Embracing the Digital Revolution
Digital Transormation — A key priority for business leaders across industries
Digital Transformation’ (DX) is the new buzzword that has caught the attention of CXOs and management across industries and geographies over the last few years. However, this phrase does not have one common, concrete definition — it is being used and interpreted differently by every organization, specific to its own context, industry, market, and digital maturity.
What is more agreed-upon, however, is that digital transformation is not purely a technological or IT transformation within an organization, but a much broader journey of re-imagining or transforming business models and business processes within the organization, that has been made possible because of recent disruptive and pathbreaking technological advancements. ‘Digital transformation’ therefore, is not just about connecting to your customers and market digitally but is about creating an organization-wide culture to embrace new technologies, understand the power of these technologies in your business context and innovate.
The World Economic Forum’s Digital Transformation Initiative (DTI), in collaboration with Accenture, has assessed new technology spending estimates from IDC and notes that corporate spending on new technologies will grow 13% between 2016 and 20201.
The Gartner 2018 CIO Agenda Industry Insights report2 shows that all industries rank digital business as one of their top 10 business objectives. In 11 of the 15 industries participating in the survey this year, CIOs ranked digital business/digital transformation among the top three business priorities for 2018.
Digital transformation has become a priority for most organizations today.
Embracing the digital revolution is not an option but an absolute necessity for survival in today’s world. The opportunity new technology presents are of unprecedented scale and complexity. No matter the industry, geography or size of the business, impacts of new tech are seen everywhere, touching customers’ lives in ways previously not imagined.
lnevitably, firms will need to start thinking about how technological innovations can be used in their specific business context to drive value — what does being digital mean to the organization and how to start thinking about that journey.
