Studying the impact of innovation on business and society

2020 Prediction Series: Digital Transformation Becomes a Strategic Enabler of Business Modernization and Innovation Strategies

Photo by Riccardo Annandale on Unsplash

Thinkers360 assembled B2B thought leaders to share their 2020 predictions for digital transformation as part of its annual prediction series. The series is intended to help provide actionable insights for business and technology executives. There are some great thoughts included. I wanted to share my contribution with you here.

Digital Transformation = Business Modernization + Innovation

In 2020, digital transformation will start to become synonymous with business modernization and innovation.

Companies are still investing in the “digital” side of digital transformation, i.e. cloud-enabled platforms. In 2020, we will see the expansion of digital transformation stakeholders beyond CIOs to include cross-functional leaders and business executives, CFOs, CDOs, CGOs, CHROs and CEOs. This will accelerate and diversify digital initiatives across the organization aimed at internal and external growth and innovation. IT-driven business improvement will modernize internal services, processes, operations and capabilities. It will create a more agile and scalable infrastructure to support more dynamic work. Business process automation will start to create new opportunities for human creativity as well as open the doors to new expertise and capabilities.

Digital is also going to power business innovation (internal and external facing initiatives). On the inside, we will see EX (employee experience) become an increasing priority. Externally, CX (customer experience) and competing for the customer of the future become mission critical. Companies will also prioritize digital innovation to develop digitally-native products and services to expand market opportunities.

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