Digital Acceleration Redefines the Future

To survive and thrive in an uncertain and rapidly changing world, organizations will need to innovate at speed, keep pace with technological and industry change, and cultivate greater resilience. Most businesses have been moving toward digital transformation for years, but the arrival of the pandemic pushed the need for every organization to adapt. The shift to “virtual everything” during the pandemic only accelerated the trend.  To keep up in this shifting environment, organizations must plan carefully and act quickly and those that do not risk getting left behind.

Digital acceleration is the process through which companies embrace technologies to digitize their operations and reshape their workflow to keep pace with the current demands. Some might be quick to point out that such a definition seems like we’re talking about digital transformation, but there’s a key difference between both processes: how quickly technologies are adopted.

What are the differences between Digital transformation and digital acceleration?

Digital transformation, as most businesses know it, involves transforming one digital process at a time as they have the time, the budget, and resources to do so. It's a short-term goal as opposed to a long-term journey. The time has come to fundamentally rethink how organizations accelerate its Digital Transformation Journey. Digitizing is no longer enough to gain a competitive edge.

On the other hand, Digital acceleration is a business strategy that guides the company's future. It shifts the focus from digitizing a process to adopting the latest technologies. Technologies such as cloud services, mobile technology, Machine Learning, and Artificial Intelligence have driven the automation and digitization of critical business processes while providing new insights and opportunities. Businesses can achieve more once they've switched focus to digital acceleration and embraced newer technologies. In other words, digital acceleration is a constant process that requires companies to be continuously evolving to leverage the latest technologies.

Since the digital revolution is ongoing, digital acceleration will continue to reshape the economy for the foreseeable future. It is a journey that never ends. Future winners will continuously evolve in how they seek growth and profitability by approaching digital transformation as though there is no finish line. Yet the true power of digital transformation goes beyond continuously building digital capabilities. Committing to a strategy that places digital at its core; set with a deep understanding of what digital makes possible, and that aligns digital priorities with strategic goals is what will empower organizations to shape and secure their future in an uncertain world. That can work for digital transformation, but it’s an absolute must for digital acceleration.

Even before the pandemic, the modern economy was changing quickly. We cannot know precisely what the future holds, but the general trends are clear: the future will be very digital, and that digital world could arrive sooner than most of us think. Digital transformation is critical but winning in today's world requires more than digitization. It’s time to move faster. Start to accelerate today!

Director, Technology Advisory Services PwC Cyprus.