Guest post originally published on the Msys Technologies blog by Sameer Danave, Senior Director Marketing, MSys Technologies
Suppose a company wants to keep being flexible and gain a competitive edge. In that case, it needs to keep an eye on the latest digital transformation trends on the market and work toward putting the technologies that will help it run more efficiently every day.
Artificial intelligence and machine learning technologies, increased automation, increased investment in blockchain technology, increased migration to the cloud, and the growing use of low-code platforms are some trends associated with digital transformation.
According to Statista.com:
- It is anticipated that digital transformation (DX) investment will exceed $1.6 trillion by 2023.
- Companies worldwide will spend $3.4 trillion on their transformation into digital organizations as they make a move.
The term “digital transformation” refers to more than simply a change in how we do business; it also refers to a change in how we live our lives. The four primary components of digital transformation are as follows:
The digital transformation process is complex, but if the right strategy is implemented, businesses may reap the benefits of this journey. Some benefits are making internal operations easier and automating labor-intensive tasks that would otherwise take time from employees.
What are the key digital transformation predictions for 2023?
Digital transformation is quickly becoming an increasingly relevant topic in both the business and governmental sectors, because of its plethora of advantages. Below are the primary forecasts for digital transformation in 2023, to help you yield the most benefits for your business:
1- Widespread Implementation of Low-Code Platforms for Faster Deployment
A low-code platform is a development environment that makes it possible for business users who need more technical expertise to design, construct, and deploy software applications.
Business analysts and other non-technical users can develop and build unique solutions without having to write any code because of the graphical user interface and drag-and-drop features provided by this software.
Below are top predictions in this area:
- By 2026, Gartner forecasts low-code development tools to account for 75% of new application development, up from 40% in 2021. Organizations must react swiftly to shifting trends.
- In 2026, Gartner expects 80% of low-code development tool users to be non-IT developers.
- With AI use rising, the industry is estimated to reach $187 billion in 2030 by 2023.
In recent years, there has been a rise in the adoption of low-code platforms due to the benefits these platforms offer in terms of saving time and money, increasing scalability, and lowering risk. These advantages have led to the development of novel use cases, such as:
1) Rapid prototyping
2) Rapid deployment
3) The creation of brand-new products
As these solutions advance, companies will embrace them more rapidly because they will be able to decide more quickly whether or not particular digital goods can thrive in their ecosystem. We anticipate that companies will adopt these solutions swiftly this year.
2- Accelerated Shift Toward Cloud Computing for Business Efficiencies
Cloud computing is becoming more critical to businesses for several reasons, such as lowering operational costs, making information more accessible, and letting maintenance tasks that are hard and repetitive be done by someone else.
To take full advantage of all of the one-of-a-kind benefits that cloud computing platforms offer, many companies will move their operations to the cloud due to technological advancements and increases in internet speeds. This trend will be most noticeable in places where the internet has always been slow.
3- Adoption of Artificial Intelligence and Machine Learning to Innovate Business Models
Artificial intelligence (AI) and machine learning (ML) are the most crucial technologies for digital transformation.
MarketsandMarkets’ research report predicts a 36.2% CAGR for the global artificial intelligence market, which will reach USD Artificial intelligence technology was well-received after its launch. Due to rising demand for AI technology across several industries, the global AI market is growing rapidly.
By 2029, AI will boost global GDP by USD 13 trillion. 65 percent of 1900 Deloitte respondents from seven nations said their AI deployments gave them a competitive edge.
4- Utilizing Intelligent Search to Make the Leap from Data Collection to Efficient Analysis and Data Usage
Intelligent Search uses AI technologies like machine learning, computer vision, semantic search, and natural language processing to give users search results that are more precise and catered to their particular needs.
It does this by breaking down the data silos that exist in enterprises and making it possible to pull information from virtually any data source.
Search intelligence can give quicker results and provides a single access point to business content sources. This enables data in both structured and unstructured formats to be upgraded, searched, and analyzed.
The average time workers spend looking for new knowledge and learning new skills is 1.8 hours per day or 9.3 hours per week. (Source: McKinsey)
5- Leveraging Business Process Automation to Increase Organizational Efficiency
Business process automation solutions enable companies to eliminate the need for human intervention in carrying out internal operations and hasten the process of completing such procedures.
Over 80% of business executives have stated that their companies are increasing their use of remote workers and advancing the automation of work processes.
Choosing the appropriate tools for business process automation is the most effective approach for accelerating automation. These technologies might help you get results faster and with less coding knowledge, which makes them a good alternative.
6- Increased Blockchain Investment for Safe Transactions, Cheaper Compliance Costs, and Quicker Data Transfer
Blockchain is a new technology that could be used in many fields, such as finance, healthcare, and the management of supply chains.
It will let you make smart contracts and store data forever without the possibility of any of them being changed. This will change the way business is usually done in many different industries.
The next significant development for blockchain in 2023 will be the expansion of potential to combine blockchain technology with internet of things applications. The expansion of the Internet of Things (IoT) industry throughout the world has necessitated a rethinking of how to handle IoT security in light of the emergence of increasingly complex security concerns. The scattered and varied nature of IoT technology is to blame for the majority of the complicated security problems associated with the Internet of Things (IoT).
