Worldwide communities are collaborating to fight formidably and overcome coronavirus impact. The power of Digital Transformation and its benefits to society at large is visible now more than ever. We spent some time talking to our clients and investors during the past six weeks of lockdown. There were some valuable insights into which emerging technologies are likely to play an even more critical role in helping enterprises become genuinely digital. We understand that while remote working may be a solution for particular industries and organizations(primarily Tech and IT Services, etc.). But, the majority of enterprises cannot operate remotely at the flick of a switch. For instance, manufacturing, logistics, and supply chain disruptions have stalled large sectors of the economy, which creates an opportunity to bring digital transformation using emerging technologies to the rescue.
Enterprises large or small, who have been fence-sitting until now, are realizing that digital transformation is the need of the hour. Many might already plan to transform process and experience, but they need to scale and speed it up, so as to prepare for better or worse. They want to automate most of their process, use recommendations and insights from data, but all these are strategic initiatives that require time to deliver impact. Here is where companies can look to collaborate or bring in digital agencies who are experts and are experienced as digital transformation accelerators with relevant tools, data, and domain expertise. Companies can reap the benefits of capability enhancement within a short time and grow both in business process and revenue.
Handpicked emerging technologies to transform business processes in recent times
Any digital transformation has to be premeditated with a structured plan and decision based on technological capabilities; specific businesses will need. Given the present scenario, here are some emerging digital technologies which will transform most companies across industry sectors.
IoT will bloom to its extensive potential now more than ever
A surge of need for IoT applications in every sector is foresighted. Gartner has predicted an increased usage of over 75 billion in IoT devices by 2025. What needs to be understood is that IoT will accelerate remote operations and monitoring of machinery and devices, which expands beyond data collection and analysis use cases. Using robust predictive analytics and Machine Learning, data from IoT networks will produce actionable insights, as well as direct relevant outputs to IoT networks in carrying out business operations. Retail, Manufacturing, Healthcare, Logistics are some of the sectors that will see significant benefit from the increased deployment of IoT.
Think through MultiCloud Computing
Massive transformation requires cloud computing capabilities. It enables scalability, and operational agility, through speedy data access and processing from anywhere, anytime. Development teams can opt-out of building complex infrastructures to deploy and test applications. 84% of companies with more than 1,000 employees adopt a multi-cloud strategy.
AI and ML as the principal enabler
The digital transformation trend has moved from building web and mobile presence to Data and AI in a short time. AI has penetrated most of the business processes and functions across various sectors. Using predictive analytics and AI, leading enterprises have been able to quickly improve the go-to-market by bringing in precise insights and increasing efficiency. By 2025, AI-driven enterprises will be up to 10 times more efficient and hold twice the market share of those who don't adopt the technology. Organizations can accelerate AI adoption by looking into off-the-shelf, modularized AI accelerators with pre-trained algorithms. These algorithms can use sector-relevant data and serve as microservices to automate and optimize each block of a business process.
Data is oxygen to business operations
Analytical tools provide the fuel to digital transformation engines. Companies need to implement technologies to analyze the data of users and business processes to stimulate overall business health. A key to innovation and relevant experience design is data analytics. According to 83% of IT managers, breaking down data silos improves business performance.
Makeover business processes with APIs and IPAs
If organizations want to improve business performance through automation of business processes and production, they can look into advanced Application Programming Interface and Intelligent Process Automation. These tools keep costs under control. APIs increase productivity by building and integrating different applications very quickly. RPAs automate repeated tasks and reduce redundant work. 91% of organizations that have set up a strategy on public and private APIs are achieving excellent results.
5G as the foundation for all technologies
The value of 5G has more to do than streaming video on mobile in nanoseconds. It is the medium to accelerate smart manufacturing, smart logistics, and intelligent transportation. To take lightspeed action required light-speed data communications and processing. 5G is the infrastructure that will enable this possibility.
Digital Transformation best practices and capabilities that drive success
While floating in the zeal of digital transformation, organizations often overlook central practices and approaches that can make or break their business models.
Ensuring best in class digital experience design
An overhaul of digital capabilities is of no use if it fails in providing ultimate interactions and experiences. Developing contextual and frictionless experiences for rapidly changing target audiences is a continuous process. Organizations have identified human-centric design as the true North Star of leading a digital transformation initiative. Digital experiences that add new value and are intuitive across user journeys have differentiating value. Once organizations map it out, digital capabilities can help in achieving the same.
Don't overlook digital governance
All the digital technologies we covered are converging to enhance the human condition. With tidings of data proliferation, comes the baggage of security concerns and ethical governance. While building experience designs and digital capabilities, organizations need robust and unbiased data governance and practice regulations across data usage and security. A diverse team should evaluate the transformation architecture to weed out negative deviations and at-risk data privacy. Machine learning can facilitate analyzing modern data architecture paradigms and automate and mitigate the data governance problem.
Humans are essential to transformation
Organizations can work when they can successfully harness collective intelligence. Collective intelligence is fortified when organizational digital data mixes with human workforce experience knowledge. People who are needed to augment AI output with their creative problem-solving capability will essentially jumpstart the construction of algorithmic models. Humans will be part of the ultimate decision-making before actions are triggered. Business leaders should re-skill and enable their human workforce to evolve in their job functions and align with newer digital capabilities.
Creation of digital ecosystems with stakeholders across the value chain
We want our customers to connect with our brands in as many ways as possible. By collaborating with external service providers, we can co-create value through building a digital business ecosystem. Those who have been successful at creating such ecosystems have leapfrogged the competition. Several mid-sized and emerging tech companies are seeing significant opportunities to level the playing field. They plan to utilize an integrated approach that includes investments in complementary capabilities, inorganic growth, and synergistic M&A to accelerate their DT journey.
Serial M&A as a proven success model to accelerate Digital Transformation growth
2019 was a witness of 2200 tech acquisitions that consisted of analytics firms, digital solutions providers, engineering firms, or digital experience design agencies. M&A acts as the fastest and cost-effective way to imbibe transformational capabilities in an organization to restructure business operations and revenue streams. We believe in a unique digital transformation approach where emerging technology enhances human value while building new products and existing products.