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DIGITAL ECONOMY

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Technology has changed the market context—in this case, led by mobile, powered by cloud, and exploding into billions of smart, sensing devices. [[{"type":"media","view_mode":"media_large","fid":"104","attributes":{"alt":"","class":"media-image","height":"198","typeof":"foaf:Image","width":"244"}}]]
With a mere 1,000 hardwired computers Internet was born in 1984. By 2020, 30 billion devices will be wirelessly connected, supporting a global digital services market, And we are only at the beginning.
This is also a human revolution. Around 80% of smartphone users check their phone within 15 minutes of waking. For 80% of them, it’s the very first thing that they do. And they do it 150 times a day. However, the internet, mobile connectivity and computing capabilities are developing more quickly than businesses can adapt. Roughly 90% of the data in the world was created in the last two years: the digital world is perennially new.
Five technology trends have converged into the digital economy – hyperconnectivity, super computing, cloud computing, a smarter world based on outcomes, and cyber security. The resulting pace of change is staggering.

 

Disruption and New Leaders

Every industry is being disrupted by digital as boundaries are blurring and existing business models are no more relevant. Digital poses a threat to hitherto comfortable incumbents, changing goal posts, raising customer expectations and opening the field for new competitors, globally. Numerous examples include Uber, Facebook, Twitter, Airbnb.

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No ready runbook

Executives now agree the world has changed. Though various research conclude over 85% of CEOs believe the digital economy will have a major impact on their industry only 25% have a plan in place, and less than 15% are funding and executing on the plan

It's all about your consumers

Understanding users and their needs is of paramount importance to all business – from digital start-ups to existing businesses. Customers expect a new type of experience – one that is frictionless, where commerce is seamless, and where technology is invisible – one that makes their lives easier.

      

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Early Adopters are winning

Digital revolution has happened in One generation vs 10 generations for the Industrial revolution. If the industrial revolution brought urbanization, the digital revolution brought APPification. Research shows that companies that have embraced the digital world and executed on their digital strategy are seeing real shareholder and stakeholder value.

 

 

From Standardization to simplification & Innovation

Every Business is a digital business. In order to reimagine your business, you need to have the right platform in place. Leaders are investing in digital capabilities that are congruent with their strategy. The right technologies ensure agility and a rich environment for innovation. In addition, the platform should align to desired outcomes. Every company across all industries requires a simple digital approach to build a pragmatic and executable vision on its digital strategy. Here is a 5 key pillars for the Digital Business.

  • Customer experience across all channels
  • Supplier collaboration across all spend categories
  • Core business processes (finance, supply chain, R&D, manufacturing, ...)
  • Workforce engagement, including employees and contractors
  • Assets and the Internet of Things to drive real-time insights and new business models