Although the process of digitalisation is an omnipresent topic in news and media, many people still lack a good understanding of how current technologies may affect human behaviour, businesses and management.
The disruptive power of digital technologies should not be underestimated. According to McKinsey, disruptive technologies are advances that will transform life, business, and the global economy. Their adoption presents a number of challenges that need to be apprehended and understood but offers at the same time, more opportunities for value creation than any previous industrial revolution.
Becoming a digital organization will require bigger changes to the entire business model, more than just adopting the latest digital technologies or scaling digital infrastructures. The transformation to Digital will push traditional stakeholders to question their current strategies, operating models and cultures in order to not just keep up with the pace but move a step ahead in a time of radical shifts that come exponentially.
The task ahead for a huge number of companies is to strengthen their capacity to adapt to future trends by capitalising on the digitalised communications internet which is converging with a digitalised energy internet and an automated transportation and logistics network.
Those key enabling technologies will open up businesses to new productivity gains and create a more sustainable economy and society as a whole while setting the path for future quality growth and assure the long- term competitiveness of the local economy.
At the same time, we must tackle the challenges and threats of this speedy evolution and develop innovative policies and regulation without falling into the trap of killing innovation through over regulation. This will allow us to leverage digital technologies as an opportunity, rather than a threat.
As we progress, important questions to ask are:
- What is the essence of digital transformation?
- What are the digital transformation’s underlying main technologies and concepts?
- What are the business aspects of digital transformation? At the firm level, at industry levels and at the broader market levels?
- What is the future of work and jobs?
- What are the security and privacy issues related to digital transformation?
- What about the regulatory aspects of digital transformation?
- What are the important ethical and societal challenges associated with digital transformation?
- What are the cultural dimensions of digital transformation?
- What about governance in the digital age?
We’ll be answering these and more questions in future posts to make your transition from the traditional to the modern way of doing business as swift and pain-free as possible.