Assalamualaikum Wbth and Very Good xxxx.

Thank you
Chairman/Moderator.

Slide 1
The Title of My Presentation today is “Digital Transformation in
Economics, Business and Management: Challenges and Way
Forward”.

Slide 2
Digital transformation isn't about adopting one new tool or another. It's a
metamorphosis, a complete overhaul in how we think, operate, and
deliver value. From the Gutenberg printing press to the invention of the
internet, and now to artificial intelligence and beyond – each iteration
isn't just an improvement on the last; it's an evolution.

Slide 3
Let me first begin my presentation by highlighting the context that I will
deliver today. There will be a brief introduction regarding the digital
transformation on economics, business and management. I will then go
into digital transformation in general, including the definition. Then, the
benefits and challenges of digital transformation will be presented as
well.

I will go into depth on digital transformation on economics, business and

management as well. We will end our slide with a conclusion of the
digital transformation phenomenon with a way forward of our future.

Slide 4
Digital transformation is the process of integrating digital technologies
into all areas of a business, resulting in fundamental changes to how
businesses operate and how they deliver value to customers. It's also a
cultural change that requires organizations to continually challenge the
status quo, experiment often, and get comfortable with failure.

But, why do we need to acknowledge the digital transformation

transition?
It is clear that many have happened in the recent years. Robots have
enter our homes for personal use, sensory devices guide our everyday
lives, and mobile financial transactions are also now in crypto-
currencies. Additional to that, 6 million autonomous cars are in Europe
and North America now. Big data has also entered Zetta byte era, 3D
printing is common and 4D printing is gaining mainstream acceptance.
There are even a holiday in space promotion now.

Slide 5
According to the Key findings of 2030, there are several finds that need
to be taken into consideration.

[Point 1] Heterogeneous Future: Studies have already shown that the

use of digital technologies decreases either linearly or even
exponentially with age. The use of traditional media becomes more
homogenous as people age.

[Point 2] Terabyte Era: Smartphones & devices are being equipped

with storage chips, which can both process massive amounts of data
and support 5G & AI technology.

[Point 3] Hyper Localization: Many small satellites, geo-fencing as an

opportunity will allow enterprises to cater to customers on-the go and
contextualize experiences.

[Point 4] Zero Latency/Zero Buffering World: With 5G, edge

computing, AI approaches & quantum- computing merging abilities,
virtual reality or “virtually” experiences are made possible.

[Point 5] Transhumanism: Humanity is entering the rise of technology

driven evolution at an unprecedented speed of change, thus, propelling
deeper questions into what it means to be human.

[Point 6] Personalized Retail: Integration of automation, virtual reality,

intelligent assistants, and in-store and online retail experiences will be
seamlessly unified to personalize and uplift the overall customer
experience.

Slide 6
[Point 7] Integrated Mobility: The user-transit experience will shift
towards a more connected, personalized, and on-demand, multi- modal
service.

[Point 8] Everything-As-A-Service: Future XaaS models will be highly

individualized, responsive, data-driven, and fully controlled by
customers.
[Point 9] Future of Economies: Economic power will shift from Europe
and America to Asia & Africa, as nearly 70% of global economic growth
will be generated in these regions.

And lastly, the

[Point 10] Future of Healthcare: The adoption of smart healthcare

coupled with the potential of precision medicine will accentuate the era
of preventative care.

Slide 7
Moving on to the next slide, what is digital transformation?

Slide 8
First, let me share the digital transformation pyramid to make you
understand a little better of the transition.

Let’s start with the term digitization. Digitization refers to creating a

digital representation of physical objects or attributes. For instance, we
scan a paper document and save it as a digital document. In other
words, digitization is about converting something non-digital into a digital
representation or artifact. Computerized systems can then use it for
various use cases. An example from manufacturing would be when a
measurement is converted from a manual or mechanical reading to an
electronic one.

Digitalization refers to enabling or improving processes by leveraging

digital technologies and digitized data. Therefore, digitalization
presumes digitization. Digitalization increases productivity and efficiency
while reducing costs. Digitalization improves an existing business
process or processes but doesn’t change or transform them.

