What is Digital Transformation?
In all business areas, digital transformation integrates digital technologies, radically transforming how you work and bringing value to consumers. It is also a cultural transition that allows organizations to question state affairs on an ongoing basis, experiment, and be comfortable with failure.
As we are living in the digital era and we have stopped doing work manually. We have machines, devices, electronic gadgets all around. In 2021 and beyond, organizations will need to augment digital initiatives.
A global technology research center report shows that in 2021 there will be rapid scaling of digital initiatives across industries.
The 2021 digital transformation trends include Artificial Intelligence (AI) and Machine Learning (ML), Increased digital partnerships, mergers, acquisition activity, expanding public cloud adoption, and improved digital transformation success metrics.
Here Are Some Digital Transformation Trends for You:
The digital-ready culture:
Many CIOs within organizations have more significant pressure to digitize services quickly at scale to meet rising customer demands and create new revenue channels. As a shared and mutually reinforcing series of values and practices that allow for high performance in the service of innovation and execution in a digitally empowered business environment, the digital-ready community.
The democratization of innovation:
Business users are trying to develop digital customer experiences more quickly. By encouraging the organization to self-serve and produce solutions faster, IT needs to accelerate cultural change.
Enterprises face application proliferation. In the marketing technology landscape, there are about 8,000 apps. Fifty-two percent of organizations claim that IT has created the most business value by creating reusable integration assets that save time and money on potential projects.
A groundswell of applications has been created by Hyper specialization, leading organizations to transition to a composable sector. They become more agile, where digital capabilities will consist of existing applications that use APIs instead of being built every time from scratch.
Many organizations use automation to drive operational efficiency and improve business processes. APIs are critical in driving automation and scaling productivity. Automation is a powerful tool and remarkable innovation in the digital era.
81% of IT organizations use an automation tool instead of working manually to automate tasks, allowing team members to focus on innovation over the next 12 to 18 months. Automated tasks can increase IT productivity and efficiency in the meanwhile reduce human errors.
30% of IT decision-makers claimed that automation is a significant business initiative tied to digital transformation. McKinsey & Company(1) estimates that automation could raise productivity in the global economy by up to 1.4% annually. Salesforce(2) reported that 70% of service agents believe that automating tasks will allow them to focus on higher-value work. The PwC Finance Effectiveness Benchmarking study(3) found that up to 40 percent of the financing function time can be reduced with automation and behavior improvement.
( Also Read: Emerging Trends in Digital Banking to Watch )
AIaaS (Artificial Intelligence-as-a-Service):
Artificial intelligence advancements consumers companies are now 77%. For instance, numerous technological developments, data processing, and face & speech recognition have become conceivable because of AI. Artificial intelligence is an immense region AI platform, chatbots, machine learning, deep learning, and analytics (algorithms consisting of different libraries and frameworks).
Artificial intelligence has contributed to the increase in the use of ML in computing. Artificial intelligence has profoundly led to the development of a cloud computing system. With a new range of services, such as digital assistance, cognitive computing, machine learning, business intelligence, and so on, many IT companies are now wagering massively on AIaaS (Artificial Intelligence as a Service).
The average enterprise has 900 applications. The new endpoints generating rapidly create a new path involving that requires robust API security. Customers rely more on the companies that enable strong and secure systems for them. This is why 84% of the clientele is owned by the companies providing strong API security controls. Security is the topmost technological investment in this new era. People tend to rely on secured companies more.
According to Verizon, 43% of data breaches this past year resulted from a web application vulnerability. 90% of web-enabled applications will be more exposed to attack by API weaknesses than through the user interface, Gartner reported. According to Gartner, by 2022, the attacks and API abuses will be highly threatening for companies that use web-enabled applications. Akamai says that 83% of web traffic is now API traffic.
As per customers’ liking, companies are rapidly turning into microservices to hold on to their valuable customers. Companies are turning into microservices to provide high-end networking services with security deployment to their customers.
The data divide:
To meet the customers’ expectations, organizations are working swiftly on data extraction, cleaning, and manipulating to gain insights. In 2021 organizations will separate data from their competitors and customers. This is the ability to unlock, analyze, and act on data that will become foundational to growth.
Organizations are shifting their time and efforts towards data analytics to enhance customers’ experiences. Using data analytics, many manufacturing firms also record runtime, downtime, and work queue for different machines to help plan the workload of the workforce and function closer to full capacity.
As-a-Service (aaS) has already become the standard of turning into a truly digital-native enterprise. The introduced features in the aaS model include Everything-as-a-Service (XaaS), in which the services are provided to function for almost every task. Tools, for example, the Internet of Things (IoT) and Artificial Intelligence (AI), will play a critical part in building those services to maintain the digital-native condition.
Regardless of never losing its significance thoughtfully, cybersecurity had tumbled off the rundown of critical tech trends last year, yet cybersecurity has become extremely important again with the pandemic. Hackers have exploited the virus outbreak to grow their attacks against organizations around the world to build distraction.
Reports from January to April 2020 note, 238% ascent in attacks on banks and a 600% expansion in attacks on cloud workers were observed. With fewer employees working nearby onsite on the same secure network, organizations must shore up their cybersecurity strategies and grow them to home networks and mobile work-from-home devices.
Finally, it is time to explore your company’s intersection of engaging and meaningful consumer interactions enhanced by digital transformation trends and creativity. Trends in digital transformation have become a global business movement, and to succeed in the digital economy, you must remain tuned to the universal paradigm.