Today digital technologies contribute to the transformation of large parts of our economy and society. And we can all agree that digital has fundamentally changed the world as we know it, and the transformation is still ongoing. Countless observations of the shift to digital are seen in our day-to-day lives, both immediately in the new ways that we communicate and consume information and subtly by changes in manufacturing, security, and more.
In a short period, industries that appeared steady have been flipped on their head. The power of this disruptive force is transforming every single sector.
How Digital innovation impacts industries
To remain competitive in this digital age, organizations must consider themselves as a technology business since possibly every customer’s journey today starts digitally. By leveraging opportunities, predictive data, and analytics to understand better both, the customers’ behavior and internal performance. This will help businesses grow revenue, cut costs, and even build additional revenue streams with new digital capabilities.
Besides transforming business models, digital innovation also leads to a changing entrepreneurial culture, helping industries/ventures grow faster. Digital innovation is changing the business landscape at breakneck speed, enhancing traditional business models and processes with digital technologies, or inventing entirely new engagement models.
For example, with predictive maintenance, we now can have sensors embedded in machinery capable of transmitting data to pinpoint when and where maintenance is needed. This improves safety and efficiency by ensuring parts that require immediate attention are immediately addressed. Resulting in saving valuable time, helps keep up productivity, and saves cost in the long run.
Over time it has been proven that digital disruption has the potential of reshaping the market, upset incumbents, and lead to large-scale shifts more rapidly than any other business trend. However, not even half the businesses can confidently admit to a strong digital business strategy in place.
It is naive to assume that digitization and innovation are restricted to technology or digitally native firms. For non-tech companies, digital innovation is one of the most salient trends in the global marketplace today.
How confident do you feel?
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