As the year ends, it is time for some reflection and anticipation of new beginnings. The year 2016 witnessed a series of high impact events including slump in oil prices, the impact of Brexit, the results from US elections to the effects of demonetization. Banks and financial institutions slowed down spending and in general, decision making worldwide was extremely slow. Slowdown in China led to a multiplier effect on an already slow growth in several emerging economies. Enterprise spending was circumspect as they watched over every spend very carefully. At the same time, enterprises also recognize the various possibilities to improve performance, reduce costs and increase governance by leveraging digital technologies. Their interest levels in general, only increased while spending itself was disproportionate.
To be successful and increase market share, enterprises recognize the need to fundamentally transform their business models, re-assess their offerings and invest in the right skills. Driving incremental changes and doing too little too slowly, will put enterprises to risk as they compete in a digitally savvy market. The trending themes for 2017 will be on experience and engagement, innovation and acceleration in business operation cycles with digital. Enterprises will start to focus on execution of their digital roadmap more aggressively with allocation of this key portfolio to someone in the C-suite. In various enterprises, board room conversations will be more tangible to include clear investment and returns expected from such initiatives.
This edition of Illuminar features an easily consumable summary of the 2016 digital transformation topics covered in Illuminar, together with a prediction of what lies ahead in 2017 and beyond.
The entire team of Illuminar thanks you for your support, feedback and continuous engagement. We look forward to taking this engagement higher in 2017, in greater collaboration with you.
Wish you and your families a happy and prosperous 2017!