By Martin Ekpeke
Services and professional advisory company, KPMG has advised companies who want to remain relevant in the ever changing business environment to adopt digital innovations or slowly phase out.
The advice was given on behalf of KPMG by Bunmi Akinyemiju, Managing Director/Chief Executive Officer of Venture Garden Group at the 2018 KPMG Alumni Cocktail, held in Lagos last week.
Akinyemiju argued that given the vulnerability of industries as a result of the taking over by digital disruption, there is a heightened customer expectation, and that any business that is not able to leverage digital offering to scale will no longer be relevant.
“Digital disruption has relegated companies such as Exxonmobil, which were regarded as the big firms about 10 years ago. Today, Apple, Google, Facebook and other tech firms have taken over as the biggest globally,” he said while speaking on ‘Digital Disruption: Implications for Businesses.’
According to him, in today’s business environment, digital disruption is altering the existing market structure, creating new market and value network and even displacing established market-leading firms, products and alliances.
He stated that the boundaries between the digital and physical worlds have become blurred and will continue to severe implications for businesses. “Virtually every industry and every enterprise feel the impact of the ongoing digital transformation, whether from its own initiative or due to pressure from competitors. The survival of this digital tsunami even in the banking industry, may not likely be the traditional banks, but those who embrace digital technologies,” he added.
KPMG Alumni Cocktail is organized every year to celebrate former staff of KPMG who left for other endeavours. KPMG believes that the former staff contributions to the growth of the company should be remembered as a way of telling them their service was appreciated.