Naresh Soni, Chief Technology Officer at Tsunami, XR., a Board Director at Sierrabolics, an AI software company, and a member of the Forbes Technology Council based in the United States participates in Risk Roundup to discuss Trends in Digital Transformation.
Trends in Digital Transformation
Regardless of industry, digital transformation is underway across many enterprises. From going paperless to getting intelligence that would enable innovations, digital transformation has come a long way.
The reason is that today, the survival, security, and sustainability of enterprises across industries depend on digital technologies. While technologies like artificial intelligence (AI) help bring intelligence to create new opportunities, they also give us the ability to visualize new ways of doing things. It is the ability to adapt quickly to the transformative changes brought on by digital technologies that emerge as a vital necessity and capability for digital transformation.
Regardless of industry, digital transformation is underway. Looking at the ongoing technology transformation, it is crucial to understand how these digital technologies are transforming industries. While many organizations exploit the opportunities presented by digital technology to build their brand, connect with customers, and enhance sales models, there are some differences from one industry to the next. Moreover, the culture, systems, processes, and even the capabilities of each sector all come into play. As a result, the pace at which industries are changing differs.
With the digital transformation becoming the ultimate challenge of a digital age, it impacts not only the current business and industry structures and its strategic positioning, but all levels of enterprises: every task, activity, process, model, and its extended supply chain and ecosystem. That brings an important question: why is digital transformation suddenly becoming more attractive? Which technologies have made it appealing?
Digital Technologies
Digital technologies are contested commons. Everyone has access to it. So, for any entity to get ahead of their competitors using the technologies that everyone has access to– doesn’t allow them any inherent advantage. So, how do they differentiate and gain a competitive advantage?
Irrespective of technologies, the strength of digital technologies stems from how enterprises integrate them to transform their businesses and how they work. It is important to remember that digital success isn’t all about technology: it is the strategy that matters. The strategy is the critical driver in the digital arena. The absolute power of a digital strategy lies in its scope and objectives. Unless technology is proprietary to a company, it ultimately won’t provide a competitive advantage on its own. Every enterprise across the industry needs to carefully walk the path towards digital transformation with a specific strategy to channel its strengths and mitigate its imminent security challenges.
While there is no uncertainty that digital transformation can drive business evolution, it is essential to understand what problems industries and businesses are trying to solve and what is their strategy.
- Do businesses across industries have a digital strategy that goes beyond implementing technologies?
- How should businesses chart digital transformation to not just impact their bottom line but the society?
- In what different ways digital technologies offer businesses a new set of opportunities to create value?
While digital transformation can extend the reach of enterprises to improve decision-making ability and help speed the development of new ideas, innovations, products, and services, the disproportionately rapid adaptation and adoption of technologies will most certainly disrupt traditional business models and create complex security risks. The time is now to discuss the trends of digital transformation.
For more, please watch the Risk Roundup Webcast or hear the Risk Roundup Podcast
About the Guest
Naresh Soni is the Chief Technology Officer at Tsunami, XR, and is also the Board Director at Sierrabolics, an AI software company. He is a member of the Forbes Technology Council and is based in the United States.
About the Host of Risk Roundup
Jayshree Pandya (née Bhatt), the founder and chief executive officer of Risk Group LLC(www.riskgroupllc.com), is working passionately to define a new security-centric operating system for humanity. Her efforts towards building a strategic security risk analytics platform are to equip the global strategic security community with the tools and culture to collectively imagine the strategic security risks to our future and to define and design a new security-centric operating system for the future of humanity.
About Risk Roundup
Risk Roundup, a global initiative launched by Risk Group, is a security risk reporting for risks emerging from existing and emerging technologies, technology convergence, and transformation happening across cyberspace, aquaspace, geospace, and space. Risk Roundup is released in both audio (Podcast) and video (Webcast) format and is available for subscription at (Risk Group Website, iTunes, Google Play, Stitcher Radio, Android, and Risk Group Professional Social Media).
About Risk Group
Risk Group LLC is a leading strategic security risk analytics platform.
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