Traditional digital strategy roadmaps may not adequately address the unique challenges and opportunities of nascent immersive realities.
Additionally, they may not meet the demands of rising economies and the need to maintain a robust frontier tech innovation pipeline.
Digital transformations often falter due to a lack of clear strategy, as highlighted in the Harvard Business Review ("Why Digital Strategies Fail"). Resistance to change, outlined in Forbes ("The Top 5 Reasons Digital Transformations Fail"), poses another common hurdle. Leadership involvement is crucial for success, as emphasized in McKinsey's insights on "Successfully implementing a digital transformation." Adopting an agile methodology, as recommended by PwC in "Agility: The antidote to complexity," enhances adaptability. EY's examination of "Why digital transformations fail: Lessons from the digital front line" underscores the importance of robust cybersecurity measures. BCG's insights in "Winning the '20s: How Digital Champions are Reinventing the Economy" caution against prioritizing technology over people. KPMG's analysis in "The top 10 reasons why digital transformations fail" emphasizes the necessity to measure and adjust continually. Finally, PwC's guidance in "Making digital strategy a reality" stresses the significance of adequate budget allocation for successful digital transformations. Another McKinsey study revealed a massive 70% of all digital transformations fail due to a number of reasons, including "insufficient investment in building capabilities across the organization to sustain the change".
Phygital Era Challenges
Nascent Immersive Realities: Traditional digital strategy roadmaps primarily focus on established digital platforms. However, they must be revised to meet the specific challenges and opportunities presented by nascent immersive realities such as the evolving Metaverse and growing industrial Omniverse™. These novel immersive fusion-tech ecosystems require different skills, novel infrastructures, and disruptive user experiences.
Rising Economies: Traditional digital strategy roadmaps are often designed with developed economies in mind, where internet penetration and digital literacy are high. However, rising economies face numerous barriers, including limited internet access, low digital literacy and fluency rates, and cultural or religious barriers. To address these challenges within the existing legal and regulatory frameworks, organizations should tailor their strategies to these economies' specific needs and constraints. This approach may involve investing in infrastructure development, digital education programs, and localized content creation while considering frontier technologies such as satellite internet and autonomous vehicles to bridge the digital divide. Additionally, the global creator economy market size is estimated to grow from US$ 127.65 Billion in 2023 and is forecast to reach a value of US$ 528.39 Billion by 2030 at a CAGR of 22.5% between 2023 and 2030.
Maintaining a Robust Frontier Tech Innovation Pipeline: Traditional digital strategy roadmaps focus on incremental improvements and optimization of existing technologies. While this approach is suitable for mature digital markets, it may hinder organizations within the EU G20 framework from exploring and adopting frontier technologies that have the potential to disrupt industries and create new opportunities. To maintain a robust frontier tech innovation pipeline, organizations should allocate resources for research and development in frontier technologies such as quantum computing, 6G networks, satellite internet, autonomous vehicles, hydrogen fuel, and multi-cloud computing. This future-ready mindset will enable them to stay at the forefront of technological advancements and identify new opportunities for growth and differentiation.
International Organizations, Governments, Corporations, and Not-For-Profit Entities should consider adopting a more agile and adaptable model to address the limitations of traditional digital strategy roadmaps in nascent immersive realities and rising economies and maintain a robust frontier tech innovation pipeline. This recalibration would involve:
Embracing experimentation and rapid iteration: Organizations should encourage experimentation and iteration to learn and adapt to the rapidly changing digital landscape.
Investing in frontier technologies: Organizations should allocate resources for research and development in frontier technologies such as quantum computing, 6G networks, satellite internet, autonomous vehicles, hydrogen fuel, multi-cloud computing and others. Being able to embed frontier technologies in their existing digital strategy dynamically will enable them to stay at the forefront of technological advancements and identify new opportunities for growth and differentiation.
Multi-Stakeholder Partnerships: By partnering with startups and academic institutions, organizations can tap into their expertise, access cutting-edge research, and leverage their agility and innovation capabilities.
National digital strategies developed by governments will need to be revised to incorporate the agile and highly dynamic approach. Traditional digital strategy roadmaps may not fully address the unique challenges and opportunities presented by nascent immersive realities, rising digital economies, and the need to maintain a robust frontier tech innovation pipeline. By incorporating novel approaches, governments can ensure that their national digital strategies remain relevant and effective in the rapidly evolving digital landscape.
Additionally, prestigious consulting firms have published expert insights on alternate pathways to reconfigure and recalibrate digital transformation and innovations suitable to emerging and frontier tech. By considering the challenges and opportunities presented by nascent immersive realities, rising economies, and the need for a robust frontier tech innovation pipeline, these novel proposed solutions can offer more tailored and sustainable approaches to organizations seeking sustainable, financially viable digital transformation and innovation pathways.
A Multi-Dexterous™ Phygital Solution
My recommendation incorporates a novel synchronized approach, that combines cutting-edge technology infrastructure and redesigned investment instruments.
Digital Twins Technology
My recommended solution proposes the deployment of digital twins for all large-scale, multi-year digital innovation and transformation projects to ensure optimal adaptability and sustainability. This approach can address many root causes of failed digital and business transformations, as digital twins provide a dynamic and easily adaptable model of the project's digital components.
Digital twins offer a viable solution for various frontier tech projects, including not-for-profit, academic, corporate, national, and international initiatives. They can be designed and deployed for multiple purposes, such as smart cities, the evolving metaverse, and the growing industrial omniverse.