Digital Transformation is business transformation enabled by

digitalization. The “digital” moniker is a little bit of a misnomer because
the essence of digital transformation is the changing of business
processes enabled or forced by digitalization technologies.

Slide 9
Digital transformation is a broad term that can mean different things to
different types of businesses. But, at its core, digital transformation
refers to a drastic change in the way a company operates and delivers
vital information.
According to the Harvard Business Review and software company Red
Hat, digital transformation is the integration of digital technology into all
areas of a business, fundamentally changing how you operate and
deliver value to customers.

The integration of digital technologies include technology,

communication, data, internet of things (IOT), automation, AI and
networking.

Slide 10
The digital transformation is a profound shift in how an organization
operates and delivers value to its customers.

It is a powerful tool for businesses to unlock their potential and reach

new levels of success by introducing technology into every aspect.

And also a key component of a successful innovation strategy for

modern businesses.

Slide 11
On to the next slide, I’m going to show you the Digital Transformation
process by Brian Solis. An organization doesn’t go from being barely
digital to being fully digital overnight. These kinds of changes take time.

Firstly, it’s business as usual. Organization operate with a familiar legacy

perspective of customers, processes, matrix, business models and
technology, believing that it remains the solution to digital relevance.

Next, is present and active. Pockets of experimentation are driving digital

literacy and creativity, albeit disparately, throughout the organization
while aiming to improve and amplify specific touch-point and processes.

As for formalize, experimentation becomes intentional while executing at

more promising and capable levels. Initiatives become bolder and as a
result change agent seek executive support for new resources and
technology.

Next, strategic. Individual group recognize the strength in collaboration

as their research, work and shared insights contribute to new strategic
roadmaps that plan for digital transformation ownership, effort and
investment.
As for converged, a dedicated digital transformation team forms to guide
strategy and operation based on business and customer centric-goals.
The new infrastructure of the organization takes shape as roles,
expertise, models, processes and systems to support transformation are
solidified.

Lastly, is innovative and adaptive. Digital transformation becomes a way

of business as executives and strategist recognized that change is
constant. A new ecosystem is established to identify and act upon
technology and market trends in pilot and, eventually, at scale.

Slide 12
Now, let us have a look at the benefits of digital transformation.

Slide 13
[Point 1] Increases Customer Satisfaction. One of the clearest
advantages of digitalization in business is that you will be able to
implement robust digital tools and strategies, like per-location or per-
industry license modification and automated processes. These
digitalized processes lead directly to increased customer satisfaction.

[Point 2] Drives Data-Based Insights. One of the most significant

benefits of digital transformation is that your business will be able to
collect and analyze data that you can turn into actionable, revenue-
generating insights. Digital transformation will enable robust data
collection, centralized data storage, and the creation of tools to analyze
and translate data into information that promotes informed corporate
decision-making.

[Point 3] Enables Software Monetization. Today, all business leaders

know that they must shift from a product-centric approach to a software-
centric approach and that software monetization gives businesses the
best ROI. Digital transformation enables software monetization. The
digital framework will help you locate new revenue streams , create
software licenses, protect your licenses, engage with your customers,
and access business-critical data.

[Point 4] Enables High-Quality User Experience. Digital

transformation enables beautiful, effortless experiences that hinge on
automation, AI, and self-service tools. Prove that you've mastered the
digital era by providing customers with a frictionless user experience.
[Point 5] Encourages Collaboration & Improves Communication.
The digital transformation eliminates roundabout communication,
redundancy, slow response times, lost information, and ineffective idea-
sharing. When you digitalize the internal communications of your
business, you will increase productivity, accountability, and creativity,
and gain the edge necessary to outperform the competition.

[Point 6] Increases Agility. According to a 2017 McKinsey survey, only

8% of respondents said their current business model would remain
economically viable if their industry keeps digitizing at its current course
and speed. That means a whopping 92% of businesses recognize the
fact that the ability to change and be flexible is the key to surviving the
ongoing period of intense digital transformation. The solution? Digital
transformation strategies. With the power of a digital business
environment, your company will be able to anticipate challenges and
build solutions pre-emptively so that you can remain viable for years to
come.

