How a Black Swan Event Validates Digital Transformation Initiatives

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A black swan event is an incident that is unpredictable and has widespread ramifications – and, after it occurs, many say it actually was predictable. Examples of recent black swan events include the dot-com crash in 2000, the September 11, 2001 terrorist attacks, and the 2008 global financial meltdown. And, many now believe the COVID-19 crisis is a black swan event.According to Investopedia, markets can only prepare for these events by “building robust systems.”The same can be said for businesses – those that built robust IT systems prior to this crisis are probably faring better than those that did not. Of course, a successful digital transformation won’t solve all the problems caused by a black swan event. Yet, odds are that it can help businesses better weather the storm because modern technologies allow businesses to be more agile and efficient.Adapt to unpredictable changes: A successful digital transformation storyOne example of a financial organization that furthered digital transformation prior to the COVID-19 event is Mizuho Bank. Headquartered in Chiyoda, Tokyo, Mizuho Bank provides financial products and services to a wide range of clients, including individuals, small- and medium-sized enterprises, large corporations, financial institutions, and public sector entities. With over 505 branches and offices in …

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