Next step towards a ‘Digital Everything’ business world
Further to my previous post on embracing the digital-transformation mind-set, the recently released 21st Annual CEO Survey further confirms the necessity and urgency for all of us.
It is no surprise that the challenges accompanying technological developments such as cyber-security risk and data protection and the impact of the speed of technological change on the workforce are major concerns as highlighted in the report. This is closely followed by the scarcity of digital talent and leadership agility to help drive and manage these changes.
So, armed with this information and having a ‘digital transformation’ mind-set, what is your next step? Well, it should translate into a plan that you would need to take to address all of the above - quickly and effectively!
“An organization’s ability to learn, and translate that learning into action rapidly, is the ultimate competitive advantage.” – Jack Welch, former GE CEO
Technology change continues to evolve at an even faster pace. Yet despite a heightened awareness that new technology including the development of Artificial Intelligence and related technologies in business applications for instance is a reality, there is still a high level of trepidation among businesses.
Yes, the potential and risks in a ‘Digital Everything’ world is seemingly limitless. Arguably for many, it is also intimidating and overwhelming. So, as you take the next step towards a “Digital Everything” world, and embrace your digital transformation journey, I would like to share two tips that have helped us greatly.
- Be open: To maintain a competitive edge, organisations will need to foster an environment where technology can thrive. This shift will only materialise through an open mindset and encouraging a culture where such technologies are embraced.
- Build trust and resilience: In our textbook, Growth = Opportunity + Trust. To grasp the next digital growth opportunity, building trust and resilience across all your digital operations mean you have confidence to accelerate the digital endeavors you are undertaking.
If you have any for me, please feel free to share in the comments below..
It is clear that the digital era waits for no one, and the time has come to pick up the pace. For us at PwC, we’re fostering an open culture that rethinks possibilities, and we advocate this to our clients. While some businesses may have reservations in taking this journey, those who do, will find a world that is ripe with opportunities.