Slide 14
[Point 7] Limits Human Error. An undeniable advantage of going digital
is that digital processes stop errors by eliminating time-consuming
manual data entry and human inefficiencies. Digital processes are
inherently smoother and less risky than any process that involves error-
prone humans.

[Point 8] Encourages an Environment of Employee Excellence. An

important factor in a successful digital transformation is to get
widespread company buy-in. You need to create a corporate culture
where it is clear to everyone that they will ultimately see the benefits of
going digital. To get employee buy-in, invest in the digital education of
your workers. Host internal webinars, participate in conferences, and
send your employs to courses that will update their skill sets.

[Point 9] Increases Operational Efficiency. Digital transformation

gives you increased operational efficiency. You can consolidate messy
manual processes and reduce overhead costs by integrating with back-
office systems, automating delivery processes and product updates,
enabling inter-device activation, managing multiple product variants, and
more. With digital business processes, you'll save time, plug revenue
holes, and decrease frustration. Because digital business is synonymous
with efficient business.
[Point 10] Enables Future Digital Growth. The final benefit of digital
transformation is the most fundamental. Digital transformation is the
initial act that sets the stage for all subsequent business growth. Without
investing in digital business transformation, your company will quickly
become obsolete.

Slide 15
In this slide, we will look into the challenges of digital transformation.

Slide 16
[Point 1] Organizational change management refers to an organized
approach to managing changes in an organization, in this case, to
managing digital transformation. It can be difficult, however, it is crucial.
The lack of proper organizational change management can negatively
impact an organization’s digital transformation which is why it is one of
the primary reasons for the high failure rate.

[Point 2] When an organization aims digital transformation, the lack of

expertise could threaten its journey. Considering how complex digital
transformation strategies are, the right skill and knowledge set are
required to implement the necessary changes.

According to KPMG 2022 Global Tech Survey, organizations have

reported talent gap issues that threaten to slow down digital
transformation. 44% of the survey respondents said that a shortage of
experts hindered the progress, 32% said that adding new talent and new
systems is costly, and 29% said that a lack of skills to implement these
systems led to delayed progress.

[Point 3] Customers' expectations and demands have advanced as a

result of evolving developments and improvements in customer service,
and this poses a challenge for many organizations. Even when
organizations put years of effort into digital transformation, customers’
needs can change throughout that time as they are constantly looking
for more intuitive and enhanced services. This means that extra effort is
needed to implement the new digital technologies that would meet the
continuous evolutions of customer needs.

[Point 4] Despite their fascinating ability to adapt to changes, humans

by their nature tend to enjoy comfort and routine as it gives them a
sense of security. Changes, especially the big ones, can make people
feel uncomfortable and cause stress for some, impacting their well-
being. That is why, when organizations are going through digital
transformation, they can experience employee pushback.

[Point 5] As organizations adopt remote work, digital processes, and

cloud-based technology, they are exposed to higher levels of risk.
Consequently, they are required to implement higher security measures
and improve their cybersecurity to defend themselves against threats.
Not protecting data and other valuable assets of an organization can
lead to enormous risks and negative consequences.

[Point 6] Another challenge of digital transformation is the high costs

that come with it. As this is a huge investment, organizations need to
carefully plan the budget and come up with a strategy that will address
and respond to customers’ and organizations’ needs.

Slide 17
Moving on to the next slide, we will go through about the Digital
Transformation on Economic.

Slide 18
The emergence and evolution of the digital economy is characterized by
key trends. The primary driver of these trends is technological
innovation, namely the advent and widespread use of social media and
smartphones, as well as advanced broadband networks and
technologies such as the Internet of Things (IoT), Big Data Analytics
(BDA), robotics, and Artificial Intelligence (AI) and Machine Learning
(ML).

[Point 1] Dominant Digital Business Models: The digital economy is

often referred to as a platform economy, where digital business models
and the digital platforms that enable them dominate. In some industries,
such as transportation and tourism, digital-native players have caused
severe disruption to traditional models: think of the likes of Uber and
Airbnb. Elsewhere, in sectors such as banking and government, digital is
now the primary mode of service delivery, leading to branches and
customer service centers closing down.

