In recent years,so much has been penned on the subject that it's impossible to understand where we've come from, never mind, where we're headed. However, given the magnitude and strategic significance of this technological and managerial transition, some contemplation is justified, and maybe, corporate leaders can draw some collective learnings for the coming decade. Here are some of the insights we noticed onboard the "digital rollercoaster" of the last decade.
The Awakening
In 2010, digital transformation was not the "corporate buzzword" it is now. Nowadays, digital transformation is well entrenched in the business lexicon and has transformed as the fading fad. Digital transformation has turned out to be a business in and of itself, diluting the underlying force of the phenomena to the point that it has nearly lost its meaning. In layman's terms, the agenda for digital transformation has been hijacked.
Consumer-first Mindset
The primary digital transformationfocus, fueled by developments in social media and mobile applications, was religiously angled toward the customer experience, particularly in consumer firms. Companies ranging from Disney to Nike demonstrated how to successfully leverage novel technologies to significantly improve how businesses interact with their customers in terms of experience, service, and product.
The Momentum
The succeeding half of the decade observed a genuine emergence in the industrial sector to the incredible opportunities for operativefineness made possible by digital transformation. Smart digital applications ranging from intelligent mining to predictive maintenance fueled the expansion of this new industrial digital transition, which was fueled by sensational new technologies such as digital twinning or additive manufacturing. There was no industrial sector that was unaffected.
Where Are We Heading?
While the initial digital transformation concept was built on point solutions,like e-commerce platforms, or clever synergizing of digital applications,like cab-hailing services, present-day digital platforms are significantly more complicated and have far broader uses.
Humans are observing the second digital transformationwave, which will be built on multi-purpose technologies like 5G, AR/ VR, AI, IoT, and so on, and will serve as the foundation for the next episode of business performance.
The Digital Voyage
To fruitfully navigate this second digital change wave, a crucial capability gap must be closed. Companies will have to up their game once again by acquiring or accessing new talents andskills, training and developing existing workforces, and adjusting their innovation acceptance methods. The task is enormous, but the prize will be far larger than it was during the first wave.
Put on your seatbelt!
What Does The Future Hold For Us?
Most often, business leaders ask, "What happens after successful digital transformation?" or "Should business leaders start to seriously rethink their organization's well-being, given that the “going digital” concept has become universal.
To put it straight, it is plausible to understand that these are incorrect questions. "Futurists" preach the concept behind the "Post-Digital Economy," but we get the impression that the term is more interesting than the content!