Digital transformation will be a difficult process for traditional companies. Those who are not aware of the threat will continue with their usual approaches. IFS Global High Potential Markets President Zoran Radumilo believes being unaware of what’s coming will prevent these companies from growing.
The abrupt and necessary transformation in economic and social life due to the COVID-19 outbreak is an important test for those who resist this change.
It’s necessary to see the advantages of technology. Several companies are not aware of these opportunities and they continue to operate with their usual business models, according to Radumilo. He believes this path is not sustainable.
IFS is currently guiding 60 companies through the digital transformation process, 20 of them in Turkey and recorded 32 percent global growth in 2019, with Turkey added to its “High Potential Markets” initiative.
IFS Turkey’s Future Investors Platform aims to increase awareness, information, and experience-sharing on digital transformation. The platform’s first initiative was put in action under the name of “CFO’s Role in Digital Transformation.”
SEEING THE OPPORTUNITIES
Radumilo believes “making a choice, challenging others and customer focus” shine during the digital transformation process. “Technological transformation is the easiest part. What’s challenging is the adaptation of this process,” he said. At this point, what’s important is not how advanced the software, hardware or technology is. It’s the utilization of these features to increase productivity. CFOs have a huge responsibility because they are the ones who will transform the needs of the new world into numbers.
Radumilo believes focusing on “options” is a priority. Each company should recognize, determine and integrate the technological options which will carry it further.
IFS’s mission is to provide its customers the freedom of choice in determining solutions without any limitations. There are various options in problem-solving these days, from cloud to analytics, data management, and artificial intelligence.
What’s important is to know why these options exist and understand how they are useful. During this transformation process, managers should take profitable actions. These decisions will determine the future value and companies’ abilities to compete globally.
IGNORANCE IS DEADLY
During this transformation process, traditional companies will have a hard time because they are unaware of the threats, Radumilo said. These threats are posed by non-traditional companies. Those who do not recognize the transformation will continue with their existing business models. Being unaware of what’s out there, not being able to see the possible damage from non-traditional competition, will leave these companies unprepared.
Companies need to see what kind of options they have. “We need to provide this content for them,” said Radumilo. He believes awareness is very important during this process because those who do not utilize the opportunities provided by the technology are bound to perish.
“Technological transformation is the easiest part. What’s challenging is the adaptation of this process,” says Zoran Radumilo, IFS Global High Potential Markets President.
‘TURKEY IS A PRODUCTION-ORIENTED MARKET’
Speaking at the “The Role of the Chief Finance Officer in Digital Transformation” summit, which was held in Istanbul on February 20, IFS Global High Potential Markets Chairman Zoran Radumilo said that “readiness and being able to make choices, being able to take risks are the number one issues to achieve the opportunity of digital future, countries like Turkey, Italy or Spain being among them.”
The opportunity laying ahead in several sectors is what makes Turkey and those countries in a group a high potential market, he said, describing those countries as quality and production oriented-markets. “Any idea is a good idea, and the only question is whether it will be realized by you or someone else,” Radumilo said, giving the example that Turkey has recently introduced its first homegrown electric car which was an idea a few years back, but today “it is happening as somebody decided to do it and put all the knowledge they had.”
