Navigating digital transformation in the post-Covid world

TO COMPETE effectively in today’s post-Covid business environment, it has become crucial that companies continually seek to enhance the agility and speed of their decision-making and the productivity of business processes. Often, this entails embracing data-driven decision-making and leveraging digital technologies to transform their organisational structures, processes and service/product offerings. Certainly, digital transformation – which describes company-wide changes, including developing new business models, that increase the entity’s business value – has emerged as a key driver of corporate competitive advantage in the post-Covid world.

Given that the successful implementation of digital transformation not only offers the potential of value creation for a company’s front- and back-end business activities but also positively impacts its investment attractiveness, finance leaders increasingly find themselves having to develop and articulate a coherent strategy for the process.

Three key dimensions

But how should finance leaders think about digital transformation? In a recent article titled Knowledge-Driven Agile Innovation in Digital Transformation, published in the International Journal of Business and Economics Research, we developed a model that introduces three key dimensions of digital transformation: business model, digital infrastructure, and digital talent and culture.