Digitization intensifies competition
Going digital comes with increased competitive pressure. The reason? Companies from the IT sector and other industries becoming direct competitors.05 May. 2019 Kai Tubbesing
A recent Bitkom survey of around 600 businesses with more than 20 employees shows that going digital causes increased competition across all industries. While 65% of those questioned fear competition from IT and Internet firms, 60% feel threatened by companies from other industries who suddenly become active in the same market due to digitization. Last year, these concerns were expressed by only 57 and 53% respectively.
Early modernizers seem to be only a few steps ahead of the competition; 42% of respondents reported having been overtaken by better digitized competitors from their own industry. The companies affected respond to this with a strategic realignment: while 72% have adapted their products and services, 53% have focused on completely new developments or taken existing products and services off the market entirely (45%). Nonetheless, a majority of 91% see digitization more as an opportunity than as a threat. This is confirmed by a Capgemini survey : securing their own market position is one of the main drivers for companies starting digitization projects.
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