Before we jump in with an answer, it is essential to understand the importance of digital transformation that took place over the years. In the early 90s, a dotcom bubble led to an explosion in the US technology stock equity. This was followed by a dotcom burst, which resulted in global slowdown and many companies were driven out of business. However, there were companies, like Amazon and Infosys that withstood the downturn. So, what did these companies do differently? The answer is protection of IP and separation of services and products businesses.
Collective effort of reshaping the future with digital transformation
Over the years, digital transformation has molded itself to meeting customer expectations. The immediate future is about leveraging AI (Artificial Intelligence), IoT (Internet of Things), VR (Virtual Reality), Blockchain etc. From using simple appliances at home that use AI to the gaming industry that leverages AR/VR, to the banking and insurance, digitization has modified itself into things that ensure the focus is more on UX than UI. Yet, several surveys suggest that transformations, especially the digital ones, are difficult. The success rates in many industries have gone down over the years. Nevertheless, it is clear that the world cannot survive without digital transformation.
For example, when Apple launched its first phone, it was a thing of luxury and only the “rich” could afford it. Current statistics suggest that 5 out of 10 people own an iPhone now.
Let’s address the elephant in the room, shall we?
When addressing sustainability and digital transformation, one needs to keep the planet and customer expectations in mind. Can they go hand in hand? Will our future generations enjoy services that are not detrimental to the planet? When COVID-19 hit the world, all companies were forced to work from home and virtual meetings became the new norm. Even tea parties and water cooler conversations became virtual.
We can only improve our future by investing in sustainable companies, governments incentivizing sustainable activities, customers showing preference for sustainable products and services, and employees demanding sustainable leadership. The whole world is testimony to the rapid digitization, which was accelerated by COVID-19.
So, what’s the gist, physicist?
Sorry for that terrible ‘Big Bang Theory’ reference, but to simply answer the question of digital transformation being sustainable or not – It’s a BIG YES! If there’s one thing that COVID-19 taught us, it’s the importance of protecting and preserving nature and its resources. And, it is evident in the post-covid era that almost all companies are adopting ways to create solutions and shape technology in ways that will not harm the environment and ensure a safe space for the future generations to grow in their careers. To sum it up, the world is advancing toward a kinder future and so is our technology. For example, several companies, including Infosys, has become carbon neutral many years ahead of the timeline.
Smita in words 