Digital Transformation in Businesses

Photo credit: Retrieved from https://pixabay.com/photos/transformation-digital-visualization-3746922/

While businesses in recent years have understood the need for digital transformation, the COVID-19 pandemic has radically altered work and business models very quickly. Many organisations have had to fast track their digital transformation plans as e-commerce, e-services, telecommuting and virtual meetings become the norm.

Digital transformation is about becoming a digital enterprise, where an organisation uses technology to improve its business model from what it offers, to how it interacts with clients and customers and its operations and processes.¹ Leveraging on digital transformation enables companies to generate value for both their customers and other stakeholders by applying digital technologies to all aspects of their business.

Organisations must embrace new methods and technologies as well as work towards cultural change to build business value and remain relevant and competitive. Technological advances such as data sensors, computing power and storage, artificial intelligence, mobility and robotics, will automate many business processes.² An alternative to mounting an expansive digital transformation is to focus first on the transformation of customer experience, relationships and processes as improving the customer engagement and experience is an important outcome.³

Singapore topped the Asian Digital Transformation Index, a survey conducted in 2016. This was largely due to its well-developed digital infrastructure.⁴ Singapore has been investing heavily in digital infrastructure in the public sector and for various industries and sectors. The InfoComm Media Development Authority (IMDA) has also put in place numerous initiatives such as SMEs Go Digital to help small and medium enterprises, which make up a substantial part of the Singapore economy, optimise digital technologies.⁵

To learn more about digital transformation in businesses, check out the resources listed below.

Look out for our next instalment, which will explore homebased learning.

Books/ Ebooks/ Audiobooks

1. Digital transformation game plan: 34 tenets for masterfully merging technology and business

O’Brien, G., Guo, X, & Mason, M. (2019). Digital transformation game plan: 34 tenets for masterfully merging technology and business. Boston: O’Reilly Media

2. Digital transformation: Building intelligent enterprises

Maheshwari, A. (2019). Digital transformation: Building intelligent enterprises. New York: Wiley.

3. The impact of digital transformation and fintech on the finance professional

Liermann, V., & Stegmann, C. (2019). The impact of digital transformation and fintech on the finance professional. New York: Springer International Publishing.

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Videos and Podcasts

1. Digital transformation and strategy

Source: Digital transformation and strategy. (2019, November 27). CxOTalk. Retrieved 2020, April 24.

2. How do you lead digital transformation?

Source: How do you lead digital transformation? (2019, January 10). MITSMR. Retrieved 2020, April 24.

3. 2019-09 Managing organizational explosions during digital transformation

Source: 2019-09 Managing organizational explosions during digital transformation. (2019, June 4). MIT Sloan CIO Symposium Videos. Retrieved 2020, April 24.

4. How to get digital transformation right

Source: How to get digital transformation right. (2020, February 25). Gartner. Retrieved 2020, April 24.

Websites

1. Is COVID-19 forcing your digital transformation? 12 steps to move faster

Morgan, B. (2020, April 5). Is COVID-19 forcing your digital transformation? 12 steps to move faster. Forbes. Retrieved 2020, April 24.

2. Digital government transformation

Digital government transformation (2020, May 4). Government Technology Agency. Retrieved 2020, May 4.

3. Commentary: Why aren’t more Singapore businesses transforming? Mindsets aren’t the key obstacle

Ho, M. K. (2019, December 17). Commentary: Why aren’t more Singapore businesses transforming? Mindsets aren’t the key obstacle. CNA. Retrieved 2020, May 4.

4. Scaling your digital transformation

Lancry, O., et al. (2019, February 1). Scaling Your digital transformation. Bain & Company. Retrieved 2020, April 24.

5. 3 ways to take a business-focused view of digital transformation

Muchena, B. (2020, February 11). 3 ways to take a business-focused view of digital transformation. CIO. Retrieved 2020, April 24.

6. Avoid these 9 corporate digital business transformation mistakes

Pettey, C. (2019, November 6). Avoid these 9 corporate digital business transformation mistakes. Gartner. Retrieved 2020, April 24.

