Digital disruption is not a new phenomenon. But the opportunities and risks it presents shift over time. Competitive advantage flows to the businesses that see and act on those shifts first. We are entering the third, and most consequential, wave of digital disruption. It has profound implications not only for strategy but also for the structures of companies and industries. Business leaders need a new map to guide them. This article explains the factors underlying these disruptive waves, outlines the new strategic issues they raise, and describes a portfolio of new strategic moves that business leaders need to master.