29 May Current Trends in Digital Transformation
Some days back, I wrote an article on the current trends in digital transformation. These trends are being used to shape the future of business and I think it’s essential that startup owners key into these ideas to build businesses that are designed to challenge the millennial culture. Do take a read below and share with someone!
Current trends in Digital Transformation
Our world is rapidly changing with the advent of digital transformation. Different forms of technology trends are currently disrupting the way things have always been done. The decision to digitize technology and the process of digitalization has enabled a wave of change in the world of technology, and it is affecting a lot of things. Some of them include business models, business processes, business ecosystems, business asset management, governmental policy making, socio-economic structures, organizational patterns, cultural barriers, customers, workers, and partners approaches, and several others. The ability for humans to adapt to this change in science and technology rapidly largely determines how ready we are to embrace a new world.
Adaptation to Modernization: As technology transforms from analog to digital, individuals and corporations would also have to learn to adapt to these sudden changes. The only way for modern businesses and systems to succeed is for the individuals controlling them to get to adapt to new developments and also incorporate these changes into their regular operations.
User Experience is the goal: In the wave of digital transformation, technology is now more influenced by the experiences of the users rather than the makers. A product’s value is significantly reflected by the ability of its users to accept it and prefer it for an extended period. Customers have become more cautious and aware of products that are being created for them thus they ought to be more engaged and involved in the production processes. Products should be designed with a thought of how consumers will respond rather than what manufacturers think should be developed. If a customer’s experience with a product is relatively negative, there can’t be any success with the product. Analytics are now being used to determine the levels of acceptability of a product by the customers.
Rapid Innovation: For businesses to remain at the forefront of their industries and survive in a competitive environment, innovation needs to be more proactive. Industry leaders must learn how to test new practices, learn about emerging markets and assess newer trends quickly. There is no longer time to create solutions that are less valuable to others and businesses also cannot continue to implement things that are not working for the general public. An organization needs to rapidly speed up its process of idea creation to plan implementation and disruption of global practices in order or it to be successful.
Remote Working Practices: The digital transformation process includes changes in the way jobs are being done. Millennials are now more prone to flexible working situations than their compensation. With the constant development of mobile technology, businesses can now connect with and work with individual talents across various locations in the world. People can work from home, and there is a new wave of freelancers who appreciate the ability to work from their comfort zones. Remote operations have become viable to the success and sustainability of working environments.
Augmented Reality (AR) versus Virtual Reality (VR): Gaming technologies such as AR and VR are now being implemented to other forms industries. These newer technologies have created enabling ways for customers to connect, engage and interact more with their clients with a memorable and lasting effect.
Application program interfaces (API): API enables companies to create applications in their various technology practices to create more value for their products and manage a higher volume of transactions. Using API’s would mean a collaboration of software practices together to ensure the success of a product in an ecosystem in a faster and more reliable format. For the success of an API, it means companies will begin to source for various vendors to come together and collaborate to create one thing.
Big data & analytics: Data is currently increasing in its numbers and also value, yet very few companies are taking advantage of this. Big data and analytics would largely determine how customers react to things. It would help businesses understand the thoughts and actions of consumers towards certain products and lifestyle. Big data and analytics would also help organizations to measure how products are used, what customers want and what should be created.
Internet of Things (IOT): Businesses and customers will benefit a lot from the Internet of Things because it offers so much insight into how the mind of a consumer works. The internet has become more readily available to almost of everyone and people can find anything they need just within a click. Predictions have shown that about 50 million IOT sensors will be readily available in the year 2020. Also, there are predictions that over 200 billion things will be accessible on the internet by the year 2030.
Artificial Intelligence: The evolution of smart machines with artificial intelligence is currently disrupting the way jobs are being executed. Machines are already on their way to learning environmental adaptations and as such things that were regarded as fiction in the world of science will now become very factual. Thus, machines will begin to replace low-skilled jobs while artificial intelligence will start to collaborate with human intelligence to solve very complex issues.
Destroying Silo Mentality: With digital transformation, organizational roles such as Chief Information Officer have begun to diminish and information can now be passed around rather than being hoarded. There is a rise of various positions such as Chief Customer Officer or Chief Digital Officer, etc. The breaking down of silos will enable people to collaborate more in an easier, faster and efficient way for the productivity of the organization.
As the world continues to evolve, a digital transformation will continue to change our worldview. The transformation is almost currently happening in every industry, from education to agriculture to science, medicine, entertainment and so on. It is therefore no longer going to be an option, but more of a need as our survival will largely depend on our ability to adapt to the transformation quickly. Organizations that want to survive the disruption phase will need to learn how to quickly adapt to the changes in their industries and also develop the newer business model to keep them afloat, thrive in the market and last longer than they imagined in their various professions.