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Digital Transformation in Retail

The COVID-19 pandemic shattered all digital transformation plans in the retail industry, but at the same time it also showed that having one is absolutely necessary. Retail companies that had launched digital transformation efforts years ago were equipped with capabilities that enabled them to go through the turmoil of this crisis relatively unharmed. Does it mean it’s too late to join the pack? On the contrary, it’s not a matter of choice now - it’s a matter of survival. Let’s explore the most promising directions of the digital transformation journey in retail in the post-COVID world.
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Contrary to popular opinion, the Internet is not stateless. It is governed from the US. The legal basis of this governance is surprisingly fragile. In a case of an international trade conflict spiraling out of control, the Internet could split into two (or more) pieces. This scenario is colloquially called “The Splinternet”. Can your enterprise survive it?
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Innovation tends to start small: whether at an unassuming start-up, or somewhere on the margins of a well-known company, in its early stages it often doesn’t seem like the next big thing. That’s what makes digital transformation a challenge for the big players: understanding that to transform digitally they might need to start with small changes, such as making teams more agile to enable accelerated reactions to changes in the market. The digital transformation process might not involve fireworks in its early stages, but the organizational changes will bring measurable effects down the road.
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In the current market, it’s no longer a question of whether to incorporate new technologies into your business but rather which ones and how many. For a company to stay truly competitive – even one that has been successful for decades – it might not be enough to simply patch a traditional approach with a piece of digital bandaid. Instead of implementing small changes, current market leaders have undergone full-scale digital transformations. What drives them and how do they benefit from that approach?
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In recent years, “digital transformation” has become one of those ubiquitous processes that are supposed to provide companies the key for future success.  But many organizations starting the transformation with high hopes are not getting the expected outcomes. Often, the issue is that so many different actions can be placed under the digital transformation umbrella that it becomes unclear what the actual transformation entails – especially where it should start and what results it can bring. So what are the actual phases of a successful digital transformation and where should you begin the journey?
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Healthcare is one of the most highly regulated industries in the world, and rightly so – standards are necessary to keep people safe and healthy. Yet for startups it means that entering the market and competing with incumbents can be exceptionally difficult, and innovation has suffered as a result. 
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Digital transformation is not just about implementing digital technologies. Its goal should be to fundamentally change the way the company operates, making the opportunities offered by technology part of the company’s new and improved DNA. Still, during such a major change it’s easy to become preoccupied with the fancy new digital tools and forget that internal processes need to be transformed as well.
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The fragmentation of the industry, dealing with legacy systems, and rethinking risk management – these are but a few of the issues that the banking industry needs to confront if it wants to go through a successful digital transformation. The consequences of a rapidly changing financial landscape impact banking entities of all kinds. Traditional banks need to innovate more dynamically to compete with fintech startups. Meanwhile, startups encounter hurdles to their further development, such as regulations that don’t allow for the implementation of the most innovative solutions, especially the ones involving AI and big data.
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What is the difference between Digitisation, Digitalisation, and Digital Transformation? Many people confuse them with each other, but it's not that hard to learn and understand the differences. Let us explain it in simple words and examples.
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In recent years, it became obvious that the current healthcare ecosystem is not sustainable.
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We’re excited to announce that on 22nd October Netguru is organizing Disruption Forum Innovation Labs. If you care about innovation and R&D as much as we do, then this free-to-attend event is something you can’t miss.
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The “Netguru take on…” series explains how Netguru approaches important subjects that are often overused or misunderstood in the industry such as values, innovation, and sustainability.
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The pandemic outbreak has put the healthcare sector to a real test and pushed its innovation and operational capabilities to the limit. The whole world counts on healthcare businesses to come up with solutions that will ease the serious health consequences caused by COVID-19. While some companies focus on developing diagnostic measures to help the pandemic spread, others focus on vaccine development. 
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Fintech response to COVID-19 When COVID-19 was declared a pandemic in March, it created mass uncertainty for both individuals and the market. Unemployment was on the rise and the stock market was declining. Fintechs, however, were able to leverage their existing skills and assets to assist businesses who struggled with financial liquidity during the crisis.
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No one was prepared for what the COVID-19 pandemic has brought upon the world. Social isolation has pushed some companies out of business, forcing others to reorganize the way they work in order to stay afloat.
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Digital transformation fundamentally reimagines how companies operate. It’s not about using digital technologies in a specific business case, but rather embedding digital capabilities all across the organization.
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Gloomy rather than blooming – that's the first that comes to mind when you think the retail landscape. The lockdown induced by the COVID-19 pandemic has had a devastating impact on non-essential retailers (especially small businesses), leading to many store closures (eg. 16% of all Zara's stores) and layoffs.
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What is the future of digital transformation? Typically, the answer starts with a list of the latest buzzwords and new technologies, but these are only means to making companies resilient and adaptive to the winds of the Digital Revolution. Let’s take a look at the business areas that will require digital transformation, and explore the direction of the necessary changes. 
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The pandemic is having a devastating impact on private lives and businesses all across the globe. According to leading research, two scenarios are most likely: a delayed recovery or a prolonged contraction. However the future will play out, we can observe a significant impact on consumer behavior and product demand, as well as on production and supply chains in the retail industry. This text is a motivational letter to the retail leaders that want to leave the economic downturn in a strengthened position, and outperform their competitors.
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The Digital Revolution is happening before our very eyes and each business needs to find a way to respond to it. Digital transformation is not an option anymore. It’s a necessity, and for many organizations it might be even a matter of survival. Let's explore what digital transformation means today, why it is so important, what digital transformation project succeeded already, and how you can get started on your digital transformation journey.
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