Digital transformation is changing the world as we know it, and dramatically affecting the business landscape. Implementation of these digital technologies is not just a stop-gap as depicted by MIT Sloan Management Review and Deloitte's study.
Digital transformation can improve customer experience and engagement, increase efficiency, improve business decision-making, enhance innovation, and transform businesses.
The term “digital transformation” encompasses many things in today’s world, but the aspects of digital transformation that are on the forefront in 2021 include:
Move Towards Contactless Solutions
Due to the changes in our society brought on by Covid-19, customers are eager to purchase goods and services in a contact-free environment, and businesses are becoming more inclined to purchase touch free solutions to make for a safe return to work.
The convenience and security of contactless services/solutions are pushing providers to innovate new products and distribution methods to eliminate contact at the employee and customer level.
Businesses Are Switching to Virtual Interaction
Virtual environments have become a requirement for all businesses due to the pandemic. However, these technologies are now being embraced for the long-term because they have made it easier for organizations to better communicate and collaborate with their teams.
Reputable companies like Google and JPMorgan have built remote work policies because of the need to shift work from the office. Whereas some companies may eventually revert to rigid in office policies, the most successful corporations will realize the benefits of fast-tracking digital transformation.
More Significant Investment in Cloud Technologies
Cloud computing offers flexibility, data recovery, little to no maintenance, a higher security level, and easy access. 94% of businesses after switching to the cloud claimed they saw a security improvement. 91% of companies using the cloud say it makes it easier to meet government compliance requirements. 43% of executives said they plan to invest in or improve cloud-based disaster recovery solutions.
Internet of Things (IoT)
IoT devices are changing our world and how we interact in it. The smart home is currently the most popular IoT application because it is affordable and readily available to consumers.
Wearable devices are making wrists into smartphone holsters by enabling text messaging, phone calls, and more. The Fitbit Charge 3 has helped to revolutionize the fitness industry by giving people more data about their workouts, tracking steps taken, floors climbed, calories burned, and sleep quality.
IoT is potentially transforming cities, solving traffic congestion issues with proper connections and data, reducing noise, crime, and pollution. Furthermore, vehicles equipped with Internet access like AT&T – Connected Car can share that access with others.
Big Data and Data Analytics
In 2021 organizations must invest in data analytics to transform customer experiences and business decisions. A well-developed and designed enterprise data analytics platform and easy-to-use dashboard can turn your data into business intelligence used by leadership to make informed decisions. Data is being considered more valuable than oil in the fourth industrial revolution. Data facilitates predicting potential lifetime values of clients through providing a range of probabilities. Analytic tools like natural language processing allow querying data and receiving answers in clear, human language.
Cyber Security/API Security
Dependence and increased reliance on web-enabled applications (APIs) create vulnerability. Forty-three percent of the cyber-attacks are aimed at small businesses, but only 14% are prepared to defend themselves. Hackers attack every 39 seconds computers with internet connections. Michel Cukier, of the University of Maryland, says that computers in their study were attacked 2,244 times daily on average. Financial motivation accounts for 86% of breaches, and 10% are motivated by espionage. IBM asserts that the cost of a data breach, on average, is $3.86 million.
How has your business prepared to be up to date and tap into the potential benefits of embracing digital transformation in 2021?
Let the experts at ASB Resources walk with you every step of the way in the digital transformation that your company needs. Schedule a call with one of our experts today!