Transform to Digital or Lose Out

Nowadays the world is transitioning rapidly from an industrial to a digital economy. Digital technology enterprises and traditional enterprises equipped with digital technology have demonstrated their strong capacity to generate revenues, incomes and market value in comparison with traditional enterprises. Statistics from the China Academy of Information and Communications Technology show that the digital economy market hit 31.29 trillion yuan (US$4.54t) in 2018, up from 22.58 trillion yuan (US$3.28t) in 2016. The wave of digital transformation is expected to sweep all walks of life and traditional enterprises have to reinvent themselves to better meet market demand, or they will end up falling to the end of the value chain in the advent of the fourth industrial revolution, which will be driven by digital technology.