Businesses must continually monitor the most recent digital transformation trends in the market and strive to implement the technologies that will help them run more efficiently every day if they want to remain agile and achieve a competitive edge.
Typical digital transformation trends include wider adoption of no code / low code platforms, increased migration to the cloud, leveraging AI and ML technologies, increased automation, and wider investment in Blockchain.
The journey of digital transformation is challenging, but if the ideal strategy is put in place, organizations may benefit from it by streamlining internal operations and automating labor-intensive tasks that would otherwise need a lot of employee time. Identifying where your organization stand in the stages of digital transformation and implementing best practices also helps in this journey.
Digital transformation trends help organizations keep track of the latest changes in technology and business methods including KPIs. This allows them to keep their systems up to date and improve their efficiency. Additionally, they can help organizations identify new opportunities for improving their business processes.
In 2022, spending on digital transformation (DX) is projected to reach 1.6 trillion U.S. dollars. By 2026, global digital transformation spending is forecast to reach 3.4 trillion U.S. dollars.
source: statista.com
What are the key digital transformation trends?
The components of digital transformation are becoming increasingly important in both the private and public sectors because of its enormous benefits. As businesses become more global and interconnected, they need to find ways to adopt digital technology more effectively.
Utilizing digital transformation trends and topics is one approach to make sure you are heading in the right direction. By offering suggestions on ways to enhance your daily practices, trends can assist you determine how your organization is responding to changes and achieve successful digital transformation.
Here are the key digital transformation trends:
1- Wider adoption of low code platforms
Low-code is a development environment that enables non-technical business users to design, build, and deploy software applications. It provides a graphical user interface and drag-and-drop tools that allow business analysts and other non-technical users to design and create custom solutions without coding.
The use of low code development platforms has increased in recent years due to the benefits they offer in terms of time, cost, scalability, and risk reduction. These benefits have given rise to new use cases such as:
1) Rapid prototyping
2) Rapid deployment
3) New product development
We anticipate that as these solutions progress, businesses will adopt them more quickly because they will be able to determine more quickly whether certain digital products can survive in their ecosystem. Check out the latest low code trends to future proof your business!
2- Increased migration to the cloud
One of the most discussed digital transformation topics is the data migration from on-premises to the cloud.
Businesses are relying more and more on cloud technologies, particularly when it comes to cutting expenses, improving accessibility, and outsourcing tedious routine maintenance work.
More businesses will move to the cloud as technology develops and internet speeds rise, especially in nations where they have historically been slow, in order to take advantage of all the unique advantages they provide.
In order for businesses that handle sensitive data to start adopting cloud technologies, cloud technology providers must overcome a difficult challenge: strengthening their security model.
3- AI and machine learning
AI and ML are the most discussed technologies between all digital transformation topics. AI is important because it can help organizations make better decisions by providing insights about customer behavior, demographics, and what they want. ML is important because it can help companies use data to create personalized experiences for their customers.
More and more software utilized by companies incorporates these two technologies to help them develop the intelligence needed to free staff members from tedious activities and assist senior management in making wise judgments.
4- Intelligent search
To give consumers more accurate and personalized search results, Intelligent Search employs AI technologies such as machine learning, computer vision, semantic search, and natural language processing. It breaks down data silos in businesses, allowing information to be extracted from potentially any data source.
Search intelligence can deliver smarter results faster and provides a single point of access to enterprise content sources, allowing data to be enhanced, searched, and analyzed in both structured and unstructured formats.
Employees spend 1.8 hours every day searching for and acquiring information, that’s 9.3 hours every week on average!
Source: McKinsey
5- Automation
Automation is one of the biggest elements when looking into the digital transformation ideas to follow.
Business process automation solutions assist organizations in removing the requirement for human execution of internal procedures and accelerating their completion. In the medium to short term, these technologies offer the potential to increase productivity, enhance the customer experience, and digitize operations, however they do require a learning curve to get any project off the ground.
Over 80% of corporate leaders say they are accelerating work process automation and growing their usage of remote labor. The greatest method to accelerate automation is to select the right business process automation tools, which may assist produce faster outcomes with less coding skills.
These tools, when used in combination with digital signature software, will transform how your company operates on a daily basis.
6- Increased investment in Blockchain
Blockchain is an emerging technology that can be used in various industries like finance, healthcare, supply chain management, etc. It has the potential to disrupt the traditional way of doing business in many sectors by enabling us to create smart contracts and store records permanently without any possibility of being tampered with.
As software suppliers need a more secure environment to prevent sensitive information from being leaked to the public, this technology is also regarded as a crucial element in the list of digital transformation trends to watch for.
7- Virtual business collaboration
The COVID19 pandemic was one of the worst things that could have occurred to us in the past two years, but on the bright side, it has significantly influenced companies’ decision to begin using or aggressively adopting digital technologies.
Businesses discovered that they could not function while their employees worked from home, which encouraged increased investment in digital software that facilitates virtual collaboration, whether it be collaboration tools or document collaboration tools.
We anticipate increasing investment in creating an environment for virtual collaboration that is even better than working from your company’s offices.
8- Customer data platforms
A customer data platform is a technology that connects different applications and databases to enable customer-centric data and analytics.
Customer data platforms are used for managing customer information, analyzing customer trends, identifying opportunities for future marketing efforts, and building more personalized customer experiences.
Customer data platforms are a way to integrate all of the information about your customers from different sources into one place so that you can make better decisions.
9- Everything as a Service (XaaS)
XaaS is a new business model that is becoming the most popular between all the different digital transformation ideas. It stands for Everything as a Service, and it is a way of providing software on demand to customers. This model is an extension of the SaaS (Software as a Service) model, which provides access to applications over the internet.
The XaaS model provides access to all kinds of services from one provider, including infrastructure, data storage and processing power.
One example of an XaaS company is Amazon Web Services, which provides cloud storage and computing services to their customers.
What are the top 3 trends of digital transformation?
The top three digital transformation trends include change management, growing cloud migration, and the use of advanced technology like as Artificial Intelligence and Machine Learning. These trends can assist you in being more competitive and adaptable, which will help to future-proof your business model.
Which are the current trends in change management in context to digital transformation?
The most essential trends in change management in the context of digital transformation are early employee buy-in and engagement, as well as trainings, effective technology utilization, and the adoption of agile methodologies. Organizations must carefully implement these trends to help the change management process.
