ABSTRACT
Technological innovations are consistently developed at a rapid pace. This evolution has led to the creation of new digital ecosystems where non-traditional competitors are offering new forms of customer value which threaten to eliminate outmoded industry barriers. The pace of technological change has further increased since the coronavirus pandemic. Organizations that have planned their digital strategies to be executed progressively in one-to-three-year phases are now put under time pressure where they are literally forced to scale them within weeks or even days. The current rapid speed in which digitalization is occurring is suggestive of the future direction in which businesses are headed towards. Going digital will be crucial for organizations to sustain and compete in the new global market. Being agile in the digital climate is of utmost importance. An agile organization is one that can respond speedily and resourcefully and is able to adapt to the rapidly changing environments. While speed and efficacy are of essence, organizations must also ensure that their digital transformation efforts are performed in an appropriate manner to safeguard the interests of their stakeholders. Organizations must understand the nuances of digitalization in terms of the strong benefits it offers as well as the threats it potentially poses if not handled well while remaining agile at the same time. The recommended practice-oriented approaches to be adopted will be discussed in this chapter.
