Whether it's paving the way to self-driving cars or diagnosing diseases faster than ever before, digital disruption is enabling an intelligent society. By integrating the physical and digital worlds, it is changing the way we work and live, and will continue to do so in the coming years.
In this rapidly evolving landscape, digital transformation is no longer an option, but a necessity for enterprises to survive and prosper. Those that embrace digital by overhauling business processes are winning, while those that try to compete through traditional business methods risk being left behind and becoming irrelevant.
Enterprises in industries such as retail, travel and media are at the forefront of digital transformation. They are embracing leading new information and communications technology (ICT) such as artificial intelligence (AI), big data, cloud computing, internet of things (IoT), robotics and more, to increase their operational agility and meet customer needs in innovative new ways. Leading companies in traditional industries such as manufacturing, financial services, energy and agriculture are also moving in this direction.
However, many enterprises in traditional industries are lagging behind. These companies, often with a risk-averse culture, do not feel the urgency to compete differently, despite global consumers embracing digital technologies for more than a decade. They do not view digital transformation as a long-term strategy and many lack the technological capabilities and digital talent to transform.
Every industry faces disruption and for any company, there is no time for hesitation. Enterprises must embrace the digital world to compete, or risk losing out.