Only those who invest in the digital future today stand a chance to take home a big slice of revenue and prosperity.
The digitalization of products, processes and functions due, in major part, to COVID-19 is turbocharging digital transformation in advanced as well as developing economies. For many governments, the next 10 years are crucial to build a robust digital ecosystem to withstand the landfall of tech products that will create tremendous economic growth opportunities.
Here is what countries should do to accelerate digital transformation:
Invest In The Digital Future
The government must give tax credit and investment funds to startups to continue innovating in an increasingly competitive digital world. Besides VC firms, the government must take interest in shaping technological and digital landscape that is most suited to achieve the digital innovation goals from AI, block-chain technology to hardware technologies such as semi-conductor chips.
Harvest Data For Better Decision-Making
For digital transformation of a business or a government, data is what water is to a plant. Thanks to our extensive digital footprint, not only is data abundant, but also, with a little effort, it can be organized to help uncover hidden trends. The insights gathered through data can help firms in making informed decisions, and, hence, drive profitability. Investment in digital skills and up-skilling or retraining of employees — be that public or private — is the need of the time to reap immediate benefits and also to pave the way for digital transformation.
Foster Digital Education For All
The digitalization of everything from the way we work to how we shop is re-conceptualizing our society. Hence, our education system must also shift gears to match the requirement of the future workforce. Teachers must know how to embed technology in education and must also be digitally literate. Children at a young age should be taught basic coding. At an advanced level, they can also learn more complex concepts of Cybersecurity, AI and Cloud Computing.
All in all, governments and businesses should embrace for the changes that digital transformation will bring. Only those who invest in the digital future today stand a chance to take home a big slice of revenue and prosperity.
I write about the big picture of Digital Society.
Tweets @alijanburdi
#Technology #Data #Innovation #Digital
