Description
This is the story of a word that changes everything. That word is "digital." No company today can escape this phenomenon. To survive this new industrial revolution, firms must completely rethink their businesses. This episode looks at how Starbucks, a simple coffee shop chain, became a digital juggernaut; how l’Oreal adapts its governance to prioritize internet technologies; how Essilor digitizes its production processes to invent the lenses of the future; and how AXA is rethinking its business model.
Video Segments
Starbucks' Digital Comeback (06:54)
Andrew McAfee asserts that digital technology will eventually affect all aspects of business. Starbucks experienced a resurgence of growth in 2008 through a digital transformation. Other CEOs are leading their companies in investing in digital changes.
L'Oréal's Digital Transformation (06:25)
L'Oréal CEO Jean Paul Argon leads the company in a "digital emergency" with a goal to double the customer base. Chief Digital Officer Lubomira Rochet explains that changes involve selling products electronically everywhere customers want them, and creating personalized relationships with customers. L'Oréal developed a precise product which reflects a new customer-centered ethos.
Essilor Technology and Growth (05:45)
Advanced digital methods enable the production of 1.2 million personalized lenses per day. Bernard Duverneuil explains how the developments led to more innovation and quicker rate of product to market. The company streamlined its chain of production, improved product performance, and acquired related companies.
Transition to Digital at AXA (06:11)
AXA faces the challenge of adopting a digital mindset. Henri de Castries grapples with the questions of when and how to introduce new technology. Nicolas Moreau argues that the hardest part is getting employees on board; those from older generations may not see digital goals as a priority and are resistant to change.
Credits: The Digital Emergency (00:35)