EY: The digital transformation of businesses is a one-way street

EY Hellas confirmed its commitment to supporting the digital transformation of Greek businesses and the public sector, during its participation in the Money Review Technology Summit recently organized in Athens.

EY, which supported the conference as a Diamond Sponsor, was represented at the conference by two executives, who shared their many years of experience in technology and digital transformation through their speeches.

THE Dr. Lazaros K. Polymenakos, Partner, EY Consulting Services Greece and Head of Artificial Intelligence in the wider geographic region of Europe, Middle East, India and Africa, participating in a round table discussion, referred to the leaps and bounds that have been made in recent years in terms of digital transformation in our country. “A lot has been done, in an extremely short period of time, and done right, which is proven by the fact that in certain aspects we are in a better position compared to clearly more mature markets in the rest of Europe,” the speaker emphasized. He stated that he is optimistic about the future course of the digital venture in our country, he noted, however, that there are a number of sectors that must be given special emphasis, both by businesses and by the State.

As examples, he cited the fight against fraud and tackling tax evasion more effectively. “The Public Sector must create the required environment, offering the appropriate incentives and financial tools for the digital transformation of the Greek economy”, emphasized the speaker, but entrepreneurship is the one that must lead the innovation. “Private companies must show the necessary will and invest in innovation and the latest generations of technology, both internally and in the infrastructure, products and services they develop and provide. These contribute, both to improving the way management of a business, as well as in strengthening its footprint in a market or a geography”. Finally, Mr. Polymenakos also noted that there are many opportunities for reforming the public, but also the private sector, with Artificial Intelligence technologies that will automate document processing, fight tax evasion, reduce bureaucracy, and provide improved services, especially in decision-making where human intelligence will be augmented by intelligent machines.

THE Mr. Achilleas Arvanitis, Partner, Consulting Services and Head of Business Transformation at EY Greece, during his panel on “Reinventing the relationship with the consumer after the pandemic: the role of technology”, explained that technology will play a key role in reshaping the relationship between businesses and the consumer in the post-pandemic environment. The speaker presented the findings of EY’s recent global survey, Future Consumer Index, according to which, in the post-pandemic environment, consumer concern about COVID-19 is waning and being replaced by strong concern about rising energy costs, inflation and the problems in global supply chains, as well as the effects of all these on the everyday lives of citizens. “Optimism is waning, especially among low-income consumers, causing them to reduce or postpone their purchases, or turn to cheaper alternatives,” the speaker said, adding: “As a result of these trends, we see an increasing liquidity in consumer flows, which intensifies the degree of difficulty for businesses in devising an effective strategy to approach and satisfy the expectations of individual consumer groups”.

Concluding, Mr. Arvanitis said that the biggest challenges for business leaders who are called to implement the digital transformation of their businesses today, concern talent, technology and innovation.