MarketsandMarkets forecasts the digital transformation market to grow from USD 290.00 Billion in 2018 to USD 665.00 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 18.1% during the forecast period. I know this piece of news will delight leading digital transformation services around the world.
Markets-and-markets-analysis.pngThe report also reveals that the digital transformation market has witnessed substantial growth, owing to digitalizing organizational business functions to serve changing customer preferences and enhance operational efficiency, rapid proliferation of mobile devices and apps, and increasing penetration of IoT and adoption of cloud services, and need to improve operational performance to gain competitive benefits in the market. (Source: MarketsandMarkets)
As digital business transformation is going to take the center stage of most organizations, here are the top 10 digital transformation trends that will dominate the enterprise landscape in 2021.
Customers. Customers. Customers. The year of 2021 is going to be customer experience-driven and everything businesses must resonate with customer expectations and needs. Starting right from technology implementation to changes in organization models/culture, everything must embrace a customer-first approach.
Identifying technology, tools, and techniques to collect data from every stage of the business process is critical and companies are trying hard to invest in such elements for leveraging the data to actionable insights. The year 2021 will see companies focusing and investing mostly on analytics to gain a competitive advantage and leveraging data for delivering a better customer experience.
Data governance (big data)
The advent of technology like Big Data has enabled enterprises to amass a large volume of data for better decision making. But, the real challenge is what to do with tons of data garnered! Many brands are still clueless about leveraging the data amassed and turning them into actionable insight.
Defining a solution to overcome this growing challenge would top the agenda of most industry leaders in 2021. Data security along with data processing would be other priorities for organizations this year.
IT will become the “new” business enabler
2021 will see the rise of CIOs leading the digital transformation initiatives as they have a thorough understanding of the organization’s ecosystem and can take the digital initiatives to the stakeholders. This helps enterprises to overcome resistance to cultural challenges and new technology implementation.
Internet of Things
Indeed IoT. While we all have read about or in somewhat experienced about IoT, the truth is that the rate of adoption of IoT has not been uniform across industries. Today, IoT spending is dominated by the manufacturing sector.
However, IoT unleashes new opportunities for several industries, through smart connected products and machines, and enables the continuous collection of environmental and user data that can be used to improve business and service performance. 2019-20 could be the breakthrough year for the wide adoption of IoT.
A World Economic Forum report says – Historically, consumption patterns were based on a “first moment of truth” (influencer), then a “second moment of truth” (at retail) and then a “third moment of truth” (consumption). IoT has the potential to move all three steps to a “continuous moment of truth”. This effectively reduces the traditional barriers to entry and could affect business models as it changes the economics of trial.
Conversational Artificial Intelligence & ML
Artificial Intelligence will move from boardroom talk to adoption; from use only by large, tech-savvy corporations to enterprises of all sizes across industries; from use cases in limited scenarios like banking/ customer care to several business processes. Why?
Because of three reasons.
(1) Digitalization has given rise to very large, diverse data sets, and an ever-accelerating accumulation of data
(2) The rapid growth of computing capacity and decreasing prices, which enable the processing of large data sets by an increasing number of users
(3) Evolution of new data-use algorithms.
And, as AI is capable of learning and making decisions almost in the same way as human beings and enables machines, devices, programs, systems, and services to function in a manner that is sensible – enterprises will lap up the possibility of making sense of data through AI.
Industry leaders like Microsoft are trying hard to come up with conversational AI to help users with solutions to even the most critical and complex queries. The practical application of the advanced conversational AI will take some time and this year most industry leaders are laying the foundation for the same.