Kyriacos Kourtellos, Minos Pitsillides and George Georgallides attended the 11th Infocom Cyprus Conference, “Monetizing the Digital Era”, held on 5 November 2019 at the Landmark Hotel in Nicosia Cyprus. The Conference addressed the issues and changes that are emerging from new trends that will dominate the next period in the Digital Era.
Digital Transformation is a multifaceted tendency that affects the daily life of citizens, consumers, businesses and the public sector. Smart Systems are now reality, enterprises are utilizing digital technologies for sales and communication, and new Information Systems are the basis for new structures and business processes that increase productivity and reduce bureaucracy.
The rapid disruption in technological advances consistently changes the landscape in all industries. There is significant potential for business opportunities in various sectors, given the implementation of 5G networks, Artificial Intelligence, the Internet of Things and Next Generation Access networks. The aforesaid should contribute to existing needs and, simultaneously, create new opportunities that will constitute the driving force to push the market into the next decade.
All businesses must act swiftly to gain a competitive advantage through Business Transformation and adoption of Information Technology that will bring their operation processes in line with the Digital Age and allow them to offer innovative products and services. The 4th Industrial Revolution is underway and creating both opportunities and challenges, for which all private and public organisations must be prepared accordingly.