Dear Randa Bedawy,
Commercially operating business entities and banks efficiently digitize and internetize their economic processes. The challenge is usually the digitization and Internetisation of offices and public institutions. Despite the fact that the process of digitization and internationalization of offices and public institutions is largely determined by the implementation of technological solutions developed in the commercial sector, it is usually slower compared to similar processes carried out in commercial enterprises, corporations and financial institutions. Digitization and internetization of companies, financial and public institutions increases the effectiveness of remote communication processes, improves management processes, reduces operating costs, increases the quality of the offer of products and services and citizen service in public offices. On the other hand, the challenge is to improve cybersecurity techniques and improve the processes of cybercrime risk management.
Best wishes,
Dariusz Prokopowicz
Osburg, Thomas, and Christiane Lohrmann. Sustainability in a digital world. Springer International, 2017.
https://www.thomasosburg.de/wp-content/uploads/2014/11/Sustainability_in_a_Digital_World.pdf
George, Babu, and Justin Paul. Digital transformation in business and society. New York, NY: Springer International Publishing, 2020.
http://lib.21h.io/library/6AAMMMYG/download/WTI9XSQ7/2020_Digital_Transformation_in_Business_and_Society_-_Theory_and_Cases_Springer_International_Publishing%3BPalgrave_Macmillan.pdf
Per Westerman, Bonnet, and McAfee (2014), the challenges of digital transformation have to do with: (a) Framing—How well has the organization framed the digital challenge? (b) Focusing—How well has the organization focused its investment? (c) Mobilizing—How well has the organization been mobilized? and (d) Sustaining—How well is the organization sustaining digital transformation?
The opportunities that digital transformation presents are manifold. Irrespective of the "arena" an organization finds itself in, digitization enables fundamentally different ways in which to think about clients, audiences, and partners and, vitally, to engage them. Digitization helps address and answer questions such as: (a) What are the expressed and latent needs of clients, audiences, and partners (not forgetting relationships and behaviors)? (b) How does one build products and services to better meet these needs? (c) How does one integrate these products and services into a digital strategy? (Conversely, how might a digital strategy conduce new, value-adding products and services?) (d) What are the organizational, directional, process-based, and information technology-related changes required to make the transition happen?
Reference
Westerman, G., Bonnet, D., & McAfee, A. (2014). Leading digital: Turning technology into business transformation. Harvard Business Review Press.