Lego is now the biggest toy company in the world, having recently overtaken Mattel in worldwide toy manufacturing. Life may be sweet in Legoland these days, but things weren’t always so rosy for the iconic Danish toymaker.
Flip back a mere ten years for a very different Lego story — to a world where children were rapidly losing interest in a brand that for decades was almost untouchable. It was a time when both the brand – and the company itself – were on the brink of irrelevance.
But Lego didn’t stick its head in the sand and deny that the need to change how they were doing business. They recognized the need to change — to undergo a complete digital reinvention.
The starting point for Lego’s big reinvention came with the realization that its products were not necessarily the issue; it’s that kids’ tastes were changing. To address this, Lego not only personalized their products, offering Lego sets relating to specific life situations and scenarios, but also produced video content that allowed children to form emotional connections to the brand.
Including its 2014 The Lego Movie, Lego has released three feature films for a total combined worldwide gross of just under $900 million. In the space of a few years, Lego has gone from being at risk to being at the top of the toy heap.
The Lego story is tailor-made to these times. Today’s business world is one of disruption and dislocation. Were it simply a matter of adopting a new technology here and there, change would not be so challenging.
But it is.
True and lasting change coming into 2018 demands much more than just a tweak or two. To succeed in a highly disruptive business environment, a company must offer its target audience compelling new experiences. It does this by establishing a new focus, building new expertise, and devising new ways of working.
The IBM e-book Digital Reinvention in action provides you with information about reinventing your company at a time of great upheaval. Doing so may be no easy task, but this e-book makes the path clearer by offering practical guidance and information on such timely topics as:
- Technological disruption – the effect technology is having on every part of companies, and how dramatically new technology has expanded customer influence
- Digitization to Digital Reinvention – tracing the evolution of companies from the era of digitization in the 1990s and 2000s to the current era of reinvention, which involves cloud, cognitive, mobile, and an emerging Internet of Things
- Readying for reinvention – the things companies must do to successfully reinvent themselves: pursuing a new strategic focus, building new expertise, establishing new ways of working, embracing digital drivers
- Surfing the digital wave – four initial steps that can set organizations on the path toward reinvention
- Digitally reinvented enterprises – how three companies (Ford Motor Company, Japan Post, Under Armor) digitally reinvented themselves
It might be harsh reality, but reality it is: business leaders must either digitally reinvent their enterprises or watch their businesses decompose and finally disintegrate.
Digital Reinvention in action provides you with a kind of blueprint for combining multiple technologies to create unique, compelling experiences for your customers, partners, employees, and other stakeholders. Download it now.