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They are ready to transform, but what step should they first take? This presents a new challenge entirely — one with so many unknowns that it can bring change to a dramatic standstill.

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To survive, these companies must not let change overwhelm them. Adopting the values and mind-set of Silicon Valley can have a profound effect on the way an organisation approaches everything, from software development to remote working; customer engagement to employee retention; appetite for risk and the desire to fail fast.

Perhaps best illustrated in the Agile Manifesto principles, this transformation values individuals and interaction over processes and tools; it is open to change rather than blindly following strategy. Software should be intuitive rather than relying on heavy documentation. In many respects, software holds the key.