Date: 2016-08-12

Digitally Reborn

Taylor Hill

A big topic in business today is the evolution of the new digital world. It is vital to businesses that want to continue being successful to recognize and adapt to the new trends. Companies will either take flight in the new age or dwindle and faze out. This holds true for nearly every industry as global business has become technologically advanced.

Nine trends recognized by PwC, a big four public accounting firm, include things such as disruptive innovations, convergence, social media, and changes in regulatory conditions. Companies need to conquer any issues that they have with these trends and learn to thrive in a new environment.  One way to do this is to collaborate with a suitable partner who will assist in integrating the company's business practices to the new digital business era.  Another option is to harness the advantages of social media for the company’s benefit.

Companies should be preparing for this shift on three different levels: a strategic level, personal level, and technical level. Ernst & Young, a public accounting firm, provides insight for businesses on how they should go about tackling these areas. Businesses should develop strategies and a correct order and pace for change in the organization, in addition to taking an initiative to fully understand the connections and ties across the entire business. Companies should also derive a plan for how they are going to implement new technology into the business and what projections they have for the effects of the new technology put in place.

Businesses must realize that technology is continually evolving and that participating in a certain technology trend could potentially lead to other complications and challenges in the future.  Also, companies cannot hide from the fact that the new digital business world exists and can have large impacts on a business in any sector.

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