Page 11 - The Corporate Report Pack

‘Digital’ – what does it really mean for business?
has enabled social media to develop; and this, in turn, has changed the way we interact with and relate to others in the social context e practically unlimited computing power and storage capacity of the cloud have in turn enabled data analytics to come of age, something which has found practical application in almost every aspect of business and our personal lives ese four phenomena – social, mobile, analytics and the cloud (collectively referred to as SMAC) – form the pillars of things digital
e ‘Internet of ings’
According to the wwwcensusgov website, the world population today is 7 305 billion and global management consulting company McKinsey & Company estimates that there are ten billion connected devices ese include not only mobile phones and tablets but also other devices with embedded sensors and actuators that connect physical objects to the Internet – the so-called ‘Internet of ings’
Innovators are like hummingbirds, bringing ideas from one domain and applying them in another.
So what is it about SMAC that has changed how we live and work compared to about three decades ago, when the personal computer started to become popular? One can ll volumes with the answer, but I’ll just point out a few Mobile phones and smartphones enable us to be ‘always on’, ie technically always available and connected to our colleagues, friends and family, suppliers and service providers is enables us to work anywhere, and to more easily form and maintain relationships as a friend, an employee, a consumer and a service provider
Social media has built signi cantly on this aspect, adding another element to our communication: we are now more inclined to share personal information and opinions with others, and more openly In addition, we’ve come to live in a truly global village, and we’ve become aware of what goes on and what people are doing and thinking in other parts of the world
e computing power and storage capacity of the cloud have enabled us to store large amounts of zettabytes1 of data currently created from social media, the ‘Internet of ings’ and digital systems in general, and to analyse this data with computing algorithms (recipes), which is the process referred to above as data analytics Analytics allow us to visualise trends, make decisions and take action based on the data, sometimes near real time
1 One zettabyte consists of 1021 bytes
It is predicted that by 2020, connected devices will number between 20 and 30 billion e IoT has already impacted on areas as diverse as healthcare, agriculture and energy Coupled with recent advances in 3D printing, the IoT is transforming supply chain management at a tremendous pace, in a ‘supply and demand’ fashion For a glimpse into the IoT and the power of digital, go to wwwworldinbetacom
e impact of digital on professional services
rms
e impact of all of the above on the professional services industry is seen in all dimensions thereof For our own partners and leadership as well as for the leadership and executives of our clients, data analytics, the cloud and mobile devices give us information rather than data, and cockpits by which we can steer our business, rather than just dashboards We can analyse and visualise our data, make decisions and take action almost in real time
We realise that every business, including our own and those of our clients, must have a ‘digital strategy’, or rather a business strategy in a digital world is brings unprecedented opportunities to our advisory business to deliver value ‘from strategy to execution’
The Corporate Report 17