Digital Transformation - New Technologies Influencing Business
A technically sound and results oriented professional, Ajay has flexed his ability to conceptualize and deliver technology solutions in line with organizational needs and deliver results through effective team-work. Being a strategic thinker, he zeroes in on the most effective improvement opportunities using Information technology as a backbone.
It’s the wholesale reimagining and reinvention of how businesses operate, enabled by today’s advanced technology. Businesses have always changed with the times, but the confluence of technologies such as RPA, Cloud, Mobility, Social media and Big Data analytics has accelerated the pace at which today’s businesses are evolving.
The process of digital transformation began few years ago. Think back to how word processing fundamentals changed the way we write or how email transformed the way we communicate. However, the scale of transformation currently underway is drastically more significant, with dramatically higher stakes. For some businesses, digital transformation is a boon.
Traditional business models
To understand how the businesses that embrace digital transformation can ultimately benefit, it helps to look at the changes in business models currently in process.
Some of the examples include:
A focus on outcome-based models — Open the door to business value to core users / internal customers as determined by the outcome or impact on the customer’s business.
Expansion into new industries and markets — Extend the business reach virtually anywhere — beyond strictly defined customer demographics, physical locations and traditional market segments.
Pervasive digitization of products and services — Accelerate the way products and services are conceived, designed, and delivered with no barriers.
Hope companies are ready for this change in business models. Embraced digital transformation and turn the threat of disruption into new opportunities for innovation and growth.
Here are few important technologies affecting Digital Transformation:
1. Artificial Intelligence (AI) / Machine Learning (ML)
AI has quickly become a popular application for many business sectors because of its focus on making intelligent machines that are capable of solving some problems. More and more companies have developed AI applications, lowering costs and
making AI accessible to a much wider range of businesses. Seems that AI adoption has doubled tripled in previous years, with a reasonable percent of Businesses now implementing AI in some or other form.
AI also fuels other popular technologies, like automation and chatbots, which help professionals across many disciplines complete processes more efficiently and accurately. AI-equipped tools are optimizing internal business operations and allowing employees to expedite their creative skills and make data-driven decisions.
2. The Internet of Things (IOT)
The IoT is accomplishing more than simply establishing connections between devices and systems, it is opening up opportunities for creating previously unattainable new products and services. In fact, approx. 60 percent of today’s enterprises are already delivering new or updated services directly to customers thanks to their IoT capabilities.
Pervasive digitization of products and services - accelerate the way products and services are conceived, designed, and delivered with no barriers
IoT tools can discover, capture, and act on the various data sources now available from a plethora of devices, sensors, and systems around the globe. Organizations using the IoT will have an in-depth view of their customers requirements in a way that was not previously possible and can then use those insights to improve the customer experience.
A great example of IoT use is in the service industry. Some service industries are employing IoT sensors to provide better customer experiences. Problems or inconveniences, like broken escalators, security line backups and bottlenecks within corridors can be identified and addressed.
3. Cloud Computing
Although the concept of cloud technology is not new, it has become a valuable tool for organizations of all sizes in every industry, with data pointing to business efficiencies, cost benefits, and competitive advantage.
Many businesses are already using cloud technology, whether they realize it or not. Now a days approx. 60 percent of businesses are already using the cloud in one capacity or another. Many digital tools that businesses deem “critical” to their daily operations actually run on the cloud, from simple solutions like Google Drive to more complex software like Enterprise wide Resource Planning.
Businesses that have integrated cloud-based solutions into their workplaces are having its many benefits. Cloud computing can offer business access to its data and applications from anywhere, at any time, from many types of devices & that too in secured manner. In addition, the cloud gives small businesses access to technologies that previously were out of their reach.
4. Big Data
Data itself is a familiar concept, but the amount of data created since the beginning of the digital age has transformed the way we use it. Today’s society generates massive amounts of data.
The greatest benefit of big data is not how much data a business has, but what they can do with it. With big data, today’s businesses can take information from a number of different sources and analyze it to drive smart decision-making. Decisions supported by massive amounts of data enable businesses to anticipate needs, mitigate risk and deliver products that are more relevant.
Although this data is extremely useful for companies, many do not know how to go about interpreting/ analyzing such large amounts of information.
These are a few examples of emerging technologies fuelling the digital transformation. Each one allows business leaders to think differently about how they use the technology available, allowing room for change and innovation. This is perhaps the most important ingredient in digital transformation. Businesses should routinely re-evaluate their processes and ensure they are using the tools to the best of their abilities.