What is Digital Transformation?
Digital transformation is a fundamental change that helps an organization deliver value to its customers. It is the process of using digital technologies for creating new or redesign existing business processes, customs, and customer experiences to meet the ever-changing market and business requirements.
Why there is a need for Digital Business Transformation?
Digital Transformation must run along the vision to ensure competitiveness and effective growth.
The need for IT to support the ambition of the business is paramount.
Harnessing the data insights will be crucial to growing more opportunities.
Everyone Expects On-demand
Customers nowadays are looking for a similar experience that they enjoy with technology in their personal lives.
It can be a challenging task to achieve for a business, which is why businesses increasingly demand more agile hybrid IT services and agile networking capability, to ensure better user experience.
Business transformation isn’t just about the usability of applications for employees or customers, but also includes the experience of working with the IT team and tools.
Make Better Decisions, Faster
Placing data and analytics at the center of a digital transformation strategy will allow businesses to take advantage of Big data.
Today Businesses have access to greater volumes of data that come handy due to the Internet of Things (IoT). This data can be converted into valuable business insights with the right set of analytical tools, highly useful to make more informed, quicker calculated decisions.
The deeper analytical tools are embedded in business operations, the greater the integration and effect they can have.
Progressive rise of Innovations across data, analytics, and many advanced AI capabilities help modernize existing applications and sift through data at a faster and more reliable rate. Paying close attention to how AI advances can support big data initiatives is a sure way to stay ahead of the curve.
Strengthen Business Partnerships
With increasing customer demands and relentless competition within industries, Businesses are becoming increasingly reliant on each other, working with suppliers and distributors, sub-contractors and specialized consultants, with the aim of producing a diverse range of products and services that interest customers.
Now, Collaborating with these affiliates often requires document-based communication. This process traditionally viewed as an exhausting obstacle to efficiency, consuming a lot of time, resources and energy.
With the availability of high-end technology having the potential to redesign this process made it easier to complete this operation. Utilizing an e-Signature system can enable a streamlined workflow that is more transparent, timely and accurate. This can even bridge the gap to mobile technology, helping employees be more effective and productive day-to-day.
Security is a Top Business Priority
The biggest challenge for most IT leaders today is to keep the bulk data secure placed at the edge of their networks.
It requires rigorous enforcement around access, data compliance, and shielding from attacks. But even the firmest security measures are useless if an under-performing network forces staff to go elsewhere for flexibility or faster speeds.
Implementing a security strategy consistently across all networks, applications, data, services or service providers in use is essential for all progressive businesses.
To get the truly transformative effects of digital transformation, CIOs Must surround themselves with both business and technology partners who understand the substantial business objectives and can operate transparently and honestly to achieve these goals.
"Top 5 Digital Business Transformation Trends in 2020"
Digital Transformation – when aligned with business value – scales to new heights.
A number of technologies have taken the center stage in the past decade, where several business houses adopted new age mechanisms to kick start their transformation journey.
In order to stay at the top in the digital race, Organisations are incorporating new tricks and techniques not just to outshine their competitors but also to improve on their traditional and uninteresting mode of business.
Here is the list of top Digital Business Transformation Trends that are more likely to shine this year-2020.
Innovative technologies such as internet of things (IoT) and artificial intelligence (AI) drive great excitement with organizations fantasizing of never-ending possibilities and transformative change.
Trend 1: Connecting the Consumer Experience
IoT will drive customer experience in the future.
The digital transformation initiative is majorly focused on improving the customer experience.
In fact, more than 90% of businesses especially industry leaders admit that delivering a relevant and reliable customer experience will be critical to their company’s overall business performance two years from now.
Organizations need to solve for increasing pressure on IT to open up bandwidth for delivering connected, personalized experiences for all of their consumers — from customers to partners to employees to developers.
Trend 2: AI and Machine Learning
Organizations across industries are increasingly investing in AI and machine learning capabilities.
In the public sector, chat-bots provide around-the-clock citizen support.
In financial services, automation is driving faster data-based decisions.
In retail, AI is used to personalize offers and promotions.
In healthcare, machine learning is enhancing disease detection and treatment.
Trend 3: AI at the Forefront of Digital Transformation
AI will be the key to delivering business outcomes with digital transformation.
AI or Artificial Intelligence will help systematize the digital transformation market, bringing tangible business results.
AI is and will surely infiltrate all business functions be it sales, marketing, HR or finance.
Trend 4: Data-driven Business
Businesses that are running successfully are unlocking their Data to innovate at speed.
Organizations can put the unlocked data to work to improve customer experience, streamline operations, and quickly launch new products and services.
Trend 5: IoT as an Engine of Digital Tech Growth
According to a survey, there were almost 27 billion IoT devices in the world in August 2019, and this number is estimated to increase to over 75 billion by 2025.
The importance of IoT exists in the technologies that make it work, for example - 5G, Sensor technology, advanced analytics, edge computing, etc.
With the flood of data that will be coming from smart devices, the companies are excitedly working on analytics systems - centered on AI and machine learning to make sense out of the reams of data that is being recorded, and creating actionable insights out of it.
As the companies will want those insights on a real-time basis, communications firms need to develop networks that will quickly and efficiently move large amounts of Data in as little time as possible.