Given the noticeable and quick progress of digitalization, it is well accepted that digital practices are changing business landscapes.
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Introduction
The reports of Statista which say that spending on digital transformation (DX) in the year 2022 is projected to reach 1.8 trillion U.S. dollars and by 2025, global digital transformation spending is forecast to reach 2.8 trillion U.S. Dollars, compel us to think about the driving force behind digital transformation.
Digitization is a powerful tool that is gradually transforming and revolutionizing multiple aspects such as business and society. It has made life easy-breezy. Digital Transformation has by-far bestowed upon us multitudinous boons. Getting the payment bills on phone, filling application forms online, booking your appointment digitally, becoming globally approachable, being able to communicate with the world, and a lot more is achievable because of digital transformation. In existing conditions, the digital empowerment of a person is directly proportional to his/her growth. Digitization is paving its path in many spheres of human life.
The supremacy of digital transformation over Covid-Crisis
The unforgettable years of the Covid pandemic manifest the significance of digitization. In response to the pandemic, Digital transformation processes of technology and energy companies increased briskly up to 78% and 77% respectively (published on Statista). The businesses were devastated, employment was dwindling, healthcare was undermining, educational institutes were shut down and people all across the globe were suffering. In such a horrific period, we realized the importance of digitization and started utilizing it to the best. Businesses, education, healthcare, and employment, everything eventually started using digital platforms. Digitization became the hope of many people.
Words of Reports and Scholarly People
According to the SAP Concur Survey 2021, Digital transformation has become the mode of business reliance. To go hand-in-hand with technology is important for staying competitive in any field. More than 70% of businesses rely upon the digital world and 11% of the total organizations have become fully automated. Digital Transformation is empowering business leaders.
Digital Transformation is endless
Digitization is for all, it assists us in applying new processes, improving workflow efficiency, reducing manual efforts, managing expenses, etc. Irrespective of the size of an organization, it can help everybody to become astounding.
Digital Transformation Trends To Look Forward to in 2022
Digital Transformation in itself is a trend; it is continuously walking on the path of change by adopting new methodologies. It has been reported that digital transformation along with Artificial Intelligence and Machine learning will become the number one driver of global Gross Domestic Product (GDP). It will also intensify the lending and credit industry and will help in reducing financial risks. Let us become cognizant together about the upcoming trends in the field of Digital Transformation.
Datafication is a technological trend involving the conversion of information related to all aspects of life into data. This term was coined by Kenneth Cukier and Victor Mayer in 2013. It is a methodology to adopt data-driven technologies for daily chores and occupations. Datafication has become the ultimatum of present circumstances including business, economy, education and day-to-day work. It is a more reliable form to store and manage information safely and securely. For all the technologically driven appliances, data is going to be stored for eternity. It surely according more value to our lives. Considering the tremendous increase in population and information, datafication will be a blooming trend for upcoming years.
- Data Fabric: Unique Feature of Datafication
Data Fabric means collecting and organizing data along with making it available whenever demanded. Approximately all the sectors of the human workforce are benefited from it.
- Artificial Intelligence and Machine Learning
Artificial Intelligence and Machine Learning are acquiring superiority in the world of digital transformation. From controlling our Cars, ACs, and Televisions with remotes, to predicting consequences and forecasting weather, this is possible because of AI and ML. These two technologies take advantage of predefined algorithms embedded in them for producing the desired results. These trends will be shining more and more in the future and will be symbolizing advancement.
- Smarter Devices: The Benefaction of AI
From wearable to home appliances, our devices and gadgets are becoming more intelligent and apt to receive commands and produce a result. This tangible aspect of digital transformation is making life easier and more manageable.
Hyper-automation, Autonomic Systems, AI Engineering and Generative AI are some of the blossoming terms of the digital market which are enhancing the abilities of appliances and businesses to automate to a greater extent. This is the knack of Artificial intelligence.
- Computerization of Power and Quantum Computing
The journey of digitization from 1G to 5G has been remarkable; this gives us insights into the additional growth of Generations to a greater extent. This will be empowering the appliances such as phones, laptops, and personal computers, spectacularly. Computerizing appliances will be flourishing in the coming years.
Quantum Computation is a boon of Quantum Science. It generates faster and more reliable results after using phenomena such as superposition and quantum entanglement. This has been deployed by the medicinal and finance departments. This form of computation is stretching its arm and will be revolutionary in the field of digitization.
- XR
XR stands for extended reality which encompasses and contains Augmented Reality (AR), Virtual Reality, and Mixed Reality. This is becoming more sounding in the field of mobile computing. It brings the sense of reality of something without the presence of that particular thing. Mobile games are the epitome of Extended reality, and this technology is still growing to provide phenomenal experiences.
- Compo-sable Appliances
Compo-sable Appliances are one of the major upcoming trends of digital transformation. It deals with the inter-relationship of components of a digital system. These components can be assembled and reassembled at any stance to produce the desired effect and result.
- 3D Printing
Producing real models with the help of 3D printers and 3D pens is attracting everyone`s attention. This technology is mainly utilized by the medical and industrial sectors to produce prototypes helping in displaying the small 3D layout of a car, aircraft, or building model. The use of 3D printing will be extended to other fields as well.
- Robotics Process Automation
Have you ever wondered about getting automatically generated e-mails? Automation of business, response, application, payment and data management is possible because of Robotics Process Automation (RPA). This not only reduces the manual efforts but also makes the system more efficient, advanced, time-saving and reachable and competitive.
- Edge-Computing
Edge-Computing is a technique to process time-sensitive data without the availability of broadband. It is dominating cloud computing. This trend is mainly centered upon real-time data processing.
- Blockchain Technology
Block-Chain Technology is no anymore limited to maintaining the transaction records related to Cryptocurrency. It has taken a new form of technology where information can be continuously added without compromising the safety and security of previously stored information as it cannot be deleted by any entity.
- Internet of Things(IoT)
The Internet of things is directly linked with the interconnection of devices over the internet to exchange data. This is possible because of the embedded software and sensors. There are Billions of connected IoTs and this number will increase remarkably. This is boundless technology and includes business, home appliances, fitness gadgets, etc.
- Cyber Security
Though, Cyber Security is not a new trend but it is evolving more and more, giving rise to a new term called Digital Trust which is very frequently used by the finance department. Because of the developing field of Cyber Security, we are becoming cognizant about Cyber Security Mess and Privacy Enhancing Computation, which are the upcoming trends of digital transformation as well as Cyber Security. The sector of Distributed Enterprises needs Cyber-Security the most.
- Massively Online Open Courses
Breaking the boundaries of education, MOOC will be allowing students to step out of the four walls of a classroom and study from the most scholarly, professional, and experienced mentors online. MOOC will be growing remarkably in the coming time.
- Digital Transformation in Healthcare
The Healthcare department has been employing digital tools for diagnosing diseases, designing and developing medicines using X-rays, CT Scans, and Artificial Intelligence. Genomics is a forthcoming technological tool in healthcare. It is the technique of studying genes to determine diseases and cure them. Digitization will surely be modifying the healthcare system globally.
Digital Transformation Doesn’t Need To Be A Million-Dollar Project
Find out how automation of processes through apps can help your digital business transform inside-out