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The Greatest Change in Business Since the Industrial Revolution

Posted by Teresa Casero on March 18, 2016

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"It also exerts a fundamental influence on the world inhabited by customers, consumers and employees alike."

The combined effects of new digital technologies and changes in consumer behavior will lead to one of the most monumental changes to our economy since the advent of the Industrial Revolution.

But one other thing sets digital transformation apart from all previous transformations: it also exerts a fundamental influence on the world inhabited by customers, consumers and employees alike. New technologies have become our constant companions in almost every part of our lives. Thus, digital transformation is also changing the expectations, attitudes and behavior of all those with whom a company comes into contact.

The next five to ten years will reveal who will emerge as winners in this digital transformation. In the business world, the pressure to adapt is immense. This is even evidenced in the current choice of a key theme for CEBIT 2016, “d!conomy: join – create – succeed”. If only it were that simple!

In Search of the Right Roadmap

At the very least, the business world seems to have a lot of catching up to do when it comes to digitization. In 2015, Roland Berger published a study together with the BDI titled “Digital Transformation in the Industrial Sector” in which they arrived at the conclusion that only half of those surveyed had taken a deep look at the subject previously. A mere third of participants rated their own “digital preparedness” as high or very high.

The consultants forecast that the digital transformation will represent an additional accumulated potential for value creation of 425 billion euros in Germany alone by 2025. For Europe as a whole, that figure was even 1.25 trillion euros. If digital transformation should fail, the study predicts losses in value creation across Europe to the tune of up to 605 billion euros.

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Topics: HR Trends, HR Solutions

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