Tech investments have been the greatest ally to companies throughout the global pandemic. Digital transformation has helped many companies maintain near-normal levels of business stability through such difficult times. Even ‘’simple’’ tasks are now being facilitated with the use of technology. Microsoft CEO, Satya Nadella famously said that “we’ve seen two years’ worth of digital transformation in two months”. Without a doubt, there is no discrediting this quote.
A growing demand for Technology
Corporate digital shortcomings became apparent with the limitation of the global pandemic. Nonetheless, the urge to adopt the latest technologies was vital to maintain the business world saw many companies heavily rely on technology.
Now, more so than ever, it is important for the business world to keep up with the rapid adoption of novel technological innovations. Companies from SMBs to Enterprise level businesses must invest in digital upgrades, to meet customer expectations. Digital transformation in the workplace provides consistent client experiences, seamless services, control over interactions, and analysis of data to generate insights for further development. All the above will help organisations remain competitive and profitable through a smarter, tech-driven path.
Go beyond the basics
Organisations need to go far beyond tech basics, to optimise and increase business value. As a result, novel chapters in technology are being explored. These are inevitably becoming integral functions of key business initiatives.
- Robotic Process Automation (RPA): automation of workflows and repetitive tasks, such as interpreting applications, dealing with data, processing transactions, and even replying to emails.
- Artificial Intelligence (AI): used for the analysis of interactions to determine underlying insights and predict demand for services, leading to better decision-making about resource utilization. Also detects changing patterns in customer behavior, by analyzing data in near real-time, driving revenue and enhancing personalized experiences.
- Internet of Behavior (IoB): using data to obtain information on user behavior, preferences, and interests. It can gather, combine and process data from many sources such as social media, gadgets, or even public domain deployments of facial recognition. The information is used to create new approaches for developing user experiences, optimizing search functions, and making or promoting goods and services.
- Blockchain: refers to the transaction and data security without a need for validation or surveillance. Blockchain technology enables organisations to add, gather, store and distribute immutable data.
- Distributed Cloud Infrastructure: the cloud is all about serving customers wherever they may be, addressing the challenges of rapid data growth, while also achieving security, compliance, and low financial cost. Cloud services of the future are distributed to different physical locations, but the operation, governance, and evolution remain the responsibility of the public cloud provider.
The path to a digital future
Digital natives perceive technology differently and have more frequent interactions than their predecessors. Software is nowadays viewed as a “must-have” rather than a “nice-to-have’’. Consequently, the success of future businesses will be highly dependant on their digital capabilities.
Undoubtedly, culture change is the hardest part of digital transformation. To discover the digital path of a business, directors should contemplate the following key questions:
- How can technology advance my core business?
- Invest in a digital upgrade or digital transformation?
- How will I organize and prepare my team to upgrade or to transform?
- How will I measure the value gained?
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