[Point 2] The Shift from Providing Services to Creating

Experiences: In the digital economy, organizations differentiate
themselves by creating digital experiences for customers. They create
seamless digital and physical shopping experiences through automated
stores and ecommerce fulfillment centers. The public sector is actively
pursuing a whole-of-government approach, breaking institutional silos to
provide a similarly seamless digital experience to citizens through
initiatives such as customer journeys, national government service
portals, national digital identities, and more.

[Point 3] The Rise of Industry Ecosystems: In the digital economy,

traditional and linear value chains with limited partner engagement are
now giving way to scaled-up, integrated ecosystems that use software
platforms to deliver value, create resiliency, and foster innovation
through connected products, assets, people, and processes. For
example, leading banks engage with Financial Technology (FinTech)
players to enhance services and innovate rapidly within the Financial
Services Industry (FSI). Such industry ecosystems thrive on data sharing
and use digital platforms for intercompany collaboration and multiplied
innovation.
Slide 19
[Point 1] USA: The leader in the field of digitalization is the United
States of America, where various programs for the development and
support of digital transformations in the economy are permanently
introduced at all levels of government, together with the scientific
community and private businesses. Its key objective is “to accelerate the
development, commercialization and widespread adoption of
interconnected machines, devices, and intelligent analytics, i.e. industrial
Internet”.

[Point 2] China: The Chinese economy today is one of the leaders in

the field of digitalization and is one of the three leaders in this area.
Productive development in the digital industry can be explained by rather
high competition and a capacious internal market for digital technologies.
In addition, China's digital sector receives comprehensive government
support. Following current global trends, China is actively adopting a
variety of programs and concepts to support digital processes in the
country's economy. For example, in 2018, the country approved the
“Made in China 2025” program, which aimed at making the state a
leader in the digital technology market by 2025.

[Point 3] South Korea: In the development strategy of the state until

2022. The task of forming a new type of economy, built on global digital
platforms and digital technologies, is outlined. South Korea invests in
digital research and development and supports private businesses
mainly through government subsidies. At the same time, the funding
vector is aimed at robotization, artificial intelligence technologies and
“smart” technologies, 5G networks, etc. To achieve these goals, the
South Korean authorities support the implementation of programs in the
field of artificial intelligence and block chain technologies, stimulate
business organizations to implement digital platforms and solutions, etc.

[Point 4] Japan: In Japan, the key document governing the long-term

development of the state in the field of digital technologies is the
Strategy “Society 5.0” (Super Smart Society 5.0), approved by the
Government of Japan back in 2016. The strategy was adopted with the
support of the Keidanren Federation of Big Business, based on the
concept of “Industry 4.0” and built on the use of digital technologies of
artificial intelligence, robotics, the Internet of things and “big data”.

Slide 20
Next, is about the impact of digitalization on society and the economic
security of the state. Undoubtedly, digitalization provides many
advantages, manifested in the form of numerous multiplier effects from
the inclusion of all production chains in a single information space.
However, its impact on society and the economic security of the state is
ambiguous

[Point 1] First, ensuring the transition of economic development to a

new level predetermines the destruction of the old system of production
and distribution of goods. And this already characterizes digital
technologies as “disruptive”.

[Point 2] Secondly, the introduction of new technologies is characterized

by excessive optimism, which is when the cumulative effect of using
digital dividends is much weaker than expected.

[Point 3] Having confidence in the ability to manage one’s financial

situation is key to improving financial well-being. Fintech empowers
individuals to assert control over their finances, enabling them to make
well-informed decisions, reduce stress, and cultivate financial resilience.
Digitalization is more beneficial for merchants and banks.

[Point 4] If we look at the current situation of GDP per capita, the

western industrialized countries have the highest per capita income. If
these countries succeed in promoting the use of digital technologies,
they will become even more competitive. The result will be a further
increase in GDP per capita.

