Is your business facing challenges set up by the merging of the physical, digital, and human worlds? Well, then it’s time for you to pep up your knowledge about digital transformation strategy.
Digital transformation strategy is a detailed plan for how your business will solve these key hurdles and challenges. Companies of all sizes are seeing desirable business outcomes from digital transformation efforts, such as service & product improvement and innovation, operational efficiency, and increased swiftness across the value chain.
Willing to develop such a strategy for your own business too? Look nowhere, you are at the right place. Through this article we will take you on a step by step journey to understand how digital transformation can boost your business and take you to new heights.
The journey towards value of any type starts with defining a strategy for your specific business needs and desired outcomes. Learn Transformation helps your organization in the same direction.
Also see: Top 10 steps for a successful business transformation
1. What does the company of the future look like?
2. How do we get there?
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2) Secure investment
3) Align digital transformation strategies with business goals
4) Make experimentation with digital technologies easy
5) Develop your communications plan
6) Expertise in risk management
Digital transformation is not only a technological switch, but an organizational change at the convergence of business & people. Such reflection must take into account countless possibilities.
And as a message to everyone that reads this, remember, the technology in itself does not equate to digital transformation. The culture, customer & employees accompanying business progression must be at the heart of each & every technology investment.
As digital business transformation is going to take the limelight of most organizations, here are the some digital transformation technologies that will influence the enterprise landscape in 21st century. Including AI, 5G, advanced data analytics, and also some that may amaze you, without further ado, here are those trends that I believe will be the most significant in 21st century.
1) 5G for Everyone
21st century will be the era of 5G. With some of the major names in telecommunications, like AT&T, Qualcomm, Ericsson, Verizon, Nokia & Huawei making sure that global 5G placement stay on pace & the world’s finest Android handset creators already releasing 5G phones, 5G will strike the ground running in this century. Additionally to bringing us all quicker broadband speeds & more reliable mobile networks, the reproduction of 5G will also quicken advancements in smart manufacturing, smart vehicle, and smart city. In other words, the true worth of 5G won’t be restricted to phones. Just about every industry that pushes our daily lives will be modified – for the better – by the technology advancement that will define this century.
2) Cloud Data Management will increase data mobility & portability
Businesses will look to Cloud Data Management to ensure the possibility of data covering all storage surroundings in 21st century. Data needs to be fluid in the hybrid & multi-cloud landscape, and Cloud Data Management’s function to expand data mobility & portability is the reason it has become an industry in and of itself. The 2019 Veeam Cloud Data Management report disclosed that organizations vowed to spend an average of US$41 million on establishing Cloud Data Management technologies this year. The sight of ‘your data, when you require it, where you require it’ can only be obtained through a vigorous CDM strategy, so its importance will only grow over the course of next year and hence it becomes an undeniable necessity for anybody creating a robust digital marketing strategy for their business.
3) Blockchain in Mainstream
We believe that digital transformation services will boom with conventional applications coming out in 21st century that will rapidly transform areas such as digital identity verification, data security & intelligent automation. Sectors such as regulatory bodies, BFSI, logistics, government agencies have already began using blockchain to set up complex autonomous verification & validation systems that need minimal human intervention, thanks to the capacity of blockchain to be immutable.
As we know that Amazon Web Services adjusting blockchain technology with their subscription based blockchain-as-a-service platform. And they are not solo on this effort. Many other universal leaders are also playing in this area, including IBM, Samsung, China’s Alibaba & Microsoft. What’s more, we are starting to see real use cases for the technology far off payments & cryptocurrencies. Look to how blockchain will be utilized in intellectual property & royalties, food safety, and real estate/asset management for instance. 21st century is marking the potential importance of Blockchain in digital transformation framework.
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4) Analytics are the fierce trump card
Companies that aren’t investing deliberately in analytics by 2020 probably won’t be in business in 2021. There is simply far too much valuable customer data to be collected, processed & turned into insights for any company to be competitive without making full use of modern analytics tools. Every other business is grasping experienced analytics tools to find out problems, solutions & opportunities. That’s why we are seeing a combination of analytical capabilities across the tech world, from Salesforce obtaining Tableau, to Microsoft developing its own Power Platform.
Every major tech company has already estimated that the future is in data—most indicatively, the real-time processing of it – and so, nevertheless of what industry you’re in, analytics will again be one of the most ruling central points of digital transformation in coming years.
5) AI and Machine Learning propagating data analytics
If you will invest in analytics, you also need to invest in AI & machine learning to get ready to navigate the huge, boiling seas of information & data that you aim to put to good use.
