Digital Transformation – Glossary
Agility – The ability of an organization to rapidly adapt to market and environmental changes in productive and cost-effective ways.
Crisis – A time of intense difficulty, trouble, or danger when important decisions must be made to mitigate potential negative outcomes.
Digital maturity – The measure of an organization’s ability to create value through digital means, encompassing the integration of digital technology into all areas of a business, fundamentally changing how it operates and delivers value to customers.
Digital transformation – The process of using digital technologies to create new — or modify existing — business processes, culture, and customer experiences to meet changing business and market requirements.
Flexibility – The quality of bending easily without breaking, used in a business context to describe an organization’s ability to swiftly adapt to changes in the environment without significant performance loss.
Fragility – The quality of being easily breakable or vulnerable, especially in terms of organizational structures or systems that cannot withstand stress.
Innovation – The process of translating an idea or invention into a good or service that creates value or for which customers will pay.
Lockdown – An emergency protocol that usually prevents people or information from leaving an area. The term lockdown is used to refer to a variety of measures, including mass quarantines and curfews, implemented to control the spread of a pandemic or any other emergency situation.
Pandemic – An outbreak of a disease that occurs over a wide geographic area and affects an exceptionally high proportion of the population.
Resilience – The capacity to recover quickly from difficulties; toughness, especially the ability of an organization to quickly adapt and recover from changes or misfortune.
Strategic – Related to the identification and focus on activities that will achieve the long-term objectives of an organization.
VUCA – An acronym for Volatility, Uncertainty, Complexity, and Ambiguity. A framework for identifying and responding to challenges in a dynamically changing environment.