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The Potential and Risks of Digital Transformation

August 27, 2021 | 2 minute read
Proven Optics

Written by:
Proven Optics

While corporate investments into digital transformation can promise exciting improvements that benefit the organization, it is also equally as important that stakeholders collaborate effectively to achieve the full potential. Lou Celi, Founder and Chief Executive of the consulting firm ESI ThoughtLab, stated during ServiceNow’s Knowledge 2021, “This is the next industrial revolution. The world is moving into a more inclusive form of capitalism, and I think that’s going to be a force of good for the world.”

As our world continues to face environmental and societal challenges, the digital industrial revolution (also referred to as Industry 4.0) needs to prioritize ecosystems and partnerships, explained Celi. The COVID-19 pandemic accelerated this transition by placing a new demand on digital tools and technologies. Most organizations left the office and began working remotely and a majority of consumers began to shop online more frequently. Certain cities began to see an increase of people moving away as many reconsidered if it was necessary to live in crowded, expensive urban areas anymore. While the world is slowly re-adjusting back to semi-normal, Celi predicts these changes will have a lasting effect. We’ll see more and more hybrid work environments. While some need to return to the office because it is critical for collaboration, others will continue working remotely. “The future of work we’re talking about is now,” Celi said. 

There are challenges to Industry 4.0, including an escalation in cybersecurity attacks and breaches. Places like cities, who lack the personnel and the ability to protect themselves from cybercrime, must invest in people, process, and technology. “The key is resilience, fast response, and recovery,” said Celi. “Assume that you can’t be 100% secure in this world.”

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