Well before it began, 2018 was already a big year. Although GDPR is the headline event, it is just one of the transformative changes facing multinational organizations today. The digital disruption has happened, and companies the world over are working to shape their newly digital identities while hoping to influence and secure their position in the the future of their industries.
In this month’s partner digest, we look at how industry leaders are redefining the challenges of digital transformation by approaching them as an opportunity for success. As data retains its position at the center of the business universe, organizations can plan for longevity amid uncertainty by accepting the new normal and pursuing paths to not just compliance, but evolutionary growth.
Workday on embracing change to bring success
Whether motivated by compliance requirements, process optimization, enterprise expansion, or a host of other reasons, global organizations are being confronted with the growing, pressing need to evolve the way they do business. No longer a concept or point of debate, digital disruption is happening, ongoing, and increasingly essential to the success of companies today.
Workday recently repositioned the often difficult prospect of change as something to embrace, in a new blog that encourages business leaders to seek opportunity in the uncomfortable. Citing multiple viewpoints about the positive aspects of failure as an essential learning tool, the blog challenges companies to reconsider the systems used in everyday business and even rethink the meaning of risk management.
“The term “digital transformation” might be dismissed by some as another marketing buzzword, but it aptly captures the fact that we truly are living in a new world. Businesses have to transform. Comfort means standing still, and standing still means falling behind. When it comes to business technology decisions, the easy option would be for companies to stick with on-premise software, yet the gains in both cost and efficiency from moving to the cloud mean that traditional software will no longer be viable. More importantly, companies that stick with legacy systems may also find themselves no longer viable.”
The blog offers three recommendations for business leaders facing the uncomfortable inevitability of digital transformation: ask the difficult questions, accept that disruption will continue, and don’t be afraid to “fail fast.” For multinational organizations able to adapt to the new digital normal, a clear business advantage is their reward, ready for the taking.
Ramco on the growing importance of data security
The linchpin of the digital revolution has always been data, and efforts to improve the quality, integrity, and security of the unprecedented levels of data created and managed daily remains a key focus of companies around the world. As global industry counts down to GDPR and navigates changes required by numerous other compliance initiatives, both the risks and opportunities of being a data-dependent business are under constant consideration.
A recent blog series from Ramco identifies six disruptive forces facing international businesses, focusing this month on the importance of data security in what they’re calling “the GDPR Era.” Speaking in context of the logistics sector, the blog explores the need for better data protection amid new risks and regulations, and highlights specific opportunities for multinational organizations to prioritize data security.
“It is important to work with suppliers and partners who have the same respect for data not by proclamation, but with actual procedures. It is also essential to work with technology providers who understand the importance of securing data, especially as more business transitions to the cloud. Companies such as Ramco Systems have significantly and continuously addressed this issue and have a commitment to data security.”
Noting the impact GDPR is already having on companies operating within and well outside the European Union, Ramco encourages logistics professionals to be proactive in securing their data. By prioritizing data security when implementing technology changes and process improvements, multinational organizations can demonstrate and fulfill their commitment to protecting their customers and their business in this new era.
EY on preparing for the digital future
It’s easy and even expected for business leaders to focus on the ever-evolving challenges of the digital age. Disruptive technologies, workforce mobility, and new compliance requirements are just a few of the ways in which international business is changing rapidly and permanently.
A recent blog by Richard Suhr at EY affirms the concerns of organizations trying to keep pace with the digital transformation, noting that the uncertainty of current and upcoming changes makes it difficult for many companies to look too far ahead. Suhr offers a different perspective on the inevitability of change by focusing on the potential of new developments to dramatically improve businesses and their outlook.
“I believe that focusing on the opportunity for growth, and approaching digital as an enabler of new-world efficiency rather than as a threat to the existing business, is the challenge that most of our clients and boardrooms now have to overcome. Organizations that are pragmatic, proactively invest in innovation and new business models, and embrace digital change can reinvent themselves and expand beyond geographical and industry borders by delivering new, innovative, and enhanced products, services, and experiences.”
Suhr offers four tips for organizations looking to make the most of what he calls “the digital opportunity”: focus on growth opportunities, develop a network of collaborators, leverage the power of data analytics, and develop a future-proofed digital investment strategy. By shifting the focus from the challenges of digital disruption to its potential, Suhr and EY frame the future in a positive light.
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