The increased use of digital technologies could add $1.36 trillion to total global economic output in 2020, according to Accenture and Oxford Economics. Going digital means organizations place “digital at the heart of their strategy and enterprise to transform every part of their operations, including R&D, supply chains, and the use of cloud, analytics and CRM technologies.” This value creation will come from the following:
• Increased efficiency and energy savings, as manual, duplicated or calcified processes are replaced with software-defined and analytics-driven processes.
• Increased market responsiveness, with businesses able to respond to consumer demand through social media, and anticipate future trends through analytics.
• Higher levels of collaboration, as members of organizations are able to work together and share information with each other almost instantaneously, as well as with customers.
• Greater innovation, as businesses have greater access to pools of knowledge and resources outside their walls.
• More entrepreneurial energy and opportunity, as teams or individuals are able to take advantage of an abundance of cloud and social media resources to launch new businesses or business lines with minimal startup capital required.