[Point 5] The first issue that arises when technology advances is

discussions on job-related negative effects. The first problem is labor
replacement due to job automation. Automation technologies including
AI and robotics are replacing simple labor and threatening jobs for
humans. Consistent with the finding of Morikawa (2020) and Nakamura
and Zeira (2018), the adoption of automation technologies can lead to
less demand for low-skilled labor due to discrepancies between workers’
competencies and automation technologies, whereas demand for high-
skilled labor grows.

[Point 6] Platform business models often give rise to “winner-takes-all”

problems. The first problem is platform companies’ control over data.
Platform operators collect and manage a broad range of data through
user feedback including user-provided information, user reviews, and
testimonials. It should be particularly noted that platform operators are
first-movers and therefore enjoy the network effect, thanks to the data
already obtained, as well as a competitive advantage over late-movers.
That is, the big data held by first movers act as a tool to restrict the entry
of competitors into the platform market.

The second problem involves costs imposed by platform providers.

Platform providers generate revenue by charging a usage fee to both or
either side of the services concerned. The levels or structures of usage
fees charged by platform operators are influenced by the number of
platform users and the size of transactions.

Slide 21
Ladies and gentlemen, in this slide is the digital transformation on
business

Slide 22
[Point 1] Support cross-channel coherence: MIT Sloan Management
Review disclosed a story of one retail brand that made customers angry
because the representatives in a store didn’t have access to their online
order history. To enable multichannel services, an organization must
ensure coherence among all channels, which requires cross-channel
accessibility to operational levers.

[Point 2] Individualize customer experience: As we face a rapid

growth of available touch-points and gather greater amounts of customer
data, companies can convert all customer-related data to actionable
insights and provide an individualized experience to better segment
customers and match their expectations. We’ll talk about customer
analytics in more detail in the Information Management and Analytics
section.
[Point 3] Digitalize operations and communications internally:
Another aspect of internal digitalization is employee mobility and
embracing the bring-your-own-device (BYOD) demand. Enterprise
mobility is truly rewarding when employees who must work on-site
(restaurants, construction, manufacturing) can access information, and
directly operate software via mobile devices.

[Point 4] Optimize and automate: Automation has become a fact of life

in recent years. However, refocusing employee experience from
repetitive tasks to strategic and ingenious operations is still a high
barrier. It can be tackled by establishing internal experience-feedback
loops and gathering data.

[Point 5] Converge sales, marketing, and customer service: In

traditional businesses, sales, marketing, and customer service
departments operate in parallel universes as customers’ progress
through the funnel. The converged approach means uniting silos to
achieve a 360-degree view of the customer. Thus, each department can
leverage the insights of the other two and respond proactively to meet
expectations.

[Point 6] Streamline the partner experience: Many businesses have

recognized the need to integrate partner or vendor experience into the
operational framework. Vendor and management systems, for instance,
digitized mutual contacts between partners to streamline operations and
reduce costs associated with establishing different communication
channels with each partner.

Slide 23
On a further slide, the digital transformation affects business
management by (1) Orienting existing business models towards
digitalization, by adapting them and (2) developing new business
models. It is also by (3) imposing certain changes in management,
practice and organizational culture. Next, it is by (4) increasing the
performance obtained by businesses and (5) determining competitive
advantages for the business. Additional to that, (6)digital transformation
affects business management by increasing opportunities for business
internalization as a result of digitalization, as well as sustaining the
progress and international performance of the business. Moreover, it is
by (7) increasing the possibilities for sustainable business development
and (8) and support innovation, value creation and originality value. And
finally, it can provide (9) a better orientation towards the needs of the
digital consumer and (10) increasing brand awareness.
Slide 24
Digital transformation can already be felt in many industries with
business activities being affected in all parts of the world. While the
degree of disruption may be different across business segments and
countries, Hirt and Willmott (2014) successfully define seven main
drivers which impact on traditional forms of business.

