"Digitize or you will become extinct in a few short years"
Networks have changed the way the world works, the way we live, and play. The next generation of digital era, is going to completely transform by a factor of 5 to 10 fold over what we have experienced with the internet to date, and this transformation is going to take place at a technology pace.
It will become a digital world that will change our health, our education, our life, and our business models, and it’s all about constant innovation not just connectivity.
Over 40% of today’s companies including fortune 500 companies will fail within the next 10 years, even as 90% of all CEO’s believe in the need to be a digital company, yet over 70% will fail at digitizing. IT no longer enables your business strategy, it is your business strategy.
Excerpt from John Chambers CEO of Cisco final keynote speech at Cisco conference in 2015
"Industrial companies are in the Information business whether they like it or not"
We think about this as digitization of the industrial world. We as a company didn’t go to bed one night and say, “We can’t be an industrial company anymore. We need to be more like Oracle. We need to be more like Microsoft.” It happened more on an evolutionary basis, really based on the industries we’re in and the technology we serve.
You think about a jet engine today or a locomotive or an MRI scanner. A new jet engine might have a hundred sensors on it. These sensors have the capability to take continuous data about the heat of an engine, fuel consumption, the wear of the blades, the environment it’s taking off in—a series of things. And one flight between New York City and Chicago produces a terabyte of data.
Excerpt from Interview 2015 with Rik Kirkland is the senior managing editor of McKinsey Publishing.