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Advanced digital technologies, such as artificial intelligence, robotics and big data and analytics will have on Ireland’s economy and manufacturing base by transforming manufacturing value chains, supply chains and business models, redefining sources of competitive advantage.
Risk Management Planning
Digital transformation is more than digitization or digitalization, it is a strategic effort to transformation the organisations business model and gain competitive advantage and respond to digital disruption, this requires changes to an organisations people, process and technologies. In 2018, $1.3 trillion was spent on Digital Transformation initiatives (Statista 2021), despite this 70% of Digital Transformations don’t achieve their goals (Carrol 2021).
Managers in innovative organisations use different tools/approaches to their traditional counterparts. Furr and Dyer, 2014 propose ‘The Innovator’s Method’, combining multiple approaches into an innovation process allowing organisations to capture an innovation premium. Design thinking is one of these methods.
Digital transformation has become a top priority for many boards, while some people believe that Covid-19 created this trend, it only accelerated it. According to McKinsey, 92% of companies believe their business models need to change due to the rise of digitalization. Covid-19 accelerated that trend by approx. 4 years.
According to Microsoft, Irish organisations could tap into a $100 trillion market through successful Digital Transformation of their business models. However, businesses that do not digitally transform their business model in the next 2 years, risk losing out.
The Covid-19 pandemic has had wide reaching impacts on society and business alike as we navigate digital disruption, remote working, eCommerce and even Zoom fatigue. According to McKinsey, we are entering the “next normal” – a world where digital transformation is at the heart of value creation, it is critical if businesses are to survive and thrive post-pandemic. But where do boards start?
Digital disruption can transform how industries and organizations operate. Once a multi billion dollar business, Blockbuster is now a memory of the time long gone replaced by cloud streaming and instant access. Business leaders must prepare for technological changes in their future. But this can be an overwhelming task. This list of the top 10 emerging technologies have the most potential to impact business in the near-term. To find out more about emerging technology and digital transformation check out our training.