[Point 1] Price setting and profits remain under substantial

pressure: The abundance and structure of information provided to
customers across the internet helps closing the previously existing
information asymmetry between firms and clients. This improvement in
market transparency puts customers in a better position with the effect of
higher bargaining power and lower prices. However, the later might be
subject to regional differences given substantial fluctuations in digital
sophistication across the globe. (Grab et al., 2018b)
[Point 2] Competition is no longer limited to your own industry:
Barriers for market entry have proven to be useful for many decades,
allowing market participants to defend themselves against competition
from other players. The rise of digital firms has largely distorted this old
perception of shielding industries. These companies rely on superior
management skills, flat organizations, technical-savvy staff and
entrepreneurial spirit to challenge the current heavyweights in any given
industry. In the process, they do not only question the status quo of
doing business, old paradigms are further put into question. As a result,
ramp up costs are no longer the deciding factors for success, which
forces the old guard to seek new strategies beyond pure rent-seeking.

[Point 3] Satisfied customers reinforce a winner takes all dynamic:

Large tech firms such as Apple or Google have taken the element of
perfect customer lock-in to new levels by pooling internal resources and
capabilities in the form of superior business organization, talented staff
and technological advancements for the benefit of an attractive company
culture. This stimulates a positive perception cycle which in addition to
high quality services and products turns firms into go-to places for
customers. This return effect reinforces the customer relationship and
manifests the winner takes it all dynamic of the digital era.

Slide 25
[Point 4] Modular business models are a key success factor:
Against the background of the winner takes it all dynamic stimulated by
large tech companies, smaller firms may find it particularly difficult to
compete on an equal footing. Therefore, innovative market participants
aim to piggyback on the success of larger market players by adding their
businesses to existing platform structure provided by bigger firms. This
translates into a win-win situation since customers are able to find a
broader selection of products and services within a known environment.’

[Point 5] Fighting for smart brains is crucial: Frey & Osborne (2013)
take a strong stand towards the impact of ongoing business automation
as well as further introduction of robotics and artificial intelligence in the
work place by stating that almost half of all professions worldwide have
the potential to be replaced by machines over the decades to come.
While institutions such as the OECD are in strong disagreement
regarding the scale and scope of the effect on the global labor market, it
is widely acknowledged among scholars that digital transformation
forces a shift in skills and capabilities required for the future. In this
context, firms need to find new strategies to address the issue of talent
gaps within their organization, while at the same time thinking of new
ways to train people who are stuck in professions which will no longer be
needed (Manyika et al., 2017; Nedelkosa & Quintini, 2018).

[Point 6] Convergence of global supply and demand: Online service

providers are not limited in their regional focus. In this light, firms have
almost unlimited access to customers when it comes to expanding their
growth strategies. From a customers’ perspective, standardized products
are made available across country frontiers. Along the entire value
chain, clients expect a harmonized process from the moment a delivery
is made to the after sales service (Grab et al., 2018a).

[Point 7] Constantly evolving business models: Digital transformation

represents a major change for most firms who have so far lived under
the impression that small incremental changes are sufficient to stay in
business. However, in a world where your next competitor is formulating
and implementing radical solutions for your industry, this kind of slow
moving approach will no longer be successful.

Slide 26
On a further slide, I will take you to digital transformation on
management.

Slide 27
You can adopt digital technology to change how you do business or
manage your employees. It is a cultural shift and an attitude shift for
small business owners. Digital transformation needs you to take a step
back and ask what needs to be changed. It demands you to be brutally
honest in your feedback and requires you to push the envelope. Hence,
digital transformation on management could

[Point 1] Reduction in costs: By adopting digital technologies and

processes, you will streamline all your administrative processes and
save costs. This will decrease your time and costs spent on basic tasks,
leaving you free to focus on growing your business. Manual tasks and
processes are slower than digital tasks since they are conducted one at
a time. Inefficient processes can cost organisations up to 30% of their
annual revenue. Digitalization enables you to automate processes and
save time and money.

[Point 2] Higher productivity: When small businesses integrate digital

technology for processes, they free up their staff from wasting time on
manual and repetitive tasks. Tasks can be done faster and, in less time,
than anticipated.

[Point 3] Consistency: Digitalization benefits small businesses by

ensuring consistency across all channels and tasks. Once you digitally
automate tasks like customer service or sales follow-up calls/emails, you
are guaranteed consistency in quality and support. With digital tools, you
can also design better customer service or sales.

