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Digitization is transforming businesses throughout the world, businesses that ignore digital transformation will be left behind or worse…be another KODAK STORY.
Kodak management’s inability to see digital photography as a disruptive technology, even as its researchers extended the boundaries of the technology, would continue for decades.
When Sony launched the first digital camera in the world. Kodak had 10 years to prepare. The problem is that, during its 10-year window of opportunity, Kodak did little to prepare for the later disruption. In fact, Kodak made exactly the mistake that George Eastman, its founder, avoided twice before, when he gave up a profitable dry-plate business to move to film and when he invested in color film even though it was demonstrably inferior to black and white film (which Kodak dominated).
Many companies are now facing this Kodak moment with consumers now moving to digital payments as well as online payments.