Five Trends Changing The Face Of Digital Transformation
Rudy Shoushany is the Founder & host of DxTalks: The Digital Transformation talk show and digital events for MENA. Follow him on Linkedin.
The digital transformation era has arrived, and with it has come countless innovations for businesses to explore. The pandemic has demonstrated the need for companies to adapt and accelerate their adoption of emerging technologies. The old guard that hung on to old-fashioned business methods has fallen by the wayside.
To remain competitive in this rapidly changing landscape, organizations must quickly adapt their strategies and embrace the changes that are most likely to impact the customer experience significantly. This means staying on top of the latest trends in digital transformation.
The Top Five 2022 Digital Transformation Trends
It's not always easy to predict what changes will stick and which will fall by the wayside, but several trends seem set to shape the future of digital transformation. From intelligent technologies such as artificial intelligence (AI) and machine learning (ML) to cloud-based platforms, these trends are already affecting how businesses interact with customers and each other. Let's look at five of the most exciting digital transformation trends shaping the future of business and how they can help your business grow in 2022.
1. Cloud Technology: Cloud technology has been a work in progress for years, and it's finally taking off. Companies are shifting their focus from on-premise data centers to cloud services, prompting a major digital transformation for businesses around the globe.
Cloud technology has transformed the way businesses operate, enabling companies to access data from anywhere in the world at any time. This allows employees to work more efficiently and collaborate on projects without traveling or spending money on physical infrastructure. Cloud computing also makes it easier to securely store large amounts of data and access it remotely when needed.
2. The Hybrid Work Model: The new normal has brought a significant paradigm shift in the way we work. Organizations need to be agile and flexible to adapt to these changing times. The concept of a hybrid workforce—wherein employees can choose to work from home or the office at their convenience—is on the rise. Results of a survey by Gallup revealed that "54% of employees who work remotely at least some of the time say they would ideally like to split their time between working at home and in the office—a hybrid arrangement." This comes as no surprise, as the hybrid work model can also allow employees to function when they're most productive, whether it be morning, afternoon or late at night.
3. More Investments In Artificial Intelligence And Machine Learning: AI-powered marketing automation software is becoming mainstream. As AI begins to power more marketing and sales tools, we see an increasing number of marketers adopting these technologies as part of their digital transformation strategy. For example, AI has proven to be a valuable time saver when creating personalized content experiences.
The desire to be more efficient is expected to drive businesses to automate tasks to improve productivity. According to the results of a 2021 survey, 76% of organizations have made AI and ML a more significant priority than other IT solutions.
4. Transparent Privacy Policies: One of the major issues with living a "digital life" is giving out personal information. This includes home addresses, emails, bank card details and behavioral patterns. For this reason, privacy and its protection have become a growing concern among digital consumers.
5. Blockchain Technology, NFTs And The Metaverse: Blockchain technology has so far been most closely associated with cryptocurrencies like bitcoin. However, it's used in many other ways, particularly in business. The most basic promise of the blockchain is enhanced security through its immutable records. But this technology also has implications for how companies manage supply chains, work with partners and handle transactions and contracts.
Last year, there was an explosion of non-fungible tokens (NFTs)—unique digital collectibles that can be bought and sold like any other asset class. Today, although NFTs are primarily focused on digital art and games, they're used for all kinds of things: real estate, stocks, bonds or even data ownership rights.
Leading A Successful Transformation Project
This technology enables digital transformation, but you can't have a successful transition without the right mindset and processes in place. Here's what the companies that achieve their digital transformation goals have in common:
1. A Clear Mission/Vision: Successful companies have a clear vision of where they want to be in three to five years and a focused road map on how they'll get there.
2. Connectivity: These companies are able to easily connect people, processes and data through a flexible platform that supports the speed of innovation.
3. Excellent Customer Experience: In today's environment, customer experience is a competitive differentiator. The best businesses know how to identify the touchpoints that are most important to their customers and focus on exceeding those expectations.
4. Speed: As business continues to accelerate, companies must invest in technology that allows them to operate faster than ever before. With the right tools, you can automate manual processes, shorten your sales cycle and deliver products faster than your competition.
5. Digital Innovation: At the heart of every successful business is a strong culture of innovation. In today's world, companies must consistently find ways to differentiate themselves from others while they continually evolve to meet changing market needs.
The digital transformation landscape constantly changes. Both big sharks and small businesses need to think fast and adapt to changes quickly to stay ahead of their competitors and grow their businesses. The companies that keep a step ahead will be the ones that find success.
It's a new, exciting world for business. And with change comes opportunity. The challenges of digital transformation are not to be feared but embraced—and that's where the magic happens.