igital transformation is the application of digital technologies wherever and
however they can be effectively used—essentially impacting all aspects of business and society. What may be news is that it’s not new; the trend to digitalization has been underway for decades.
According to a recent study by McKinsey Global Institute, the US is already
operating at 18% of its digital potential, with the UK nearly at 17% and Europe overall at
12%. The activity is taking place in just about all sectors of the economy. Some 89% of
medium and large businesses worldwide are currently in digital transformation, and of those
34% are already realizing significant benefits.
Forrester Research reports that nearly 70% of global business leaders rate digital transformation as a top priority. However, while business processes are undergoing great change,
and making considerable progress in the adoption of digitization, they have yet to realize the
full potential of digitization as scored by increases in revenue and profitability. And that’s not
to mention improved customer retention and relations, and increased operational efficiencies in all parts of the operational processes.
Eighty-nine percent of businesses have already adopted or plan to adopt a digital-first
business strategy, according to a 2018 study by IDG. Industry sectors leading the charge are
financial (93%), healthcare (92%), high-tech (88%) and manufacturing (87%). Top technologies being implemented are data analytics, mobile technologies, cloud computing, artificial intelligence, machine learning and the Internet of things (IoT), all of which are key
tools in manufacturing.
‘Get with the program—or get left behind’
BY EV COLLIER
Few would argue with the notion that
we’re rapidly becoming a full-blown digital world. The evidence is all around us—
how we communicate, consume entertainment, navigate our way to unfamiliar
destinations, protect our houses and keep
track of everything—and that’s just the tip
of the iceberg. For boaters digital technology is what makes most of the modern
advancements in onboard marine electronics possible. It’s also driving business.
Little wonder that digital transformation
is commonly called the Fourth Industrial
Revolution—or Industry 4.0.