There are 8 billion devices connected to the Internet in today’s age and by 2030 it is forecast that there will be 1 trillion. And the ‘combinatorial’ effects of technologies, such as mobile, cloud, sensors, analytics and the Internet of Things, will be beyond measurable analytics.
The super fast advancement in digital ecosystem is making it tough to grasp the concept of digitalization and fully understand its implementations. However it also gave inception to a number myths. A common belief is that digital disruption is taking toll on the financial aspect of the organization and that it is cramping them in the digital economy. Another belief we came across is that going digital is just a converting your paper office into a paperless digital office. But the actual benefit of being a digital enterprise is to be focused on achieving operational efficiencies. Another misbelief is that companies can implement a successful digital transformation simply by hiring a Digital marketing team and Chief Digital Officer. These myths need to be strongly discarded before even planning, efficient strategy for digitalization . The true impact of digital transformation and its implementations for organization and this digital disruption will need to be far deeper than merely investing funds in the latest digital technologies. Companies will need to understand their business and search for new business models which can work digitally, fundamentally plan their operating models, rebuild how they nurture the digital ecosystem, and consider new parameters of measuring success.
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December 2018
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