Incumbent companies in many industries have optimized themselves for traditional business models and are, for a variety of reasons, notoriously slow to change and adjust themselves to new market realities. At the same time, connectivity, data and services (in short: digitalization) enable new business models, new ecosystem engagements and new forms of value delivery to customers. As a consequence, many mature companies will be disrupted by new entrants and faster moving competitors. As evidenced by the ever-shortening tenure of companies on the Fortune 500 (now down to 10 years), this has already become a reality. In this keynote, I first provide more detail and insight into the specifics of the digitalization challenge and then outline how companies should act to maintain their competitiveness. This requires building new organizational capabilities around speed and continuous value delivery, transitioning from opinion-based to data-driven decision making, engaging with the ecosystems surrounding the company in new ways and finally transitioning from traditional hierarchical organizational models to empowered organizations with autonomous teams. The keynote uses examples from industry as well as results from research conducted in Software Center, a research collaboration with 11 companies, including Ericsson, Volvo Cars, AB Volvo, Saab Defense, Siemens, Bosch and Tetra Pak