The Covid-19 pandemic has caused severe impacts on the global economy due to economic shutdown measures in most parts of the world, loss of productivity, and supply chain shortages. Facing new circumstances, companies must now find creative strategies in order to succeed and keep their operations stable. This paves the way for digital transformation technologies to revolutionize how companies operate.
Companies that adopt digital transformation successfully develop faster than their competition. Appropriate digital transformation technology solutions are established based on the analysis of customer behavior and preferences, as well as the company’s unique business processes. These solutions are utilized to improve operational efficiency and productivity while also providing added value to potential customers. All of these characteristics contribute to the company’s profitability and investment.
What is Digital Transformation?
Digital transformation can be defined as the process of integrating digital technologies into all elements of a business to fundamentally change the way companies operate and deliver value to their customers.
It’s the process of finding new opportunities utilizing digital technologies in an existing business to redesign the way value is delivered to customers. Digital transformation has an impact on everything IT touches and given the range of benefits it provides, there is little doubt that it can empower businesses as well as customers.
Top Digital Transformation Technologies:
1. Artificial Intelligence & Machine Learning
Artificial Intelligence is now at the heart of most businesses and will continue to be at the forefront of digital transformation for years to come. Artificial Intelligence (AI) and Machine Learning (ML) have opened up plenty of new possibilities for businesses by accelerating the exponential growth of data and data access, as well as computational power and connectivity. AI solutions that optimize cloud processing, enable the deployment of faster computers, and improve operational efficiency can benefit businesses of all sizes.
AI has been actively used in a variety of industries due to its rapid development and the introduction of innovative components of its application. Companies must build strategic roadmaps for implementation over the next couple of years as AI becomes mainstream, ensuring they have the required people to integrate and grow new technologies. Artificial Intelligence is being utilized like never before to give exceptional analytical insights, thanks to the increased availability of data, machine learning technologies, and high-performance computing capabilities. This leads to new techniques for problem-solving, opening up a world of future possibilities.
As a result, governments and businesses have invested billions of dollars on AI and Machine Learning over the years.
2. Augmented Reality
Augmented Reality (AR) is already a well-established technology in several industries, and business owners have recognized its potential, as the portion of commercial expenditure related to this area continues to rise. Its ability to elevate human-machine connection and create seamless connectivity between the physical and digital worlds is expected to grow for many years to come.
In several industries like manufacturing, automotive, medical, retail and marketing, this digital transformation technology is already being used and doing wonders across the world. AR assists organizations in increasing efficiency and quality while also facilitating knowledge transfer, training, and exceptional customer service. Augmented Reality’s analytical outputs will revolutionize industry management and will aid several industries and sectors.
3. Big Data and Real-Time Analytics
In recent years, the rise of interconnected devices has resulted in unprecedented data gathering. In future years, this exponential data expansion is projected to continue. As more countries are establishing regulations governing how companies acquire and exchange data, the value of our data becomes increasingly evident.
Data has become an essential game-changer that can provide organizations with invaluable information and make their operations more efficient. However, the processing of this data poses a hurdle. Companies across the United States lose $3 trillion a year due to fragmented data. As a result, data organization is a necessity and this is where analytics and big data play an important role.
Big Data is a term that refers to a variety of structured and unstructured large-volume data, as well as the processing technologies that enable dispersed data analysis. It is feasible to process a massive quantity of data using big data analytics to extract the right information for a specific business to help them model their plans and make informed decisions. Big data enables organizations to more successfully carry out their transformation goals by offering actual results. The ability to get reports in real-time, as well as the ability to coordinate collaboration, is a significant advantage in this setting.
Cloud is an essential component of digital transformation because it enables flexibility, scalability, and agility. Cloud technology has the potential to completely transform conventional business paradigms. Cloud computing provides on-demand computing services through the internet and on a pay-as-you-go basis, ranging from apps to storage to processing power. Cloud computing has democratized data collection and improved company capacity, allowing businesses of all sizes to avoid costly IT infrastructures and time-consuming upkeep.
According to a study, manufacturers are likely to double their use of the Cloud in the next two to three years. Traditional storage services are insufficient to handle massive amounts of data cost-effectively and securely. As a result of this insight, industries have begun to use Cloud technology. Depending on their needs, businesses can pick from the public, hybrid, or on-premise Cloud services.
5. Internet of Things
In our day and age, the Internet of Things (IoT) is no longer a foreign concept; it is one of the innovative digital transformation technologies that promise to provide superior efficiency to a variety of businesses. The Internet of Things refers to a network of interconnected devices that are connected to the Internet and capable of transmitting and exchanging data without the need for human involvement. Manufacturers are achieving major digital transformation objectives, such as better productivity, flexibility to react more swiftly to market, and meeting customer requests, with the help of IoT insights and analytics.
More and more of the items we use in our daily lives have built-in sensors that exchange data with other devices to create the best possible user experience. IoT is regarded as one of the most important digital transformation technologies that businesses should actively explore due to its numerous benefits. More bandwidth, faster transmission capabilities, and seamless communication are all requirements for IoT devices, which can be met with 5G integration.
Mobile has radically transformed the society we live in today’s times, especially when remote working is growing. Mobile’s effect pervades our daily lives, from increased connectivity to powerful technology that is just a few clicks away. Mobile technologies have provided a plethora of opportunities in a variety of businesses, thanks to the vast capabilities of 5G.
Mobile is a powerful technology that is a prerequisite for many other technologies such as virtual reality, the internet of things, augmented reality, and so on. Mobile applications assist businesses to improve the customer experience, and assist marketers in identifying customer touchpoints so that customized messages can be sent to increase sales. Mobile has added a layer of transparency by allowing users to view and share content on the go. Business leaders can use mobile software solutions to define procedures and analyze the team’s performance in order to make future improvements.
The importance of mobile applications as a crucial digital enabler cannot be underestimated, as they offer a significant competitive edge to businesses of all sizes and industries.
These six technologies are the most commonly used top digital transformation technologies, although they are by no means the only ones. It’s important to note that achieving digital transformation success does not require the implementation of a single technology. In fact, that can hinder meaningful organizational transformation. Companies should incorporate a suitable technology or a combination of technologies into their operations to succeed in doing business and outperform their competitors for long-term impacts. Each of these technologies has a lot of power in terms of how they fit into your company’s Digital Experience strategy and how they may work together to have a significant impact on your business.
If you want to maximize the value of digital transformation technologies for your company or are looking for a partner to assist you in implementing a project like this, please leave a comment below or contact us here, and we will be able to provide you with the best solution to your business challenges.