By leveraging digital twins, organizations can create virtual replicas of their innovative, large scale projects, allowing them to monitor and analyze their performance in real time. By deriving strategic intelligence from retrospective analytics, concurrent data feeds, and predictive modeling, digital twin technology platforms enable stakeholders to identify potential issues, make informed decisions, and implement necessary adjustments throughout the project's lifecycle. Additionally, digital twins can facilitate collaboration and communication among project teams, stakeholders, and end-users, enhancing efficiency and effectiveness.
Furthermore, digital twins contribute to sustainability by optimizing resource utilization, reducing waste, and improving project outcomes. They enable organizations to simulate and test different scenarios, identify areas for improvement, and implement sustainable practices from the early stages of a project.
Frontier Tech Bonds™
In addition to the technology solution offering the advanced capabilities of digital twins, there is also a critical need for specialized digital innovation and digital transformation investment vehicles that are more suitable for large-scale, long-term projects. Traditional funding mechanisms often fail to meet the financial requirements and are not able to ensure the sustainability of these profound frontier tech-driven transformations.
New investment models and instruments should be explored to address this challenge. These could include robust public-private partnerships, dedicated impact investment funds, and perhaps creating Frontier Tech Bonds™ specifically targeted toward large-scale, long-term digital innovation and transformation solutions. These novel funding mechanisms should prioritize long-term sustainability and provide the necessary financial resources to support implementing digital initiatives, ongoing maintenance, continuous performance improvement, and disruptive innovation.
Furthermore, these investment vehicles could be backed by zero trust cybersecurity architecture and leverage federated learning models to encourage collaboration and knowledge sharing among stakeholders, fostering digital trust, and enabling a future-ready, privacy-preserving digital innovation and transformation ecosystem. By providing the necessary funding and resources, these investment vehicles could help organizations navigate the complexities of large-scale projects, ensure their long-term ROI, and alignment with UN 2030 and UN 2050 agendas.
In deploying frontier tech for responsible, sustainable, and immersive urban ecosystems, Multidexterous Leadership™ is vital. This approach integrates diverse skills to navigate the complex intersection of technology, sustainability, and cyber-ethics. Only by fostering versatile leaders can we build resilient and future-proof cities that cater to the needs of upcoming generations.
To Sum Up
Adhering to traditional digital transformation strategies and investment models resembles Einstein's definition of insanity. Shifting to a new mindset, aligned with the idea that "to predict a future, we must create it," is imperative. Large scale, multi-year frontier-tech initiatives demand a fusion of phygital, financial, and ESG expertise. Success lies not only in technological fusion but also in strategic integration of diverse skills. A holistic approach, drawing from varied domains, will be essential to overcome existing barriers effectively, ensuring that initiatives are not only technologically advanced but also sustainable and aligned with environmental, social, and governance considerations.
Ingrid Vasiliu-Feltes, MD MBA Is a healthcare executive, futurist and globalist who is highly dedicated to digital and ethics advocacy. She is a Forbes Business Council member, digital strategist, passionate educator and entrepreneurship ecosystem builder, known as an expert speaker, board advisor and consultant. Throughout her career she has received several awards for excellence in research, teaching or leadership. She is the recipient of numerous awards most notably: WBAF World Excellence AwardSocial Entrepreneurship 2021, Top 20 Global Leaders in Digital Twins Technologies, Top 50 Global Leaders in Health Tech,Top 50 Global Ecosystem Leaders, Top 100 Visionary In Education Award 2021, Top 100 Global Women in Leadership Award 2021, Top 100 World Women Vision Award, 2021-Innovation & Tech, Top 100 Women in Social Enterprise 2021 (nominee),Top 50 Global Thinkers (Nominee),Nations of Women Change Makers Award(finalist),Top 100 Healthcare Leader 2020 Award, Top 100 Finance Leader 2020 Award, and Top 100 Women in Crypto 2020. Additionally, she serves as an Expert Advisor to the EU Blockchain Observatory Forum, and was appointed to the Board of UN Legal and Economic Empowerment Network. Dr. Vasiliu-Feltes is CEO of Softhread Inc., the Founder and CEO of The Science, Entrepreneurship and Investments Institute, and currently serving as a Country Director for WBAF USA, Senator of WBAF, Faculty Member of the WBAF Business School-Division of Entrepreneurship, and teaching the Executive MBA Business Technology Course at the UM Business School. She is also acting as the Chief Innovation Officer for the Government Blockchain Association. Most recently she served as President of Detect Genomix, Chief Quality and Safety Officer Chief and Innovation Officer for Mednax, Chief Quality and Safety Officer and Chief of Compliance for the University of Miami UHealth System During her academic tenure she taught several courses within the Medical School, as well as the combined MD/PhD and MD/MPH programs. Throughout her career, Dr. Vasiliu-Feltes held several leadership positions and is a member of numerous prestigious professional organizations. She holds several certifications, such as Bioethics from Harvard, Artificial Intelligence and Business Strategy from MIT Sloan, Blockchain Technology and Business Innovation from MIT Sloan, Finance from Harvard Business School, Negotiation from Harvard Law School, Innovation and Entrepreneurship from Stanford Graduate School of Business, Certified Professional in Healthcare Risk Management, Fellow of the American College of Healthcare Executives, Patient Safety Officer by the International Board Federation of Safety Managers, Master Black Belt in Lean and Six Sigma Management, Professional in Healthcare Quality by the National Association of Healthcare Quality, Manager for Quality and Organizational Excellence, by the American Society for Quality, and Certified Risk Management Professional by the American Society for Healthcare Risk Management. Additionally, Dr. Vasiliu-Feltes is an Honorary Advisory Board Member of several companies, as well as an Editorial Board Member for several international publications, an author and TV/Media partner.