The speed is simply breathtaking. One after the other, new digital technologies are taking the market by storm, with each one changing the nature of society in its very own way. From a technical point of view, digital transformation is based on several pillars. It requires digital infrastructures like networks and computer hardware and, in particular, applications that make use of them. You don’t have to be an expert or a top manager to recognize that this transformation started a long time ago: you see it every day when you look at your smartphone. Apps and intelligent online applications, many of which are free, have replaced traditional sources of information and everyday gadgets.
Smart innovation management serves as a basis
Anyone who has witnessed the rapid rise of 3D printing is quick to understand the impact of digital change. The next disruptive business idea could emerge from a garage across the street that contains little more than a 3D printer and a laptop. Companies must therefore turn to smart innovation management in order to respond to these increasingly rapid developments. However, not enough German companies have a digital strategy. Such a strategy is crucial, otherwise companies risk missing out on the opportunities provided by concepts like Big Data, cloud computing, and data analytics. Surveys and studies like “Deutschland 4.0” by Dr. Holger Schmidt and Professor Dr. Tobias Kollmann suggest that businesses have some catching up to do. Here, the two scientists write how strongly they, just like many others, feel about establishing and developing digital expertise.
Technical solutions and structural change
There are several good examples in business and industry that demonstrate how – by facing the challenge head-on – digital transformation can work. Companies need to change the way they think in order to be successful – and that applies to technical solutions as well as structural change. To be competitive, it is important to have short decision-making channels and smart project management that help play a part in digital change. In this way, several sectors can become a part of Industry 4.0 and develop as a result. Consequently, this industry of the future will see the CDO – or Chief Digital Officer, responsible for digital strategy – sitting on executive boards alongside the CEO, CFO, COO, CTO, and CSO. Digitalization has enormous potential, and the shift towards the Internet of things (IoT) driven by information technology is certain to come.
Digital transformation on transformationbeats.com
Here, you can read about the various possibilities for forward-thinking managers in a digitalized world and the best way for companies to position themselves. By featuring a number of fascinating stories about digital business models from a wide range of perspectives, Transformation Beats helps you get to grips with the topic and gives you the impetus you need in order to embrace digital transformation.