Rather than a hindrance, digital technology is fast becoming a strategy enabler. Moreover, with rapid digital innovation, new business models and market players will continue to emerge, changing the nature of competition. Digital innovations may also be applied to organizational strategy to improve culture and human resource skills.
The Fourth Industrial Revolution has the potential to empower individuals and communities and bring about new opportunities for economic and social development. While leveraging on technology will involve financial and investment commitment, cost-effective approaches such as outsourcing and cloud-based services may be explored. To drive down the cost of IT requirements, strategic industry partnerships, and market utility arrangements can also be considered.