-service L&D house, blending Financial Times top-ranked university-based executive education with talent assessment, instructional design and strategy, and behaviour change sustainment. 

Rooted in Ivey Business School’s real-world leadership approach, Ivey Executive Education is a place where professionals come to get better, to break old habits and establish new ones, to practice, to change, to obtain coaching and support, and to join a powerful peer network. For more learning insights and updates on our events and programming, follow us on LinkedIn.