Top 10 Digital Transformation Trends in 2023
Since COVID-19, companies started to invest in digital transformation methods for the survival of their business. It is a fact that appropriate technology helps an organization to scale up rapidly.
Business leaders are actively focusing on digital transformation initiatives to drive efficient business growth. If you are also curious to expand and automate your business processes with digital transformation trends in 2023 then check out the below article.
Key Digital Transformation Trends in 2023
#1 Artificial Intelligence (AI) and Machine Learning (ML)
From the customer’s perspective, AI helps companies to recognize the purchasing patterns and shopping behavior of the customers. It provides data-driven personalized recommendations to customers that result in driving sales and promotes a positive customer experience.
According to Forbes, around 292 AI unicorns were developed in the USA in 2022. So, without any doubt, it is a fact that more AI and ML enabled unicorns will emerge in the year 2023.
With the help of AI and ML, companies can reduce their dependency on human workforces.
#2 Robotic Process Automation (RPA)
For decades companies are struggling with human errors. It is a fact that successful digital transformation from 1980 to 2022 helps the company to reduce human errors to a large extent.
However, now companies are taking a step forward to reduce human errors with Robotic Process Automation. In the year 2022, IDC issued a whitepaper that states human errors cost over $62.4 million every year.
With the proper implementation of Robotic Process Automation, this figure can be reduced to a large extent. However, the lack of skilled manpower is the major restraint for proper RPA implementation.
According to Prnewswire.com, the global market for RPA will be valued at $18.69 billion by the year 2030. Moreover, many companies are planning to reduce the cost of Robotic Process Automation development so that SMEs can also utilize them in the majority of their business areas.
#3 From 4G to 5G
5G can generate a 10 times fast speed of operations as compared to its predecessor (4G). With 5G, now companies can experience lower latency, high transmission of volume in a minimal time, and many more benefits.
High band 5G ranges from 24 GHz to 54 GHz. This range is perfect for companies who are aiming to implement AI, ML, RPA, and many more digital transformation trends.
5G will also empower companies to promote remote work practices more efficiently because employees will be able to commence activities at a faster speed.
#4 Empowering Transformation in Cybersecurity
AI and ML work on data, even cloud computing also works on data and almost all technologies work on data. So, it is the foremost duty of companies to guard their precious data against potential cyber-attacks.
It can be analyzed that massive growth will be seen in cybersecurity activities in the year 2023. This will involve implementing multi-factor authentication, encryption, and regular software update measures.
The development of Intrusion Prevention Systems (IPS) and Next-Gen Antivirus (NGAV) will provide multi-layered network security to companies so that they can protect themselves from cyberattacks.
#5 Investing in Secure & Peer-to-Peer Network through Blockchain
Blockchain works through the peer-to-peer network and it stores the data securely through a built-in encryption network. From the lens of digital transformation, blockchain is viewed as a system to increase trust, security, and transparency.
Now, companies are actively testing blockchain-enabled solutions to secure their data records. In the IT universe, it is believed that blockchain supports immutability and data cannot be hacked within the peer-to-peer network.
By the year 2029, the blockchain market can grow to $163.83 billion from $7.18 billion in the year 2022.
This data showcase that blockchain technology will transform the basic functionality of the companies to store their data. Till 2029, almost all companies will prefer to keep their data within peer-to-peer networks instead of external platforms.
With the help of Metaverse, companies will be able to promote their customer experience. 3D virtual spaces will be the new normal for customers due to Metaverse functions. For example: within the 3D virtual spaces, customers will be able to interact with brands like they do in real-time.
However, Metaverse is not a cost-effective approach but investing in Metaverse platforms will be beneficial for the companies to gain ROI in the long run.
#7 Remote & Hybrid Model
Since COVID-19, the trends for work-from-home and remote working practices increased at the global level. And it is expected to continue in 2023 as well.
Organizations are now utilizing their in-house as well as external project management tools so that they can govern hybrid working practices.
Also, they need to invest more in tools for hiring remote workers and infrastructure to support remote collaboration and communication.
#8 Emphasis Towards Sustainable Technologies
Since the last decade, customers have started appreciating those organizations that are adopting biodegradable, green energies and sustainable solutions into their business operations.
Currently, organizations have started to craft policies to accomplish the aim of zero carbon emission methods. Thus, it is analyzed that companies will transform their manufacturing methods, supply chains, and production functions with green energy.
#9 Cloud Services
Companies cannot deny the importance of cloud services because it helps them in better collaboration, easier scalability, cost savings operations, minimizes data loss prevention, and many more.
MNCs and SMEs are utilizing these top cloud computing software — Google Cloud, AWS Cloud, Oracle Cloud, etc. In the year 2023, more cloud computing platforms will emerge to support the digital transformation trends.
#10 From Petrol/Diesel Engines to Electric Mobility
In the year 2023, digital transformation will not only be witnessed in managing projects but the digital transformation will be witnessed into the supply chain by promoting electric engines.
The use of electric engines will help companies to fulfill their aim of reducing carbon emissions.
The Final Words
Various digital transformations will be witnessed in the upcoming years and 2023 will be a gateway for emerging transformations. It is important that an organization conduct proper decision-making and brainstorming regarding which technology they should prioritize.
All the above technologies incorporate the huge potential to help companies in various ways — such as some technology will reduce the workload of the human workforce, while some will increase customer engagement, and many more.
Source: This article is originally published on Competenza Innovare’s blog.