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The Importance Of Digital Technology

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Organizations pioneering the adoption of the digital five forces have done so by establishing dedicated digital solutions units tasked with the evaluation and enablement of supporting infrastructure, processes, tools and technology. These organizations need to work closely with parts of the business (R&D, manufacturing, supply chain and sales and marketing) to foster an appreciation and understanding of the business value of digital technologies. Only then will the business come back with specific issues, challenges and opportunities that digital can help them unlock. Aside of a structured process to achieve this interlock, there are a common set of organizational prerequisites that need to be addressed for effective penetration of the digital …show more content…
At an organizational level, a cultural change is necessary - not a revolution, but a change. Employees have already incorporated digital technologies in their personal lives – these can easily become a way of life in their work too.
Drive Adoption. An iPad might as well be used as a chopping board by a gentleman in his late fifties, because his children forgot to educate him on how to use it! Educating employees on the usage and benefits of digital initiatives is absolutely vital for ensuring widespread adoption.
Address security concerns. Although protecting sensitive data is a tough task, it only requires investing in appropriate IT security measures, upgrading these periodically and setting up appropriate policies and stringent penalties for lapses on part of the employees and outsourced vendors to protect …show more content…
The next ‘smart’ institutions will definitely be businesses and enterprises, extending to industries. A few industries are ahead of the pack in the adoption of digital technologies and have highlighted a path for the rest to follow.
The life science industry needs to actively examine the applications and implications of the digital five forces. To fully realize benefits, companies need to setup the base of platforms, policies, organization structures and governance. Creating an enabling environment for the digital forces will empower the business to reimagine itself. Penetration should be explored not only within specific value chain segments, but also pan-enterprise by leveraging a combination of the digital five forces to solve critical business issues.
The next day at work, while Tony is sipping his morning coffee, his mind wanders to the earlier night’s game on dinosaurs falling off cliffs (to their doom and eventual extinction). Back to the present, he sees a distinct analogy to life science companies like his own and realizes that those who do not accord the appropriate importance and priority to digital technologies risk becoming dinosaurs themselves on the edge of a digital

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