7. 3 key talents for a successful digital transformation

Reddy, S., & Monney, J. C. (2019, June 26). 3 key talents for a successful digital transformation. World Economic Forum. Retrieved 2020, April 24.

8. 新加坡金管局：数字化转型将助力现代服务业为经济增长提供支撑

李晓渝。(2019年4月26日) 。新加坡金管局：数字化转型将助力现代服务业为经济增长提供支撑。新华财经。Retrieved 2020, April 22.

The article, based on a report on the “Macroeconomic Review” published by the Monetary Authority of Singapore in 2019, notes that digital transformation will facilitate the development of Singapore’s service sector which will in turn help drive the economic development of Singapore.

9. Transformasi digital bagi tingkatkan sektor maritim Singapura

Transformasi digital bagi tingkatkan sektor maritime S’pura. (April 2, 2019). Berita Mediacorp. Retrieved 2020, April 22.

This article explores how the maritime sector plans to take advantage of digital transformation to stimulate growth.

If you are interested to read up further on digital transformation in businesses, check out the following journal articles.

Journal Articles

1. The only way manufacturers can survive: Digital transformation is no longer optional for industrial companies

Govindarajan, V., & Immelt, J. R. (2019). The only way manufacturers can survive: Digital transformation is no longer optional for industrial companies. MIT Sloan Management Review, 60(3), 24–33. Retrieved 2020, April 23 ProQuest database via NLB’s eResources website. (myLibrary ID is required to access this article.)

2. How to restart your stalled digital transformation

Blackburn, S., Bughin, J., & LaBerge, L. (2020, March 6). How to restart your stalled digital transformation. McKinsey Insights. Retrieved 2020, April 23 from ProQuest database via NLB’s eResources website. (myLibrary ID is required to access this article.)

3. Digital transformation as a path to growth

Schroeck, M., Kwan, A., & Kawamura, J. (2019, July 15). Digital transformation as a path to growth. Deloitte. Retrieved 2020, April 23.

4. Digital doesn’t have to be disruptive

Furr, N., & Shipilov, A. (2019, July/August). Digital doesn’t have to be disruptive. Harvard Business Review, 97(4), 94–103. Retrieved 2020, April 23 from EBSCOhost database via NLB’s eResources website. (myLibrary ID is required to access this article.)

5. Demystifying AI: What digital transformation leaders can teach you about realistic artificial intelligence

Brock, J., & von Wangenheim, F. (2019, August). Demystifying AI: What digital transformation leaders can teach you about realistic artificial intelligence. California Management Review, 61(4), 110–134. Retrieved 2020, April 23 from EBSCOhost database via NLB’s eResources website. (myLibrary ID is required to access this article.)

Disclaimer/ Rights statement
The information in this resource guide is valid as at May 2020 and correct as far as we are able to ascertain from our sources. It is not intended to be an exhaustive or complete history on the subject. Please contact the Library for further reading materials on the topic.
All Rights Reserved. National Library Board Singapore 2020.

References

¹ Digital transformation: A primer. (2020). Deloitte Digital. Retrieved 2020, April 24 from https://www.wired.com/brandlab/2019/10/deloitte-digital-transformation-a-primer/

² Reichert, T., & Hutchinson, R. (2020). Digital transformation. Boston Consulting Group. Retrieved 2020, April 24 from https://www.bcg.com/en-sea/digital-bcg/digital-transformation/overview.aspx

³ Davenport, T. H., & Spanyi (2019, October 8). Digital transformation should start with customers. MIT Sloan Management Review. Retrieved 2020, April 24 from https://sloanreview.mit.edu/article/digital-transformation-should-start-with-customers/

⁴ BRINK Asia Editorial Staff (2017, January 2). Singapore Tops the Asian Digital Transformation Index. Brink News. Retrieved 2020, May 4 from https://www.brinknews.com/singapore-tops-the-asian-digital-transformation-index/?utm_source=BRINK+Asia

⁵ Infocomm Media Development Authority (2019, August 22). SMEs go digital. Infocomm Media Development Authority. Retrieved 2020, May 4 from https://www.imda.gov.sg/programme-listing/emes-go-digital