April 9, 2024
Whether you know it or not; did you know that you are on a digital transformation journey?
You may be thinking: Digital Transformation is a $1.3 trillion market so how could it impact a single individual. Well, it does because when you post to Facebook or Instagram. Tweet something about your dog. Create a LinkedIn profile. You are part of a digital transformation journey. All those posts are digital. You have created data that will be stored digitally somewhere. And, that data, unstructured as it is, will still need to be accessed at a moment’s notice by either you or someone else – digitally.
By the time 2018 is over with, and the clock strikes twelve to start the new year, the spend on digital transformation for hardware, software, and services is going to be on a collective global basis $1.3 trillion. That’s an increase of 17 percent worldwide. In Canada, the increase in digital spend domestically will be closer to 20 percent. And, Mexico is higher given that they are not even trying to catch up to old technology but going straight to digital. Digital Transformation is no longer a trend. By 2021, the market will grow on average by 18 percent, which means it will nearly double to $2.1 trillion.
So, this is the business opportunity in front of us.
The majority of the digital transformation spend for business – roughly $660 billion – will go to supporting new or expanded operating models as organizations seek to make their operations more effective and responsive by leveraging digitally-connected products/services, assets, people, and trading partners. Notice how it includes “people.”
When it comes to digital transformation people will play a critical and essential role for the following reasons:
· Improved predictive analytics to foresee market changes and customer demands requires people to process volumes of both structured and unstructured data.
· Improved workforce productivity and decision-making; and
· Tracking the revenue generated by customer engagements through new, customer-facing digital tools.
There is also a new workplace, workforce dynamic occurring because of the empowerment of digital transformation. Approximately, 62 percent of today’s workforce work from more than one location, while a whopping 81 percent of people do work functions during personal time. That’s okay because 58 percent of employees do personal activities during work hours.
Given that 65 percent of workers collaborate at least once a day whether it’s on a whiteboard showing videos, or whatever other form said collaboration takes involves collecting, sharing, and storing data digitally.
In other words, it’s not going to be in a filing cabinet with an alphabetical index. Data, digitally-driven data is dynamic and perpetually in motion, and it takes people to share it and use it to deliver desired outcomes in both business and everyday life.
So let me ask you this question again; are you on a digital transformation journey?
To learn more about the digital transformation journey and the impact, it will have on your world join me at Activate Digital 2019 on the 28th of February in Mississauga, Ontario. Joining me on the main stage will be some of this country’s top IT and business leaders along with industry clients who will share their insights and experiences on how they have harnessed the digital promise to transform their organizations.
As space is limited reserve your spot today through the following link.