The Silver Tsunami is upon us. Baby boomers, who are retiring at a rate of 11,000 per day and whose generation is the largest small business segment in history, are looking to transition their hard-earned dreams to the next generation over the next 5-10 years. This imminent transition will see an unprecedented transfer of wealth worth $73 Trillion1.
In addition, IoT sectors will digitally connect some 30 billion analog objects within the next few years, leading to incremental economic growth that could exceed $11 Trillion by 20252. By 2030, the potential contribution to the global economy from AI is $15.7 Trillion3, and from $93.5 Billion in 2021, the value of the global AI market is projected to grow at a CAGR of 38.1%4.
With these two trends inevitably converging across a wide array of industry verticals and tech horizontals, a digital transformation of value chains could spur the creation of new businesses, industries, and breakthroughs to meet the needs of a growing demographic.
1 Hagy, Paige. “Billionaire Ray Dalio says the $73 trillion great wealth transfer isn’t just from boomers to millennials—it’s from the government to you and me.” Fortune, August 2023, https://fortune.com/2023/08/04/billionaire-ray-dalio-great-wealth-transfer-boomers-millennials-economy/.
2 “What’s new with the Internet of Things?”, McKinsey Global Institute, June 2017.
3 Source: PWC.
4 Source: Grand View Research.
Transformation, especially digital transformation, refers to the adoption and integration of digital technologies across all functional areas of a business, fundamentally changing how the business operates and delivers value to customers. Business management generally focuses on strategy, marketing, finance, human resources, technology, equipment, and operations for business growth. However, transformation has quickly become essential for sustainability. The industry-wide drive towards transparency and operational efficiencies, not just to provide better customer experiences and unlock innovation, but to be sustainable in an increasingly hyper-competitive environment. Today demands agile transformation.
Core to agile transformation are Enterprise Security and Data. Companies of any scale face transformation and migration challenges. At a far deeper level than most of the hype related to restructuring organizations and the significance of a well-planned migration strategy, the global mega-trend of migrating to the cloud and addressing the complexity and alacrity (or lack thereof) of change have become critical success factors for businesses. The volume and intensity of growth for unstructured “big” data add dimensionality to KPIs, OKRs, and solutions that impact transformation.
Network bandwidth constraints in the face of compliance and regulatory requirements, supply chain management, and cost issues all start from and impact transformation. Realizing the benefits of the cloud or applications as a service in SaaS business models all require ensuring the cloud (internal, hybrid, or public) have proper security and data architecture.