Digital Transformation is Imperative and Pervasive
February 1st, 2016
Bold digital entrants and fast changing business environments is forcing enterprises across industries to shorten business strategy life-cycles and are looking for software driven technology solutions to radically improve the performance, agility and reach of an organization. Hence, going digital became accepted as an absolute necessity and, as a result, the term ‘digital transformation’ became ubiquitous and is a strategic consideration by nearly every organization across all industries. Today’s leaders know that to survive and thrive, they must transform into a digital business and is no longer an option.
While industries like media (e.g. Netflix), retail (E.g. Amazon), travel (E.g. Uber), Telecom (E.g. WhatsApp) and hospitality (E.g. AirBnb) have already witnessed significant disruptive forces from digital entrants, even heavily regulated and process-oriented industries such as insurance, energy, Consumer Products, manufacturing, industrial goods, and health care are not far behind and started to show some signs of disruption. The digital revolution is touching every industry and cuts across every aspect of an enterprise from external engagements to internal operations.
Several research and industry veterans predict that in a decade close to half of the existing businesses will cease to exist and those that survive will become digital versions of themselves. They will be achieving this by transforming their core business to digital, and by implementing insight driven decision making across the enterprise value chain which will be supported by analysis of enormous applications, operations and business data that digital business expected to produce.