Ouriel Lancry, who leads Bain's Global Digital practice, discusses insights from a World Economic Forum discussion about how companies are navigating technological and consumer changes to transform their businesses.
Read the transcript below.
OURIEL LANCRY: We had a great breakfast here in Davos today. We had about 150 executives talking about digital transformation and how to go from what is frequently an experiment to a transformation. Lots of discussions about how to define digital and we spent a lot of time talking about how digital is technology, of course, but also the way people react to technology.
And so the idea that Airbnb was made possible by GPS, mobile phones, other technologies. But also, the fact that you're willing to have a stranger sleep on your sofa, which 10 years ago would have been kind of a crazy idea, really. And then at the end of the discussion we discussed how this is really daunting for a lot of executives.
But at the same time, a lot of companies are doing this right now: natives and migrants. And we talked about Netflix and how Netflix has really had three lives in its very young 20-year history. Shipping DVDs in the mail, streaming movies and shows, and now, a Hollywood studio. And, frankly, if Netflix became Netflix, how come Sears did not become Amazon?