Business and Governments Need to Embrace Digital Transformation amidst the Era of Smart Cities, 4IR, AI, Blockchain, and Fintech
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There is no way to change history. Humanity is digitising 360. Businesses and Governments are the drivers of our society and they have to face the fact that digital transformation is now the new normal. Businesses & Governments must change 100% in a Time where our cities are becoming Smart Cities, our governments (or the ones that will survive) will become smart governments.
This when we have the emergence of the Fourth Industrial Revolution — 4IR with their emerging technologies or the also so called frontier technologies namely — AI Blockchain Fintech.
There is no alternative to digital transformation. The challenge and opportunity is how to do it? “When digital transformation is done right, it’s like a caterpillar turning into a butterfly, but when done wrong, all you have is a really fast caterpillar.” — George Westerman, MIT Sloan Initiative on the Digital Economy
Governments and businesses have to urgently carve out new digital transformation strategic options for themselves.
There is no doubt those that don’t change or adapt, will fail. But the challenge is bigger and bigger as we get into the 4IR — 4th Industrial Revolution.
At least 40% of all businesses will die in the next 10 years if they don’t figure out how to change, adapt their entire strategies — companies to accommodate, use new technologies in their day to day lives. Our era of disruptive technologies is changing, and is about learning — relearning’ even if what businesses knew previously brought them success.
The Fourth Industrial Revolution is more than just about digital transformation 360 or technology. 4IR it is about being able to continually change, learn, relearn, partner & keep transforming. It is about keep moving! Businesses, SMEs are the backbone of the economy — they account for 65% of net new jobs — and they not only need tokeep up with technological developments but also with the rising consumer trends. Businesses have to be able to create interactive ecosystems and communities with their products & solutions!
In the UK alone there are over 5.7 million small and medium businesses, 32 million SMEs in USA, in 2016, the number of companies in China was 77,469,000 in the world the number goes to 430 million! 90% don’t have a website! Multiple researches estimate that half of the activities & more than 800 occupations people are paid to do globally can, will be automated using the current existing technologies by 2030!
In this world dominated by data & continuum digital transformation innovation, businesses & governments need to faster keep adapting — upgrading and creating digital sustainability models if they are to thrive. Most of businesses and Governments aren’t prepared at all for digital transformation — 4IR — AI!
