Digital Transformation and Value Creation: Sea Change Ahead

Abstract

Digital transformation is taking place all around us and there is hardly a single aspect of life that has not been affected. It has an obvious, lasting, and even revolutionary impact, not only on the economic systems and commercial players, but also on the lives of individuals and on society at large. Digital transformation will bring greater tangible and intangible value, but the changes do come with certain costs and risks, sometimes unforeseen. In terms of business strategy, digital technology has been transforming businesses dramatically. Even young companies that have been at the forefront of digital disruption are forced to reinvent and transform themselves and their businesses permanently in order to survive and thrive. If incumbents themselves don’t take advantage of this digital progress to innovate, others will. A new wave of digital disruptors is changing the face of industries. The ability to innovate is thus more important than ever. Entire industries may be threatened if they do not react quickly, while others are emerging almost instantly as if out of nowhere. Handling speed and providing real-time solutions is therefore one of the most critical skills in a digital world.