The term ‘digital’ has transitioned from a buzzword to a value-creation term across many industry verticals.
We have witnessed that e-commerce platforms and other digital capabilities can considerably improve traditional ways of doing business, operational procedures and marketing amongst others – leading all the way to improving also customer experiences. New advancements in automation, big data and analytics, the Internet of Things and the blockchain present additional prospects along the entire industry value chain.
By 2021, the share of EU households with internet access had risen to 92 per cent (DESI 2022).
The digital world has indeed created its own economy with a myriad of opportunities, including untapped markets – with 4.9 billion active users worldwide!
Some businesses may view the transition to digital as tedious, with reasons such as: Cumbersome reskilling of staff and talent search; replace manual labour with autonomous processes; substantial initial investment and significant changes in business plans and strategies
However, in various ways this is how benefitting from digital opportunities may look like; Digital talent, equipping employees with new skills, whilst also preparing the team with timeless change management skills; eliminating repitive manual work or administrative tasks, whilst making way for new job opportunities; long-term bottom line growth; and digital strategies which will gain a competitive edge.
The term ‘digital’ has transitioned from a buzzword to a value-creation term across many industry verticals.
How can a business capitalise on these digital business growth opportunities?
Process Transformation
After evaluating the current procedures of a firm, it may be essential to be receptive to numerous revolutionary technologies that have proven to be the most effective tool.
Business Model Transformation
This is the key to remaining competitive in the modern business world. Start by defining the business’ objectives, then create a plan of action.
Cultural Transformation
It is essential to foster a culture that is not resistive to change. Such transition needs to be initially adopted by leaders who are motivated to equip their staff with the appropriate digital tools.
Domain Transformation
It has become increasingly common for businesses to migrate their data to the cloud. This can be done for several purposes, including cost reduction, scalability improvement, and agility enhancement. In fact, 47 per cent of Maltese enterprises are already utilising intermediate to sophisticated cloud computing services.
Article by: Sephora Cutajar, Coordinator, Tech.mt
