Digital business transformation entails using digital technologies to restyle a procedure, making them more competent and professional. The idea behind it is not just to reproduce an existing service in a digital form. Instead, it is about using technology to transform that service into something substantially better.
Over the previous few years, digital business transformation has become a catch-all term for all business improvements in the digital age. Therefore, any process that employs digital technologies to resolve to match the evolving market and business requirements takes part in digital business transformation.
Almost ninety-seven percent of IT decision-makers are participating in digital business transformation enterprises in their individual corporations. However, many of them strive to propose a clear strategy.
So, what is directing these companies to digital business transformation? How do Chief Information Officers (IOs) of top corporations scope their transformation initiatives? Also, what can we learn from these trends to progress in today’s fast-moving world?
Hence, to help you answer these questions, we present information that will help you recognize the most appropriate and applicable digital business transformation facts for 2020.
Let us check out some of these facts below:
Machine Learning and Artificial Intelligence
Business enterprises and companies across industries are investing more and more into Machine Learning and Artificial Intelligence capabilities for digital business transformation.
For instance, in financial services, computerization is steering sharper data-based decisions. In retailing, business industries use Artificial Intelligence to personalize promotions and offers. Moreover, as long as the public sector is concerned, chatbots can provide around-the-clock citizen maintenance and support. In healthcare departments, they use machine learning in advanced disease treatment and detection.
Consumer Experience in Digital Business Transformation
Connecting the consumer experience is a fundamental measure for almost all of the digital business transformation enterprises. In fact, eighty-eight percent of organizations say that giving a reliable and pertinent customer experience will be essential to their company’s overall business performance in 2020 and onwards. Moreover, it is crucial because consumer expectations are only going up.
Data-Driven Business
Besides providing continuous consumer experiences, unlocking data is another significant trend seen during the digital business transformation. Most successful organizations are following it to innovate at speed. If they can unlock their data and analyze it, companies are looking at great outcomes. At the most well-run companies, IT groups are more invested in sharing data discernments around, instead of hoarding it and not using it.
When data is unlocked, companies can set it to work to advance streamline operations. Additionally, it helps them improve customer experiences. Due to it, they can instantly launch new services and products. Lane Crawford, one of the biggest retail companies in China, is using data to improve customer engagement across mobile, online, and in-store interactions. Additionally, a European multinational company Airbus delivers real-time data to its employees on the shop floor, so that they can make accurate and fast operational decisions.
Similarly, an Atlanta-based business unit of Cox Enterprises, known as Cox Automotive, uses APIs. This digital business transformation strategy gives access to its workers and partners to launch products, joint services, and offerings in seconds.
However, the value of these tools can be a little restricted. It depends upon the data they are fed. Business organizations or industries are usually constrained by the fact that their information and data are locked up in applications and siloed systems. Therefore, in the end, if they get that data into an Artificial Intelligence engine to begin disclosing insights, it may result in a huge problem. This should happen much sooner!
Multi-Cloud Handling and Digital Business Transformation
Today, most of the organizations run on multi-cloud backgrounds. Thus, they — along with many enterprises — function by moving to different cloud platforms for their particular requirements.
There is not one cloud platform that can meet all enterprise workload needs. However, when it comes to managing multiple clouds, it can become convoluted. Enterprises find it complicated, exclusively when it is about moving application workloads amongst cloud environments.
For resolving this problem, there is a potential solution, i.e., the API-led application development. APIs can help unlock the data. Moreover, they provide exceptional functionalities for applications that can exist in multiple cloud environments.
As mentioned above, the latest happenings focus on the business technology trends and goals of digital business transformation in 2020. However, the idea of digital business transformation continues to evolve. It implies that the practice of defining digitalization remains contested and complicated. The only thing that is assured is transformation — in whatsoever form it takes — is here to stay. That means the senior team and the Chief Information Officers (CIOs) must form a sustainable business strategy. Or, they must find experts who can do it for them!
If you found these insights useful, discover more about them. Moreover, if you want to transform your enterprises digitally, Alight Minds is here to fulfill all of your business requirements. You may also directly contact us to help your business take off to the skies!