Countries that Implemented Digital Transformation Successfully

In today’s world, Digital Transformation has become a critical strategy for all businesses, from a small company to a large-scale enterprise. Digital transformation is essentially a careful utilization of the latest information technologies. Digital transformation can be thought of as combining various digital technologies to fundamentally change the way businesses operate and create value for their customers. Customers’ expectations are evolving fast and businesses need to be as fast at meeting expectations, and the most effective way to fulfil expectations is through digital transformation. Digital transformation can be effectively carried out if a country’s public policy is favorable. In this article, the state of digital transformation in different countries is discussed.

Advanced Countries

These countries have a high rate of digital innovation in all aspects of businesses. According to the ranking of Digital Evolution index (DEI) 2019, Denmark, Finland, Norway, Sweden, and Switzerland have undergone the most transformation, the rate of growth of these countries has slowed down because of the very high penetration of digital technologies. To increase the rate of transformation, these countries need to reinvent the sustainable growth. These countries already have a very effective framework of development, which only needs to be further innovated to overcome this plateau of growth.

Innovative Countries

These countries have recently shown remarkable developments in digital transformation. They have an advance structure with sustained growth and the drive to innovate constantly. These countries include Singapore, New Zealand, China, Malaysia, Poland, and UAE among others. Business leaders in these countries are building efficient models of digital economy. They need to keep their transformation rate very high to avoid growth impediments. This can be done by creating value for the consumer and keeping up producing demand.

Emerging Countries

The countries which include Mexico, Indonesia, India, Philippines, and Kenya among many others are ranked as emerging countries. They currently have a low rate of digital transformation, but their rate of digital evolution is very encouraging. These countries are maintaining a high growth rate with minor obstacles. These obstacles include bureaucratic hurdles, weak state institutions, and insufficient infrastructure. It is vital for these countries to eliminate these problems to enable sustained innovation-led growth in the future.

Potential Countries

These countries currently lag behind in the digital transformation arena. These countries have significant potential for transformation in all aspects of business, finance, and commerce. These countries have highly creative talents which have repeatedly demonstrated outstanding innovation. These countries face many problems such as inadequate infrastructure, outdated rules and regulations, scarce demand, availability of reliable internet, and insufficient investment. These countries need to improve on these problems to attract international investment. In conclusion, the overall digital transformation rate of the world is encouraging. The world economies are deciding in favor of digitization. It is the only way to survive in the economic scenario of the future. The potential and emerging countries have a higher chance of benefitting from the rapid global momentum of digital transformation.

Other useful articles: