Digital Transformation Strategy: A Matter of Survival
Digitization has fundamentally altered the essence of business and our personal and professional lives. In fact, some believe that the definition of “digital transformation” is “the changes associated with the application of digital technology in all aspects of human society.”
You have to admit that digital transformation is currently unfolding and being adopted by organizations around the world. Undoubtedly, it will be this way for the foreseeable future. In fact, there are clear indicators that this transformation has just begun and it will accelerate sharply in the coming years. That view is supported by a poll that found 27 percent of senior executives rate digital transformation as now being “a matter of survival.” That has many scholars and management consultants warning us that we are entering a new age that presents unprecedented challenges for all. We have no choice but to adapt.
Stop for a moment and consider just how fast the world around us is changing. Those changes are impacting the way we live, work, conduct business and socialize. There is little question that digitization is the trend—and a must if you are to remain competitive.
However, one recent study found that a mere 5 percent of those asked believe their organization has transformed to the point where it is a clear differentiation from their competitors.
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