The Importance of Managing Risks in Digital Transformation

The ongoing digital revolution has forced businesses to rethink their strategies for engaging customers and delivering value. The COVID-19 pandemic has further emphasized the significance of digital transformation for industries, businesses, and society at large. However, as organizations embrace this transformation, it is crucial to address risks beyond conventional ones. To effectively manage these risks, companies must take a proactive approach. This includes identifying potential threats and developing mitigation strategies. Additionally, employees should be equipped with the necessary skills to navigate the changes and monitor the progress of digital transformation. Siddharth Vishwanath, a Partner in Risk Consulting at PwC India, highlighted the two key areas of concern for organizations in the current geopolitical scenario: supply chain risk and partnerships. Organizations are worried about potential sanctions on countries and the need to hedge against such risks. They are also cautious when entering into partnerships to ensure they are not associated with money laundering or sanctions. Kaivalya V, Founder and CTO of Zepto, discussed the risks involved in their business, which focuses on delivering groceries and essentials. While supply chain risks exist, Kaivalya emphasized the significance of security and cybersecurity due to the massive amount of customer data involved. Zepto is […]

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