Modernization and digitalization are crucial for efficient performance and business development. Statista estimates that spending on digital transformation technologies and services worldwide will reach $2.6 trillion in 2023. It’s obvious that digitalization can help companies optimize their resilience, scale their operations, utilize data-driven decision-making and enhance the customer experience. DigitalMara has put together an overview of some technology trends that are changing the way business operates.
Many older software solutions popular within different industries once operated efficiently but no longer meet business and market needs. Domains such as banking, insurance, logistics, healthcare and retail routinely use digital tools that are 15 years old or more and are outdated. First, they may suffer compatibility issues. Old software can also present issues with security, slower performance and system failures, less stability and flexibility. Software development teams constantly work to resolve such issues, for example by transferring services into the cloud or a client server, changing the system architecture, or incorporating top-notch new features in existing software.
Digital transformation involves four main areas: data, technology, people, and processes. Technologies such as artificial intelligence, cloud technologies, predictive analytics, mobile services, augmented reality, and autonomous systems help to upgrade and enhance each of these elements. For example, they can automate labor-intensive and manual tasks, streamline operations, implement self-service, and help keep systems up to date.
Moving to the cloud enables companies to become more flexible and scalable and accelerate their processes. According to the Google Cloud report for 2023, cloud technologies will continue to serve as a prime means for identifying, creating and deploying simpler modes of operating securely and autonomously. The report recommends that companies build security measures into their infrastructure to resist the growing number of cyber threats.
To enhance their internal and external business processes, customer interactions and user experience, companies are investing heavily in AI products. IDC estimates that business and government research spending on AI technology worldwide will reach $500 billion in 2023.
The digital world is increasingly connecting with the real world. For example, digital-twins technology allows for building real-time models, and 3D printing can be used for many materials. Both have a wide range of applications. Industries such as manufacturing, automotive, aviation, energy, utilities, healthcare, logistics, and retail can adapt these technologies to enhance their efficiency and productivity.
To improve both resilience and efficiency, automation can be the solution. Autonomous systems can empower most processes, increase accuracy and productivity, provide flexibility and data-driven insights, and reduce time spent on repetitive tasks. Their scope of application is exceptionally wide. These systems may include AI, automated quality management, IoT sensors, drones, enterprise resource planning, customer relationship management and quality control systems.
Businesses are striving to improve the sustainability of their operations and deliver sustainable products and services. According to Accenture, key elements of a sustainable strategy are net-zero transitions, responsible value chains, sustainable human experiences, sustainability measurement and sustainable organization. Technologies such as AI, the cloud, automation, digital twins and data-driven insights can be part of achieving all these sustainability goals.
To remain flexible and competitive, companies need to constantly monitor the latest trends in digital transformation and introduce technologies that will help them work more efficiently every day. This journey is challenging and requires building proper strategies and identifying new opportunities to improve business processes.