With organizations seeking to create new revenue streams, bring down operating costs and find new opportunities for growth, the UAE has been witnessing a surge in digital transformation and innovation investments. According to a research conducted by the International Data Corporation (IDC), investments in digital transformation have been rising since 2018 and are predicted to grow 30 percent by 2024. Digitization is not merely a component of a thriving economy, in some cases, IT IS THE ECONOMY! Digital economy creates limitless opportunities for some while disruption and displacement for others.
In order to flourish in the Digital economy, organizations need to actively address customer needs and transform the entire customer experience.
Managing Director of Dubai Internet City, Ammar Al Malik, “believes that organizations need to have a steady pool of talent if they want to undergo digital transformation” (Zawya MENA). In other words, organizations cannot sustain innovation without unearthing and polishing their own homegrown talent. It is, therefore, extremely important for companies to build long-term partnerships with education centers and offer unwavering support to entrepreneurs and start-ups.
From cloud computing to cybersecurity, the UAE is leading the region in digital transformation. In addition to facilitating entrepreneurship and innovation, the biggest budget in history (2020 UAE Budget) will also pave the way for a more diversified, knowledge-based economy.