Digital technology is pioneering the process of business transformation across the globe. Further, the pandemic has proven to be a game-changer in every sector, forcing most large and small enterprises to adopt and upgrade systems and processes for overall smooth operations.
For a successful digital transformation, a step-by-step approach must be adopted by any organization. The process involves suitably managing talent, building an agile process, using the right technologies and platforms, and leveraging data strategically.
Having said that, organizations need to build an ecosystem to integrate sustainable digital transformation trends while facing the challenges of a disruptive economic environment.
Rapid pace of Digital Transformation to continue in 2022
As mentioned earlier, the pandemic has introduced a sea change in the way customers interact with brands, products, and businesses in general. It has led to a shift in mindset while making digitization more than a buzzword.
Companies that had their ears to the ground and were quick to provide digital solutions by leveraging data were able to register success. This includes those engaged in web development services.
On the one hand, digitization has changed the way people live, work, and function while driving competitiveness in every sector. On the other hand, according to various studies, the adoption of digitization among organizations had jumped manifold during the phase of the pandemic.
With governments across the globe resorting to lockdowns, companies could not avoid implementing new technologies to communicate, deliver, and restore normalcy. This integration of digital technologies into how various organizations operate and extend customer experiences is how digital transformation is changing business practices across the globe.
In 2022, the technology revolution will continue to gain momentum, pushing more and more companies to strive for success at a rapid pace. Here is how:
1. Cloud Computing Technology
At the top of the digital trend, companies are investing in cloud computing, which will continue to gain momentum in 2022. A significant jump in cloud technology is expected this year too. It is the overall simplification in running an organization while enabling teams, departments across any part of the globe to collaborate, communicate, network, and interact with data and assets.
At the end of 2021, the cloud accounted for 67% of all enterprise infrastructure. 81% of all enterprises have already outlined or are developing a multi-cloud strategy.
Most companies, however, continue to operate within the public cloud, which restricts data access across certain geographical boundaries. Distributed cloud services come into the picture, which enables organizations to function seamlessly while complying with laws and ensuring governance. This is the future, in fact.
2. Hybrid Working Model to push Tech Innovation
The year 2020 was instrumental in changing the way individuals work with the introduction of remote or work-from-home policies. This is something that would’ve been unimaginable a couple of years ago.
Chances are, remote working or work from home is very much here to stay. Organizations have functioned smoothly with generous help from various technological tools and platforms while ensuring collaborations among the teams.
A few organizations even registered higher productivity levels among their team members while working from home. As the markets open up, a few organizations are looking forward to adopting a hybrid work model.
An Accenture report found that using productivity anywhere; hybrid workforce models are embraced by 63% of high-revenue growth companies. In addition, workers prefer a hybrid model 83% of the time.
The hybrid work model gives the technology industry a leg up to scale up, building productivity-based software stacks and platforms that can streamline the entire business ecosystem while ensuring it is available in one place.
Technology upgradation aids in analyzing employee performance, managing CRM, and enabling companies to make data accessible to everyone. Companies would be required to be watchful concerning challenges associated with platforms and learn to develop strategies in accomplishing the tasks in a smooth and non-intrusive manner.
3. Artificial Intelligence and Machine Learning to continue providing a business edge.
As they say, data is the new oil. Companies across the spectrum are relying heavily on data and the power of AI to mine, manage, regulate, and compute this data. AI holds the strength to churn out data insights at a spectacularly faster rate, enabling businesses to take advantage of opportunities more quickly.
On the other hand, ML extends businesses the ability to automate processes and operations while ensuring smooth functioning at every level. Hyper automation will be the next level of digital transformation in 2022. Gartner predicts that by 2022 the global market for hyper-automation-enabled software will be worth almost $600 billion.
The urgency to adopt technology in a bid to be more efficient and agile will push organizations to automate tasks and improve overall productivity. As a result, AI and ML Technology will continue to be at the forefront when it comes to ensuring business edge.
4. Data Privacy and Protection
Digitization is also pushing the need to introduce features and strategies to ensure data privacy and protection for every individual. Companies are keen on launching products that introduce privacy features as prime to the overall scheme of things. Data is known to drive customer experience.
Companies focused on extending customer experience are keen on analyzing data to provide a tailored match. In all likelihood, companies would be required to be more forthcoming and ensure transparency in disclosing how they collect, store, and manage data.
With consumer awakening, global companies will need to develop privacy policies while building a bridge of trust. Security protocols, data breach prevention models, and others will be in the limelight for consumers and organizations.
5. Riding high on Metaverse and Blockchain
Metaverse promises to be the next level of innovation in the world of virtual reality. Companies that are engaged in AR and VR technologies will provide a substantial push to innovations in 2022. The combined augmented reality and virtual reality markets were worth $12 billion in 2020 with a massive annual growth rate of 54%, resulting in a projected valuation of $72.8 billion by 2024.
Furthermore, cryptocurrency, riding high on blockchain technology, is being recognized as legal in some developing nations across the globe. From a conceptual perspective, the Metaverse can be viewed as a successor to the Internet of today.
In the overall gamut of things, how individuals socialize, work, and transact are also changing. Organizations will need to adapt to this rapidly evolving digital ecosystem and learn how to stay relevant while gaining a competitive business edge. Technology innovation will continue to drive business transformations in a big way. The sky's the limit!
This is a guest blog by HariKrishna, Director of eSparkBiz Technologies