[Point 4] Transparency: Transparency in a business is important for its

success. If you automate a process (finance, metrics, payroll, etc) it can
offer you crucial insights. Transparency allows your employees to see
results and metrics on their work. It provides them with a guarantee that
they can see verifiable data and find out any mistakes or errors if
needed.

[Point 5] Adaptability: The market is constantly changing. It has also

gone through several disruptions after the pandemic. Small businesses
must stay up with the fast-paced market and changes. They should be
able to respond to any disruption and adapt quickly. Automated
processes and systems provide businesses with the necessary tools to
adapt to any changes and disturbances in the market.

Slide 28
Let’s look into how digital transformation affect Human Resource
management.

Traditional HR processes relied on face to face communications and

paperwork for essential processes like payroll attendance systems,
performance management, candidate management on boarding and
more. In the wake of the remote and hybrid work cultures, post pandemic
organizations need to accelerate HR digital transformation which
involves moving these processes to technology based systems.

First, [Point 1] Employee Self Service Portals: Employee self-service

portals empower workers to manage recurring tasks such as updating
their info, filling in time sheets, managing benefits, etc. which are
otherwise handled by the HR department.

[Point 2] AI Powered Applicant Tracking System: AI powered

applicant tracking systems use pre-programmed filters based on
keywords skills, years of experience education, etc. to remove
unqualified applicants from the process before any human sees. The
application ATS can also post job listings to multiple platforms, run pre
interview screening schedule, interviews, facilitate candidate evaluations
from multiple interviewers and provide the data.

[Point 3] HR Chat Box: With HR chat box, HR can create auto

response messages to address frequently asked employee questions
and concerns instantly. Chat bots can also asynchronously collect
employee information as needed. digital adoption platforms.

[Point 4] Digital Adoption Platforms: A digital adoption platform is a

software that overlays across the digital tools your employees use and
provides an interactive way to learn on the job with step by step
walkthrough, self-help support and performance support. They provide a
way to analyze usage, automate processes and improve user
experience, spot a workflow that typically leads to drop off, create a new
tool, tip or video to help employees get unstuck.

Lastly, [Point 5] Company Wide Announcement Pop-Up: When need

to announce a companywide announcement, create a pop up when
employees open their email. For example, Sentry Insurance Company
used “Whatfix” to save over $950,000 on training and content creation
for their 2000 employees. They created user specific content so that
each employee is shown the walk through popups or self-help materials
that are specific to their role and where they are in the application.

Slide 29
We are now at the end of our presentation. So, what is NEXT in digital
transformation?
Slide 30
Conducting a successful digital transformation journey isn’t as simple as
devoting large sums of money toward cutting-edge tech. Each strategic
decision has to be carefully thought through, as striking the right balance
between innovation and growth is a true juggling act and a serious
challenge.

Firstly, [Point 1] High-performance software: We are currently living

during a digital age, as thousands of terabytes of data are being
generated and exchanged across the world. Many companies even state
that data is currently their most valuable asset. It shouldn’t come as a
surprise that data management has become a key part of a company’s
day-to-day operations, and subpar data analytics tools can hinder digital
transformation efforts in a serious way. After all, customer data is the
main source of information and businesses will put the most strategic
emphasis on it in the future.

That’s why focusing on data throughput and high-performance software

is good advice for almost all companies, regardless of the field they
operate in. This is especially true in organizations specializing in
financial services and e-commerce.

Next, [Point 2] No-code/low-code: Software development is an

incredibly time-consuming and costly process – everyone who has
worked in the IT field can confirm that. Is there an alternative for making
it cheaper and more accessible? Well, there might be, and it’s called
low-code and no-code development.

Low-code and no-code platforms are software development

methodologies that enable users with little-to-no coding knowledge to
build apps using intuitive UI elements instead of manually typing code.
Thanks to this solution, an application development process is less
expensive and time-consuming.

[Point 3] Artificial Intelligence (AI) and Machine Learning (ML):

While we are on the topic of no-code AI solutions, let’s take a look at
artificial intelligence technology itself, since it is predicted to play a key
role in the ongoing digitalization processes.

