Module 2 summary post

In today’s industry, enterprise digital transformation is a must-do phase for both large and small enterprises Liu(2022). In this context, a “fully digital enterprise” can be viewed as a company that has fully adopted digital technology and processes in all parts of its business. This indicates that digital technology is firmly integrated into the company’s basic operations and strategy rather than an auxiliary part of the business.However, in this fully digital era comes challenges and concerns with regards to cyber security attacks. One of the challenges is IoT Vulnerabilities; for exmaple Ramous and Skármeta(202) argue that IoT devices are often interconnected in a fully digital enterprise, introducing vulnerabilities that can be exploited to gain unauthorized access or disrupt operations. On the other hand, Transitioning from a traditional bricks-and-mortar small and medium-sized enterprise (SME) to a digital enterprise involves a range of cybersecurity challenges, especially when it comes to cyber security investment and availability of skills and expertise in the domain. Spremić and Šimunic (2018) argue that research has shown that cyber attacks are not just an isolated events and are becoming more sophisticated. Moreover, they highlight that the concept of digital economy raises several issues, particularly in the field of cyber security, owing to the fact that almost everyone any company of any size functioning in any industry could be a target of a cyber threat.

I agree with the views mentioned in report. The IEA’s (2022) highlights on the importance of lowering emissions and reducing the dependence on fuel and and accelerating the flow of new renewables projects. This can be achieved through digital transformation as Wei et al (2019) highlight that this will improve system efficiency, reliability and reduce operation and maintenance costs. For example, Shell was able to save over $ 1 million by using IoT devices to monitor oil fields. In addition, machine learning and artificial intelligence have become a vital element in the construction of the new Shell strategy, which optimizes all possible operations in order to achieve higher revenues and reduce losses (kyotutechnology,2023).Furthermore, a survery conducted by Deloitte confirmed that there exists a strong connection between the digital maturity of an enterprise and its net revenue and net profit margin (Gurumurthy et al, 2020).Moreover, decreased fuel waste; fewer carbon emissions; and improved insight into cybersecurity risks are all benefits realized by the fully digital organization.

References

  • IEA (2022). Executive Summary – World Energy Outlook 2022. Available from: https://www.iea.org/reports/world-energy-outlook-2022/executive-summary [accessed 13 November 2023].
  • Gurmurthy,R., Schatsky,D. & Camhi,J. (2020) Uncovering the connection between digital maturity and financial performance. Available from:https://www2.deloitte.com/us/en/insights/topics/digital-transformation/digital-transformation-survey.html [accessed 16 November 2023].
  • kyotutechnology (2023) Energy industry – 3 examples of digital transformation. Available from:https://www.kyotutechnology.com/energy-industry-3-examples-of-digital-transformation/ [accessed 16 November 2023].
  • Liu, C. (2022) Key Factors Identification and Path Selection of Enterprise Digital Transformation under Multicriteria Interaction. Mathematical problems in engineering. [Online] 20221–9.
  • Ramos, J.H. & Skármeta, A. eds., 2020. Security and Privacy in the Internet of Things: Challenges and Solutions (Vol. 27). IOS Press.
  • Spremić, M. & Šimunic, A. (2018). Cyber Security Challenges in Digital Economy. Proceedings of the World Congress on Engineering 2018 (1).
  • Wei, J., Sanborn, S. & Slaughter, A. (2019) Digital innovation. Creating the utility of the future. Deloitte Insights.