The worth of AI & machine learning to data analytics can be refined into 3 separate value propositions: speed, scale & convenience. Speed and scale refer to the benefit of automating the inspection of huge data sets as opposed to allocating human data analysts to the task. Thanks to AI and machine learning, you can analyze complex data sets in a snippet of the time which it used to take just two years ago. This is not because AI & machine learning algorithms have become exceptionally good at data analysis, and because that analysis can easily be scaled in the cloud.
On the convenience side the inclusion of AI & machine learning to analytics tools has made them instinctive, much more reliable & easy to use.
6) A faster Wi-Fi for a faster world
Although Wi-Fi 6 and 5G are entirely different technologies, both will be bringing us much faster processing & wireless connection speeds in this century’s digital transformation journey. 5G and Wi-Fi 6 will generate an ideal end-to-end combination of ultra-fast connectivity for home & office. You can expect download speeds up to 3x faster than were achievable with Wi-Fi 5, but that isn’t the best measure of the new standard’s value.
The true worth of Wi-Fi 6 will be its capacity to increase quicker data speeds to far more devices than Wi-Fi 5 was able to manage.
This is important for two main reasons:
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7) Conversational Artificial Intelligence
One major thing that has achieved attention now is conversational bots. From websites to major apps, a lot of customer-facing interactions are now handled by programmed bots that can clarify queries & respond intelligently.
Whether it is ordering food from a restaurant, carrying out a banking transaction or booking a cab, tech-savvy consumers are progressively depending on personal digital assistants or bots to assist them. The reproduction of smart devices like wearables & IoT enabled home and personal electronic devices, smart home speakers have created huge possibilities for a business to connect more efficiently with end users. At present this is the best digital transformation strategy a company can leverage to expand its boundaries.
Today, you can ask your smart coffee maker to brew a coffee in the most delicate alternatives of taste & smell without even touching the coffee maker. You can simply ask the personal assistant on your phone to do so. If this is not a massive technological revolution then what else is?
8) Immersive Experiences
2020 is seeing consumer experiences shifting to a more immersive phenomenon where almost everyone from a local retail shop to an e-commerce giant will offer interactive experiences, courtesy of technology like augmented & virtual reality. Gartner says – this digital transformation journey is going to be the most remarkable one as by 2022, nearly 70% of all businesses would be using immersive customer experiences in some form on an experimental basis. Such immersive technology will find its way into a no. of consumer-facing scenarios like virtual assistants, demonstrations, field services and so on. With gadgets supporting immersive experiences like smart glasses & wearables being available for very affordable prices, the consumer base requiring such experiences will grow enormously in the coming years. The possibilities are limitless and businesses small or big can undergo this digital transformation and take advantage of this opportunity to improve their competence.
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9) Autonomous drones, connected vehicles & Smart Cities become our new reality
The combination of edge compute and 5G will bring us significantly closer to truly autonomous cars, drones, and smart cities in 21st century. Tesla distinctly is the first name which is bringing this to market, but this isn’t something only Elon Musk is trying to gear. This is happening by the direct strategic alignment between digital transformation technology makers & automotive manufacturers. Companies like Qualcomm/ Intel/ Nvidia & Ford/ BMW/ Volvo/ are merging up while Uber is building their autonomous fleet & Amazon is looking to cover your every need to your door via an autonomous drone to ultimately bring these long-committed digital transformation technologies to the market.
10) UX/CX, XaaS & privacy: How technology-adjacent Digital Transformation trends will take to center stage in 2020
Change itself is a core driver of Digital Transformation. Because of this, I am highlighting the technology-adjacent trends that I believe will rule Digital Transformation discussions: At the top of my list are UX/CX (User/Customer Experience), XaaS (everything as a service) and digital privacy.
We expect that many will adopt privacy & transparency as a brand differentiator, allowing users to opt in or out of data collection schemes with greater ease & awareness than in the past.
The actual question will be whether companies like Amazon (via Alexa) and Facebook will join in or carry on with silently gather all the data from users. Beyond that, the opportunity for legacy high-tech companies like including but not limited to Cisco, Dell, IBM & HPE to develop some actual & meaningful structure around data security and privacy could drive the way to a digital privacy rejuvenation starting in 2020. It will be riveting to see which companies stay status quo, what companies step up to drive privacy.
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11) Digital Modeling
The notion is to develop a digital persona for every product or service business has to offer its customers. This persona would be used to arrive at choosing the right supporting digital enablers like data generators (sensors, IoT enabled devices, etc.) as well as the right decision path (data models & implementations of data science to arrive at success models). Such persona would be used to find out an offering’s fitness to the market, the cost needed to maintain it feasible, the business models & processes that need re-defining to support it and so on. This entire exercise of digital transformation, though a bit tough, will bring about a strategic advantage to adopters as their business offerings would be more aligned for digital success than competitors.
Business leaders need to sharpen their digital skills to keep pace with the quickly growing market. We believe that these specific tools will rule digital transformation discussions.