Digital Transformation Blog

Digital disruption and transformation are reshaping the business landscape, making it more important than ever for companies to have a board of directors with the right skills. In this article, we will explore the benefits of digital transformation and what to look for when appointing a digital transformation director.  Whether a company is a start-up or a well-established enterprise, understanding the impact of digital disruption and having a board with the right skills is crucial for success in today's rapidly evolving business environment.

According to the World Economic Forum by 2025, 85 million jobs will be displaced by automation and technology but 97 million new roles will be created by 2025 as humans, machines and algorithms work together. These include robots to aid physical activities such as coral reef conservation, drones to deliver much needed medicine to remote locations, generative artificial intelligence to create new media and automation to remove routine tasks.

How Will We Get There?

 Generative AI refers to a type of artificial intelligence that uses algorithms to create new data that is similar to existing data. This is in contrast to traditional AI models, which only classify or analyze existing data.  Techopedia describe generative AI as broad label that's used to describe any type of artificial intelligence that uses unsupervised learning algorithms to create new digital images, video, audio, text or code. According to McKinsey, generative AI and other foundation models are changing the AI game, taking assistive technology to a new level, reducing application development time, and bringing powerful capabilities to nontechnical users.

There are several definitions of supply chain management (SCM). ‘The design and management of seamless, value-added processes across organizational boundaries to meet the real needs of the end customer’ (Institute for Supply Management).

Does your data have value? If it does, do you know how to monetise it?

What is a ‘business model’

The Process of Digital Transformation (DT)

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.