IDG Contributor Network: How digital transformation is shaping industries
In May of this year, The World Economic Forum said in their Digital Transformation report, “to succeed in the digital era, (companies) will need to become digital enterprises, rethinking every aspect of their businesses.” Many companies have already begun the process of becoming a digital enterprise. They are automating and streamlining business processes. They are investing in Artificial Intelligence and machine learning. They are trying to keep their mission critical information from downing in the Data Lake that has been created across the company.
Depending on the industry and the size of the company, some businesses are still experimenting while others are building to scale. According to a Gartner survey of businesses around the world across 15 industries, 47% of CEOs are being challenged by their board of directors to make progress in digital business, and 56% said that their digital improvements have already improved profits. So, every industry is either at or near an inflection point for digital transformation. The only question for CEOs is whether they’ll be ahead of the curve or behind it.