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If you are in the process of expanding, diversifying or re-engineering your business, our advisory team can help you make better decisions. The combination of...

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Our business solutions for family businesses center on alignment of all aspects of the family and business, including culture, vision, mission, values,...

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Related insights:

RESIDENCY Applying for residence in Malta

Any EU, EEA or third country national who resides in Malta for more than 3 months is obliged to apply for a Residence Permit. There are various grounds upon which an applicant may apply to require a residence permit

01 Oct 2019

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Shaping Malta's Future 2023

Navigating Your Digital Business Transformation

04 Dec 20234 min read

The European Union has set ambitious, revolutionary goals for the digital decade to 2030. These goals impact four key areas: the digitalisation of public services, enhancing digital skills, business transformation, and building secure, sustainable digital infrastructures. These goals are the blueprints for our future. We have recently brought together a number of international and local experts in the field of Digital Business Transformation to discuss this in this year's edition of Shaping Malta's Future conference.

Contents

Mark Bugeja | Managing Partner, Head of Audit and Assurance, Grant Thornton Malta

The path to digital transformation is one of innovation, resilience, and forward-thinking leadership. Today we hope to cause you to think about shaping a future that is not only digitally advanced but also secure, sustainable, and successful.

In an increasingly fast-paced digital world, our reliance on information technology has grown exponentially. Accessing information and data in real-time is a fundamental requirement in this age. However, this digital dependency brings its own set of challenges and risks. The Digital Operational Resilience Act (DORA) is a testament to this as it aims to fortify the EU financial sector against cyber threats and IT-related risks. It's a clear signal that while we advance digitally, we must also fortify our defenses.

Technology is revolutionizing how organizations interact with stakeholders, make informed decisions, and enhance operational efficiency. This revolution demands that businesses adapt swiftly. It's not just about adopting new technologies but about rethinking processes and strategies with the customer at the heart of it all.

External-facing digital transformation strategies are driven by customers, not companies. Therefore, understanding and redesigning the customer journey through digitization is crucial for impactful, innovative customer experiences and, ultimately, revenue generation.

Digital transformation is more than integrating technology; it's a cultural shift, challenging us all to continually question the status quo and rethink how we deliver value to our customers. It requires us to think critically about the impact of digitization in both the short and long term and to address the skills gap in order to thrive in this evolving landscape.

Change is inherent in transformation. It requires digital-savvy leaders who can embrace and drive this change. A future-proof workforce calls for a robust approach to digital talent, workforce planning, and development. An approach that aligns with the goals of transformation, bridging gaps between traditional and digital realms, fostering a culture of experimentation and collaboration.

Digital transformation is a journey, not a project or a destination. This is why consistent and meaningful internal communication is key to business success. It is crucial that everyone within every team understands the direction, purpose, and importance of this change.

Senior leaders must drive this transformation with a sense of urgency, setting clear targets and timelines. And also reassurance – digital transformation does not eliminate people’s jobs, it redesigns people’s roles. It is an invaluable opportunity for personal and professional development.

Iñigo Garcia de Mata | Head of A&D | IT Consulting and Innovation | Grant Thornton Spain

Innovation is not something with a start and finish. You need to keep advancing as yesterday’s innovation could already be outdated.

Wayne Grixti | CEO, Tech.mt

We need to provide the right information to businesses and help them navigate their journey as a start-up.

Rena Konomi | Director, Grant Thornton Greece

The technologies will redesign the way that we do business and make our daily life easier.

Wayne Pisani | Partner, Grant Thornton Malta

We need to look at digital transformation not from a top-to-bottom approach but from a team’s point of view.

Conrad Aquilina | Director, Grant Thornton Malta

Digital Transformation should be a mindset and an ongoing process within the organization.

Michał Madura | Consultant, Edisonda by Grant Thornton Poland

The hardest problem in digitalisation is neither the technology nor the economics but human behaviour.

Bernard Micallef | Director, Grant Thornton Malta

Digitalisation is accelerating the pace of change from traditional companies.

Marica Xuereb | Project Manager, MITA

Tech is only part of the story, encouraging a change in behaviour is harder. Some behaviours are very hard to change but it is possible and it is happening.

Karl Cilia | CEO, Water Services Corporation

We have started to use AI to maximise our groundwater and reverse osmosis water blending potential.

Jonathan Caruana | Chief Technology Officer, APS Bank

The adoption of disruptive technologies such as Robotic Process Automation, Machine Learning and Artificial Intelligence facilitate the Bank’s transformational journey.

Navigating Your Digital Business Transformation

Have a look at a number of photos from our Shaping Malta's Future conference

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Navigating Your Digital Business Transformation

Have a look at a number of photos from our Shaping Malta's Future conference

Technology Advisory Services at Grant Thornton Malta