Even though advanced, self-aware AI is still present only in sci-fi movies,

currently many companies across various fields of business are using AI
solutions even if it’s not so obvious at first glance.
Let’s take for example e-commerce recommendation engines. These
relatively simple software tools that present shoppers with lists of
products that they might like are run entirely by AI-enabled algorithms.

[Point 4] Multi-cloud solutions: Imagine that the cloud vendor that you
are basing your whole corporate architecture upon decided to raise
prices by 50% overnight. You hastily look for other alternatives, but
moving the entire enterprise software system to another vendor
generates cost by itself and is a huge burden for your entire IT team.
There are a couple of important advantages that a multi-cloud
environment offers. Each of these benefits can prove to be vital in
performing a successful digital transformation process that isn’t halted
mid-way through by some external factors.

[Point 5] Cybersecurity: All digital transformation initiatives can be

futile if the company carrying them out doesn’t pay attention to
cybersecurity. This cybersecurity expert must determine where the
organization is at risk at every digital touchpoint. This is usually done by
identifying how new applications will be connected to an existing
software architecture.

[Point 6] Block chain development: Block chain technology in the past

has been most closely associated with cryptocurrencies. However, block
chain has many aces up its sleeve. The most basic promise of this
technology is enhancing security through its immutable records. That’s
because block chains store data using sophisticated math and
innovative software solutions that are exceedingly difficult for hackers to
manipulate. This way, the block chain greatly improves the overall level
of trust in peer-to-peer transactions without the need for a middleman to
back it up.

[Point 7] Software 2.0: What is one of the most tiresome tasks of a

software developer? Creating readable and comprehensive project
documentation. As it turns out, there’s help on the horizon in the form of
Software 2.0. It is really quite an intriguing concept. The main idea
behind it is to create source code automatically straight from a
requirements document. Considering the current limitations, the
implications of Software 2.0 are fascinating. It has the potential to
transform how digitalization is approached in smaller organizations that
can’t afford robust IT departments.

Slide 31
[Point 1] Company: For companies to compete successfully in the fast
changing market environment, the power of innovation and creativity
needs to be unleashed among the workforce with the aim of staying
ahead of competitors with superior product and service delivery. In order
to create an environment driven by collaboration and entrepreneurial
thinking, firms are required to introduce new management methods
which go beyond the old way of leadership. Against this background, the
next generation of leaders will play a vital role in deciding whether
hierarchical structures are outdated and to what extend new forms of
organizational development can take center stage.

[Point 2] Employees: Digital transformation represents a significant

challenge for employees on various levels. Most notably, members of
the workforce are confronted with new styles of leadership and
organizational set-ups. Additionally, they are required to learn and adopt
new skills and capabilities to actively contribute to the requirements of
the innovation-driven business environment. Furthermore, the issue of
artificial intelligence and human-robot relations in the work place will
require new concepts going forward, in order to harmonize internal
processes

[Point 3] Customers: Customer experiences and expectations have

been significantly impacted by digital companies operating on local or
global basis. This can associated with an increased level of transparency
allowing customers to compare products and services with only a few
clicks. Against this background, firms feel the increase in bargaining
power of consumers, which forces them to provide for an improved value
proposition in the form of a seamless customer value chain from product
selection to after sales service

[Point 4] Consumers: What’s more, these new digital technologies

have caused a shift in customer expectations, resulting in a new kind of
modern buyer. Today's consumers are constantly connected, app-
native, and aware of what they can do with technology. A study found
that 84% of consumers prefer interacting with automated computer
systems. These computerized systems are always available and are less
biased and faster. These systems, therefore, enhance the customer’s
overall digital experience.

Digital Transformation delivers a responsive, agile approach that meets

the expectations of today's consumer base, from Gen Z to the Baby
Boomers. A digital approach allows and supports: Social listening (to
identify both potential prospects and market trends), Real-time
engagement (spanning marketing and customer care) on multiple
platforms, Omni-channel service, bringing phone, email chat and
messaging app chatbots together and Conversational, personalized
experiences that utilize AI and Big Data to customize interactions and
offerings.

Slide 32
Thank you.