- The rapid pace of technological innovation is a key driver behind the digital revolution.
- CEOs are prioritizing digital transformation post-COVID-19 to enhance sustainability and improve remote work capabilities.
Digitalization is no longer a luxury but a necessity for businesses to remain competitive and relevant. So far, most businesses are making strides to adopt digital initiatives to help push their brands. According to BanklessTimes.com, 90% of businesses have adopted digital initiatives in 2024.
BanklessTimes CEO Jonathan Merry commented:
Most businesses acknowledge that technology enhances productivity, efficiency, and sustainability. Besides, COVID-19 catalyzed the shift in the business culture as online purchases and transactions made people feel the convenience of digitalization.BanklessTimes CEO, Jonathan Merry
Is Everyone Thinking Digital?
One of the driving forces behind this digital revolution is the rapid pace of technological innovation. Reports show that 87% of senior managers prioritize digitalization, and almost 90% of all companies have either adopted or plan to adopt a digital-first business strategy.
Besides, 37% of CEOs prioritize digital transformation Agenda post-COVID-19 to enhance sustainability. Another 37% are keen to improve remote work. All these two leading agendas are for businesses to withstand and overcome disruptions.
The surge in Digital adoption is propelled by several factors, including cloud computing, Artificial intelligence, and analytics, which drive innovations and enhance customer experiences.
Some industries, including agriculture, health, and construction, were slow in digital adoption before COVID-19. Yet, these industries have seen tremendous growth in digital initiatives in recent years.
Consequences of Increased Digital Adoption
The adoption of digital initiatives carries extensive implications for the global economy. Digitalization of businesses and entities ensures success due to improved operational efficiency and competitiveness.
Besides, digital initiatives are reorganizing businesses' operations by creating growth and innovation opportunities. Slow adopters find themselves at a disadvantage, risking being overshadowed by their competitors. They are missing out on the ability and potential of digital technologies.
Although digitalization is excellent for businesses, it also has its risks. Digitalization exposes businesses to online scammers and fraudsters. When security is not enhanced, there is a chance that one can suffer severe losses from hackers and scammers.
With the current trend, digital adoption will not slow down anytime soon. Emerging technologies such as AI are fast maturing, and businesses are recognizing the benefits of infusing digital initiatives.
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