Concerns over hacking will become more widespread in the year 2023 as the number of Internet of Things devices passes 26 billion. Now, those in charge of operating networks are tasked with finding ways to stop unauthorized users from disrupting their operations. The vulnerability of Internet of Things networks has been traced back in large part to the widespread use of centralized design for IoT systems. In addition to this, the connectivity that exists between the billions of devices that make up the global IoT infrastructure creates a larger target for security flaws.
The projections made for the future of blockchain in 2023 would also highlight the ways in which blockchain opens new opportunities for Internet of Things (IoT) security. Blockchain technology’s primary benefit is its transparency, which makes it possible for every member in a network to observe the blocks and the transactions that occur inside them. Concurrently, users of the blockchain are able to gain access to their private keys for the purpose of transaction management.
The decentralized nature of blockchain technology is an additional advantageous aspect for Internet of Things (IoT) security. Due to the fact that blockchain is decentralized, it is possible for it to overcome the challenge posed by having a single point of failure. Additionally, you can recognise the usefulness of blockchain for Internet of Things (IoT) security in the characteristic of immutability, which prohibits unauthorized alteration in IoT databases. This is another benefit of blockchain technology.
7- Virtual Collaboration to Work Quicker and More Efficiently
The COVID-19 epidemic was one of the worst things that could have happened to us in the previous two years. Still, on the positive side, it has considerably affected businesses’ decisions to start utilizing digital technologies or to embrace them rapidly.
Businesses found that they needed help to function properly when their employees worked from home, which led to increased investments in digital software that facilitates virtual collaboration, whether it be tools for collaborating as a team or collaborating on documents. This was a positive development.
We foresee an increase in investment in creating an environment for virtual collaboration that is superior to working from your organization’s offices.
8- Integrating Customer Data Platform to Capture, Clean, and Unify Data into Single Customer View
To provide data and analytics that are focused on the customer, a technology known as a customer data platform is used to connect various apps and databases.
Customer data platforms are utilized for the management of consumer information, the analysis of customer patterns, the identification of prospects for future marketing activities, and the construction of more personalized customer experiences.
Customer data platforms let you put together all the information about your customers that you get from different places and put it in one place. It allows you to make better decisions.
It is a very safe bet to assume that by the year 2023, we will witness a significant increase in the number of marketing teams implementing CPDs into their technology stacks. This is because CPDs provide a formidable set of capabilities. In addition, if the revenue growth of the industry over the course of the previous few years is any indication, there is an exciting future in store for the industry. According to information that was provided by the Statista Research Department, the income generated by the CDP business increased by a staggering 25% in 2022, reaching the $2 billion mark as a result.
9- Embarking on an Era of Maturation of Everything-as-a-Service (XaaS) Cloud Solutions
The XaaS style of doing business is relatively new and quickly gaining traction. The acronym “Everything as a Service” refers to a method of delivering software to consumers on demand. This approach expands the SaaS (Software as a Service) paradigm, which enables users to access software programs over the internet.
The XaaS model gives users access to various services, including infrastructure, data storage, and computing power, all from a single supplier.
In 2023, “everything-as-a-service” (XaaS) will also fuel cloud investments. XaaS is a broad category of internet-delivered goods and services.
XaaS gives consumers flexibility, scalability, speed, and cost savings through variable payment structures. Instead of upfront licensing fees and on-site equipment, they pay per usage.
Professional services businesses are bundling digital capabilities, data, or assets with people-based services using the XaaS model. Professional service providers may scale while corporations pay for results.
In 2023, entrants and legacy enterprises will build and improve their XaaS products. IMARC Group predicts the worldwide XaaS market to reach $624.1 billion by 2027 from 2021’s $198.6 billion.
10- Robotic Process Automation for Greater Businesses Autonomy
According to Forrester, RPA services market will reach US $12 billion by 2023. Everest Group predicts 65% cost savings using RPA. It allows transactional data registration and rapid decision-making. Deloitt predicts that RPA will be used by practically all firms in five years at the present growth pace. Thus, the RPA will be widely used by 2023.
RPA will continue to:
- Increase staff productivity.
- Improve business skills and accuracy
- Reduce Costs
- Increase overall earnings.
Robotic Process Automation automates repetitive processes step-by-step. So your personnel may focus on more important tasks.
In the context of digital transformation, the most critical developments in change management include early employee buy-in and engagement, training, effective technology use, and adopting agile methodology. Other significant developments include: To facilitate the process of change management, organizations need to apply these trends with caution. As per the current scenario we expect these predictions to come true. Though if any changes come along the way in these predictions we will keep you posted. What are your views about these predictions and changes? Do let us know in the comment section.
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Author: Sameer Danave, Senior Director Marketing, MSys Technologies
Bio: Sameer is a seasoned technology marketing professional with 16 years of full-stack marketing experience. He believes in 2 Cs – ‘Customer Value’ and Communications. All his Marketing campaigns and projects are packaged with it.
He drives phygital (physical + digital) campaigns that attracts and pulls customers towards the value of the brand. His marketing strategies apply omnichannel, conversational marketing tactics (Storytelling, Social, and Chatbot), AI-Enabled Inbound Marketing, backed by solid analytics, and insights with ‘content’ as a core part of the strategy.
Sameer is a team sport with meticulous planning, attention to details, and ability to perform under pressure – effortlessly.