“Digital technology is a deflationary force in an inflationary economy.” — Satya Nadella
Technological change has accelerated in the last ten years, reshaping how we use technology and the problems it helps solve. The pace of technological advancements, adaptation and evolution has been many black swan events, yet constant in its true nature of making the world a better place. We are still at the tip of the iceberg; the next wave of change will fundamentally reshape our work and career.
With the rapid pace of technological advancement, it’s clear that how we work and do business will change significantly in the coming years. In this article, we’ll explore how technology is shaping the future of work and how it will likely impact how we do things.
How did we get here?
Digital transformation involves a holistic transformation that creates new revenue and market opportunities. In the larger sense, it “refers to the customer-driven strategic business transformation that requires cross-cutting organizational change as well as the implementation of digital technologies” (Bloomberg, 2018).
Unfortunately, the CTO / CIO were not the key to leading change to digital transformation. Instead, the pandemic, COVID-19, was the critical driver leading change across organizations into digital transformation. No one anticipated the external force that pushed organizations to transform digitally would take months instead of years, and the years of planning were executed in an unbelievably short time.
For organizations to thrive in a VUCA world, they must include digital transformation. Technology is not simply an option anymore but a core business strategy that must be weaved into every aspect of an organization.
These are the benefits of transformation that help organizations grow and thrive, including:
- Better cooperation and collaboration within and between organizations
- More personalized customer engagement
- Improved innovation
- More accurate data insights
- Improved co-creation with customers
The SIX pillars of Digital Transformation
- Value Proposition
- Business Models
- Customer Experience
- Operational Processes
- People, Culture and Talent
- Emerging Technologies
There is a central driver for many of these transformations, and it is technology. Evolving strategic business and digital imperatives, trends, and disrupters drive a seismic shift in IT operations.
The time is now. Every organization in every industry will need to infuse digital technology into every business process and function to do more with less.
“Digital technology is a deflationary force in an inflationary economy. It’s the only way to navigate the headwinds we’re confronting today.” (Nadella, 2022).