The Power of Digital Transformation: How Businesses are Evolving to Meet Global Demands
According to Statista, the workplace transformation market will be worth 19 billion U.S. dollars in 2022. Analysts predict that this sector will exceed 70 billion U.S. dollars by 2030.
Cloud computing, artificial intelligence, big data analytics, mobile device management, robotic process automation, serverless computing, and virtual reality are among the latest technologies that offer unique benefits for organizations pursuing digital transformation.
What is digital transformation?
Digital transformation involves prioritizing customer needs and implementing a digital-first approach across all aspects of a business, encompassing business models, customer experiences, processes, and operations.
Digital transformation refers to leveraging various digital technologies, such as AI, automation, hybrid cloud, etc., to make the most of data. This helps enable intelligent workflows, facilitate faster and smarter decision-making, and provide real-time responses to market uncertainties. Ultimately, digital transformation leads to the creation of new business opportunities by changing customer expectations.
Many organizations have embraced digital transformation to respond to a single competitive threat or market shift. However, it is essential to deeply understand that digital transformation is not about making a one-time fix.
Therefore, the goal of digital transformation is to establish a solid technical and operational foundation that can evolve and respond in the best possible manner to unpredictable and ever-changing customer expectations, market conditions, as well as local or global events.
Workplace Transformation
Implementing a sustainable workplace plan, an evidence-based target point, is the first step to transformation. Our workplace transformation strategy starts by helping you identify the critical business priorities that drive the desire for change in the workplace.
Why Is Digital Workplace Transformation Important?
Digital workplace transformation is a process that can help organizations streamline their operations, improve collaboration, reduce risk, and enhance customer relationships. By adopting digital technologies, businesses can gain a better understanding of their employees’ and customers’ needs, which in turn enables them to respond faster to the changes in the market or customer preferences. This can be achieved through the introduction of new processes or products, which can be launched faster, giving organizations a competitive edge in the marketplace.
Digital workplace transformation creates an environment in which people can work together with greater trust and transparency at its core. These changes help businesses keep up with the changing technological landscape and prepare for the future by creating an agile organization ready to succeed no matter what challenges come their way.
According to the IDC, innovative tech in the workplace is becoming increasingly ubiquitous. By 2023, 60% of businesses mentioned in document number one will deploy AI & ML enabled platforms that support the entire employee life-cycle experience, from onboarding to retirement.
Digital Transformation Drivers
Customer expectations have always driven digital transformation. Advancements in technology have made new information and capabilities more accessible in ways such as:
- Mobile devices.
- Social media.
- The Internet of Things (IoT).
- Cloud computing.
Companies like Amazon and Netflix, considered pioneers or disruptors, managed to gain a significant market share by:
- leveraging technology to reinvent their business models,
- optimize the processes, and
- improve the overall customer experience journey.
They achieved this by adopting e-commerce and electronic delivery models, implementing efficient supply chain management systems, introducing new features, and delivering personalized recommendations to their customers through in-context customer reviews.
Top 3 Essential Digital Transformation Trends for 2024:
Privacy and Trust
Privacy and trust are two crucial factors determining an organization’s progress toward digital transformation services.
According to a recent global survey that involved more than 4000 brands and consumers, 61% of the brands confessed to losing their consumer trust due to their inability to safeguard their data and information. This growing disconnect between consumers and brands has become a concern that brands must address to move forward. Along with social media and government, traditional media was identified as one of the top three industries consumers distrust.
In the future, it will be increasingly important to maintain the visibility of consumer data and deliver the best possible user experience with the information collected. Data regulations are already calling for such measures, and we can expect to see more rules of this type.
Multi-cloud Utilization
Many enterprises operate in multi-cloud environments, but managing and moving workloads between them remains a significant challenge. API-led development and containers offer solutions to these problems.
APIs enable accessing unique functionalities of applications in multi-cloud environments. Containerization is also used to address multi-cloud concerns.
Effective IT
The IT department plays a vital role in enabling businesses today. It helps unlock the full potential of technology by making effective decisions on utilizing emerging technologies. Therefore, organizations must expand beyond their IT capabilities to succeed in the digital journey.
Adopting digital technology can result in disruption and increased revenue for a company, which is commonly referred to as digital business transformation. Every year, new trends in digital business transformation arise that have the potential to speed up business growth. Achieving a successful digital transformation can bring several benefits, such as enabling software monetization, driving data-based insights, improving customer satisfaction, enhancing agility and more.
Computer Solutions East will guide your business through digital transformation, whether you’re just starting or need support.
