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You may not have heard of it, but TikTok became one of 2018’s most downloaded mobile apps for Apple and Android devices in the US and Europe, unseating the likes of YouTube, Instagram, and Snapchat. TikTok has already been downloaded more than 80m times in the US, logging 4m downloads from the App Store in October alone. It is also one of the most popular apps on Google Play.

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After years of work on digital transformation, executives face a grim reality: Just 5 percent of digital transformations achieve or exceed expectations, according to Bain research. What are they doing wrong? Based on our research, organizations fail on five fundamental factors. Consider whether you fall into any of these traps.

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Europe’s new privacy law comes with teeth. Within hours of the General Data Protection Law (GDPR) coming into effect, an Austrian privacy campaigner used the new EU legislation to file a legal complaint against Facebook and Google. It’s too early to tell how the case will be resolved but companies that violate the law can be fined up to 4% of annual revenue.

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The USA leads the IMD World Digital Competitiveness Ranking 2018 followed by Singapore, Sweden, Denmark and Switzerland. Rising from the 3rd spot, the USA overtakes Singapore and Sweden to top the ranking. The IMD World Digital Competitiveness Ranking 2018 studies 63 economies. This year the majority (29) of countries in the study experienced an improvement in their level of digital competitiveness.

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IMD and digitalswitzerland recently hosted a Summit on digital competitiveness and the latest digital trends for some of the biggest names in high tech in Switzerland. One of the hot topics of the evening was GDPR, sweeping new regulations in Europe tightening which data organizations can store about their stakeholders and how they use it.

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IMD recently interviewed professors Amit Joshi (digital marketing and analytics expert), Jennifer Jordan (digital leadership expert), and Michael Wade (digital business transformation expert) on the challenges facing executives in the digital sphere today.

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As of the beginning of 2018, IMD business school is now a member of “digitalswitzerland”, adding to its already strong set of digital initiatives. digitalswitzerland is a cross-industry association created from the shared vision of its members to strengthen the country’s position as a leading digital innovation hub.