Digital Transformation: Trend or Inevitable Path to Growth or Survival?
The world is evolving at a rapid pace, and the unprecedented crisis of covid-19 has acted as a powerful catalyst, accelerating behavioral changes both among consumers and in the business world. In this constantly changing context, digital transformation emerges as a vital imperative for companies, with clear consequences: according to experts, 70% of companies that do not reinvent themselves within 2 to 5 years risk either being absorbed or disappearing in favor of more innovative and agile players.
Business leaders are facing new challenges, characterized by renewed expectations from consumers and employees, the emergence of new competitors, and a wave of emerging technologies. To succeed in their transformation, they must act on three main axes: leveraging technologies as accelerators, redesigning the business model, and transforming the operational model.
Rethinking the business model involves an unprecedented focus on the consumer and their expectations regarding products and services, as well as improving their experience. It is crucial not to overlook the fact that employees are also consumers, and therefore to consider their specific expectations and new communication and working methods.
Technology should be considered an essential accelerator of transformation, contributing to simplification, efficiency, agility, and making well-informed and rapid decisions within the organization. This also requires establishing a strong IT strategy, focusing on robust architecture, risk management, cyber resilience, and scalable technical solutions.
Major technology trends in the coming years include cyber resilience, green technologies to reduce carbon footprint, artificial intelligence, 5G, augmented reality, and robotic process automation.
But how to effectively approach this transformation? It is essential to establish a strategy for the short, medium, and long term, structure a transformation program, and master its execution. To effectively structure the transformation program, it is crucial to maintain management support, establish solid governance favoring quick decision-making based on clear and measurable objectives.
What are the risks of not transforming? Companies risk becoming too slow, losing their reputation for innovation, seeing their credibility with consumers erode, having difficulty retaining talent, and ultimately being surpassed by more disruptive and agile competitors.
In conclusion, digital transformation is not just a trend but a necessity to ensure the growth or even survival of companies in an ever-changing world. Only those who quickly adapt to the new market realities and seize the opportunities offered by emerging technologies can thrive in the long term.