CIOMajlis – Boosting Digital Transformation in the New Normal

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CIOMajlis – Boosting Digital Transformation in the New Normal

The global digital transformation market size is expected to grow from USD 469.8 billion in 2020 to USD 1009.8 billion by 2025.

Digital transformation is changing how people and businesses work together. Across the globe, the pace of digital transformation is accelerating. Organizations continue to invest in disruptive technologies to get competitive edge over their rivals. They adapt their business models to meet ever increasing customer expectations.

During the pandemic, technology has acquired an important role. All CEOs have understood the significant role it plays to ensure business continuity in the face of limited mobility. Covid-19 has brought new urgency to meeting digital transformation goals and forced many organizations to speed up their transformation work. Major vendors have adopted different strategies to expand their offerings in the market such as new product launches, partnerships and collaborations, and mergers and acquisitions. 

“Digital transformation is no more a choice, it’s a survival issue.” Said Ahmed Al Ahmed, Chairman of CIOMajlis. “It allows companies to compete better in an economic environment which is in a constant change.”

According to MarketsandMarkets, the global digital transformation market size is expected to grow from USD 469.8 billion in 2020 to USD 1009.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 16.5% during the forecast period. Major growth drivers of the market are the increasing penetration of mobile devices and app and the increasing adoption of cloud services.

Digital is revolutionizing the way organizations operate. According to a survey conducted by Mckinsey & Company, 1/3 of key decision makers state that culture is the most significant barrier to digital effectiveness followed by a lack of understanding digital trends. It’s increasingly important to create a digital culture in every organization by engaging and empowering employees to help cultivate a digital mindset. 

“Organizations that have successfully embraced a digital culture were able to be more open to embrace risk, have commitment to changed siloed mindsets, and have relentless focus on the customer. Embracing transparency, encouraging collaboration, offering training, and setting aspirations are key in realizing the same.” Added Ahmed.

In today’s rapidly changing world, technology became a necessary evil to operate and thrive. This shift has pushed organizations to revolutionize their platforms to improve operations and offerings. Besides, an outstanding digital customer experience is no longer a nice-to-have. It’s mission critical differentiator for every organization. A combination of great offering, powerful digital experience, and memorable human connection lead to customer engagement and loyalty. 

The UAE Digital Transformation Report 2020 issued by Telecommunications Digital Government Regulatory Authority, highlights the competitive position of the UAE as per several global competitiveness reports. It describes the UAE’s achievements in digital transformation and their impact on the improvement of quality of government service, and customer happiness and experience.

“The UAE’s ongoing success depends on its ability to adopt these technological advances to drive economic growth and raise living standards for all citizens.” Concluded Ahmed. 

Established in 2016 by Smartworld under the patronage of H.H Sheikh Ahmed Bin Saeed Al Maktoum, CIOMajlis functions as a thought leadership and networking hub for Senior Technology Executives to swap industry knowledge, explore business solutions, and share experiences. Through the various strategic partnerships and ecosystems across the public and private sectors, CIOMajlis is the forum to share best practices, build capabilities and leverage collaboration.

Being a semi government company, Smartworld formed this initiative as part of its corporate social responsibility to have a significant impact on individuals, companies, and the wider community. 

CIOMajlis is strategically sponsored by The Investment Corporation of Dubai (ICD), a state-owned holding company and sovereign wealth fund owned by the government of Dubai.