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Appropriate digitization technologies can take a business to a new height, but the incorrect one can have an adverse impact on it. According to recent studies, it is evident that companies have spent almost 1.78 trillion USD worldwide on various digital transformation solutions.
However, nearly 70% of those technologies and strategies failed as most of the companies believe that all types of technologies are applicable to every type of business. But this is not true. Adoption of technology is primarily dependent on the customer base, demands of the business, and industrial trends. Let’s dig in for more advice from the experts on digital transformation.
What is Digital Transformation?
Digital transformation is the integration process of digital transformation technologies in businesses. It helps the business become more competitive and offers value to the customers. It is different from the implementation of digital technologies in the business as it demands culture and innovation change for massive organizational transformation.
Different digital transformation strategies include recognizing the value-centric business result and incorporating collaboration and changing culture. The companies can focus on two primary areas of cultural change and offering value to acquire digital transformation.
What Drives Digital Transformation?
Businesses include various digital transformation solutions for many reasons. But the most likely reason is the survival issue. During the COVID-19 pandemic, the ability of companies to rapidly adapt to supply chain disruptions, changing customer expectations, and time for market pressures have become immensely critical.
The behavior of the consumer has swiftly shifted in different ways since the pandemic. Optimized automated systems in supply chain management areas break down when there is a rapid shift in both supply and demand. There is also an accelerated shift towards online fitness and streaming, along with the biggest shifts in the food sector. Cashless transactions are also gaining immense popularity.
Since many supply chains are yet to understand these changes, and have thus incurred huge losses. They have the idea of including different digital transformation technologies like IoT and Blockchain to dominate the market with these changes. Organizations must evolve themselves to match these paces of change, or they might need to catch up.
What are the Key Trends in Digital Transformation in 2024?
Different varieties of transformations rise and fall in popularity whenever technology changes. Keeping up with the recent trends is one of the best ways to improve digital transformations and prepare the business for the inevitable changes in the sector.
Currently, the hottest trend in digital transformation in 2024 is creating an outstanding employee and customer experience. Most of the employees fear that the technologies are designed to replace humans, but, in real cases, they complement human work.
Robotic Process Automation, mobile technologies, customized user experiences, 5G, and AI are the best examples of the key trends in digital transformation technologies in 2024. These technologies work along with human beings for improved communication and to restrict repetitive work.
How to Measure ROI in Digital Transformation?
To measure the ROI in the digital transformation solutions, follow the below steps.
- Setting the business objectives
- Defining the investment goals
- Recognizing the value metrics
- Determining the time frames
Top 7 Digital Transformation Technologies
1. Mobile Technology
With the introduction of 5G, mobile technologies are offering a myriad of opportunities. It can help in viewing the data points in AR, getting real-time guidance from the experts, reviewing the CAD designs anywhere, anytime, or creating sales quotes for customized products leveraging the delivery dates and updated pricing. There will be enhanced robotics connectivity, factory automation, and faster real-time field operational analytics due to mobile technology.
2. Internet of Things (IoT)
IoT helps in identifying the recommended digital transformation solutions, forecasting possible difficulties, and recognizing the patterns. Organizations use IoT to accelerate the incorporation of digital transformation technologies. It can decrease the cost, improve efficiency, and future proof the company by providing innovative digital transformation solutions.
3. Robotics
Nowadays, nearly 1 in 4 manufacturers are using robotics today for analytic-centric activities through complementary technologies like sensors, AI, and IoT. It frees up human beings for high-level jobs and drives operational efficiency.
4. Artificial Intelligence and Machine Learning
AI is the computer’s capacity to simulate what people think and do in the real world. It is present in most high-end cutting-edge technologies like natural language processors, smart devices, voice assistants, and computer vision. It allows companies to make rapid decisions, engage customers through chatbots, and automate tasks. AI marketing helps companies better understand customer needs and craft targeted campaigns.
5. Augmented Reality
AR provides an enhanced seamless connection between the digital, physical, and human worlds. AR helps the employees in connecting to their physical surroundings and leverage the analytics and data power in the cloud. It allows them to include real-time data in a highly visual format in accomplishing a task. AR helps in improved worker quality and productivity, next-generation human-machine interface, new customer services, support, training, knowledge transfer, and differentiated products.
6. Digital Twin
Digital twins are virtual digital models representing their physical counterparts. They represent any process, product, or job and offer a transparent visualization of an organization. With the integration of engineering/design CAD data and product lifestyle, companies are adopting digital twins.
7. API-Based Integrations
API integration connects 2 or more systems with the help of APIs, allowing seamless data exchange between them. It hosts a central hub while incorporated into a platform where the companies can save their information depending on the APIs.
Final Thoughts
The above 10 are the most common digital transformation technologies that help businesses to achieve success. But it is never about implementing a single technology to achieve success. The power of each of these technologies is how they will fit into the strategy of the company and work together to offer a vital impact on the business.
FAQs
What is the average cost of digital transformation projects?
According to the current study of IDC (International Data Corporation), giant enterprises spend nearly 2.75 million Dollars on average on digital transformation projects.
What factors influence the total cost of digital transformation?
Technology infrastructure and stack integrations, organization size, current gaps in the digital skills, transformation requirements, type of applications, and downtime influence the total cost of the digital transformation.
How does mobile technology contribute to digital transformation?
Mobile technologies address particular organizational challenges and are also one of the major drivers of digital transformation solutions. It supports data-centric decision-making, customer engagement, and improved efficiency. All of these components of mobile technology are vital components of a successful digital transformation journey.
What role does 5G play in digital transformation?
With high bandwidth and frequency, 5G includes the true potential to allow smartphones to receive and transmit information 10 times faster than the current 4G speed. This rapid bandwidth will transform other technological implementations together with cloud computing.
How do augmented reality (AR) and virtual reality (VR) fit into digital transformation?
AR improves immersive customer experience, training or education, and remote collaboration. VR allows remote training or telepresence, therapeutic applications, and virtual meetings. Thus, AR and VR diminish geographical restrictions, augment productivity, and improve engagement.
What is blockchain, and how can it be used in digital transformation?
Blockchain is a vital aspect of digital transformation technologies. The companies use smart blockchain contracts for storing the data securely. It also automatically executes different actions when the contracts meet different conditions.
What is the role of additive manufacturing and 3D printing in digital transformation?
Often, new products require design prototypes and iterations before they are prepared for the market. Additive manufacturing compresses this design cycle. In time, traditional practices will take one iteration to complete, and 3D printing will complete 19 more iterations within that time.
How has the role of IT departments changed due to digital transformation?
IT departments of the companies are using different digital transformation solutions in the form of automation, AI, hybrid cloud and many others. It assists in smarter and faster decision-making, driving intelligent workflows, leveraging data, and real-time response to market disruptions. Digital transformation in the IT department creates new business opportunities and customer expectations.