In part 2 of our interview, Columbia Business School professor and renowned management thought leader Dr. Rita McGrath explains how seemingly unrelated products like jeans and cellphones actually compete with one another in "arenas," a concept that could replace the old idea of "industries." She also discusses how to understand what customers want, and the advantages to taking digital transformation of your business one small step at a time.

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Dr. Rita McGrath is a professor at Columbia Business School and best-selling author. She’s a world-renowned expert on innovation and growth and a regularly published author in the Harvard Business Review. Her latest book is Seeing Around Corners: How to spot inflection points in business before they happen.

Also check out her YouTube channel, which includes her Friday Fireside Chats.

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