Digital transformation has recently become a highly sought-after holy grail among businesses worldwide, with a staggering 89% of enterprises either in the process of adopting or having already adopted a digital business strategy. Global spending on digital transformation exceeded 1.5 trillion US dollars by the end of 2022 and is projected to reach 3.4 trillion US dollars by 2026. This shift towards digitalization is fueled by a number of trends, including the utilization of artificial intelligence (AI) and machine learning (ML) technologies, automation, increased investment in blockchain, a rising trend of migration to the cloud, and wider adoption of low code platforms.
AI is the ability of machines to perform tasks that typically require human-like intelligence, such as learning, problem-solving, and decision-making while ML is a subset of AI that involves training algorithms to learn from data without being explicitly programmed. In 2024, it is expected that AI and ML will play a significant role in digital transformation. By using AI to analyze customer data, organizations can gain valuable insights into customer behavior, demographics, and preferences, which can inform decision-making and strategy. ML can be used to predict future outcomes based on past data, allowing organizations to make data-driven decisions and optimize business processes. These technologies can also be used to automate tasks, freeing up employees to focus on more high-value work and increasing efficiency. Additionally, AI and ML can enhance customer service by providing personalized recommendations and assistance, improving the customer experience.
Automation is the use of technology to perform tasks without human intervention. In 2024, it is expected that automation will be a key trend in digital transformation, as organizations look for ways to streamline internal operations and reduce the time and resources required to complete certain tasks. Automation can be achieved through the use of various technologies, including robotics, AI, and software systems. For example, robots can be used to perform tasks such as manufacturing, assembly, and packaging, while AI can be used to automate tasks such as data entry, customer service, and decision-making. Automation can also be achieved through the use of software systems that are programmed to perform specific tasks, such as invoicing, scheduling, and reporting. By automating labor-intensive tasks, organizations can increase efficiency, reduce costs, and improve the accuracy of their work. Automation can also free up employees to focus on more high-value work, such as strategy, innovation, and customer service. However, it is important for organizations to carefully consider the potential impact of automation on their workforce and to plan accordingly to ensure that employees are trained and supported as they transition to new roles.
Increased investment in blockchain by leaders minded towards further digitally transforming their businesses is also expected in this new year. Blockchain is a decentralized, distributed database that enables secure and transparent record-keeping. It can be utilized to improve supply chain management, enable secure and transparent transactions, and ensure data integrity. As businesses become more global and interconnected, they are expected to invest more in blockchain in order to enable secure and transparent transactions.
The migration to the cloud is also a notable trend in digital transformation. Cloud technologies can assist businesses in reducing expenses, improving accessibility, and outsourcing tedious routine maintenance work. As technology develops and internet speeds rise, especially in countries where they have historically been slow, businesses are expected to move to the cloud in order to take advantage of the unique advantages it provides. However, for businesses that handle sensitive data to start adopting cloud technologies, there is still some work to be done by cloud technology providers in bolstering their security infrastructure.
Finally, wider adoption of low code platforms is expected to be a hot topic in the coming years, with early adopters getting the lion’s share of its beneficial transformative effects. Low code platforms are development environments that enable non-technical business users to design, build, and deploy software applications without writing code. These platforms provide a graphical user interface and drag-and-drop tools that allow business and functional analysts as well as other non-technical users to create custom solutions. The use of low code 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 rapid prototyping, rapid deployment, and new product development. As these solutions progress, businesses are expected to adopt them more quickly because they will be able to determine more quickly whether certain digital products can thrive in their ecosystem.
In conclusion, digital transformation is about changing the way we do business and the way we live by integrating data, technology, people, and processes. Some of the key ways that are expected to be utilized to assist businesses in keeping track of the latest changes in technology and business methods in order to improve their efficiency and identify new opportunities for upscaling their business processes in 2024 were highlighted above; still, first and foremost, digital transformation is less of a static target that can be ‘hit’ and more of an ongoing mindset that thriving businesses must adopt to stay relevant in an ever changing landscape. Want to digitally transform your business? Book a call today and one of our experts at bluedot agency will be thrilled to guide you!