How Will Digital Transformation Affect Business Analysis In 2023

Gemma Walton

These trends will drive the Digital Transformation to new heights in the year 2023 and beyond. Digital Transformation Trends can help organisations stay on top of the latest changes to technologies and business practices.

But how will digital transformation affect Business Analysis in 2023?

Integrating new digital technologies is not always straightforward but can significantly affect how businesses function. Supply chains have an opportunity to achieve new levels of operational efficiency right now, take advantage of emerging digital supply chain business models, and evolve to become a digital supply chain. Supply chain digitalization, as well as Supply Chain 4.0, will be critical components in mitigating complexity of the world’s supply chain challenges in 2022.  

While the transformation of the digital enterprise is not about digital technologies per se, what is evident is that adopting and taking advantage of technologies within the social enterprise, the cloud, mobility, big data (analytics), cognitive computing, and IoT, among others, will accelerate change throughout society. It is in the degree of interconnection and the various accelerations that require profound enterprise-wide change that digital (business) transformation must be seen not as a buzzword but as a challenge, a force and, above all, an opportunity for organisations that will enable them to achieve the core business competencies they need to succeed in a rapidly changing environment where the speed of change touches on a myriad of phenomena, ranging from the acceleration of technological innovation and disruptions challenging the status quo of common business models to the need for speed in responding to changing customer and partner demands or unexpected events.

It is in the degree of interconnectedness and of various accelerations, which require profound enterprise-wide change, that digital (business) transformation is to be seen as more than a buzzword but as a challenge, force and most of all opportunity for organisations that will enable them to achieve the core business competencies they need to succeed in rapidly changing environments where speed of change touches upon a myriad of phenomena, ranging from the acceleration of technological innovation and disruptions challenging the status quo of common business models to the need for speed in dealing with changing customer and partner demand or unexpected events.

While the journey to digital transformation varies greatly depending on an organisation’s particular challenges and requirements, but also the prevailing themes among existing case studies and published frameworks, several consistent, general themes all business leaders and tech leaders must take into account.   

In this blog, we outline the focal points for digital transformation and discuss what they mean, how they might affect your company, as well as some challenges with the trend.

We will go into details on each to help you see how these trends could affect your business over the next few years. Keep checking back for what tech trends are going to have a major impact on your company’s workflow one way or the other, for critical company survival.   

Here are the trends that we think are going to make the biggest everyday impacts to how we work and conduct business in 2023. Let us look at what has changed over the past few years, and why a classical approach of IT, automating business processes, and website promotions is not working anymore for many businesses. Automation and data analytics services are still involved in most modern business processes.    

The gains are being made as many organisations are developing new approaches for digitising their products and services. If companies are going to keep up with the fast pace of digital changes today, they need to strive for greater efficiencies through technology where possible.

Companies should constantly be monitoring the latest trends for digital transformation in the marketplace and should work on adopting technologies that help them operate more efficiently each day if they wish to stay flexible and gain competitive advantage.   

If you are planning on expanding your company, incorporating new revenue streams, or creating digitally enhanced experiences for customers, leveraging your data is essential for conversion. In 2023, it is going to be critical that enterprise technologists walk the walk when it comes to digital transformation -- and that they have the right tools to implement a successful digitisation strategy. Business technologists will be critical in IT departments efforts to speed up organisational innovation.   

With increasing pressure for organisations to digitise their services, the importance of business technologists will be highlighted as critical players to accelerating innovation and digital transformation. Implementing AI will be an increasingly important function in businesses in 2023. Hyper-automation will improve performance, speed up time-to-market, and change employee and customer experiences.   

Hyper automation will accelerate decentralisation in the enterprise, as digital investments ramp up and strategy is focused on emerging opportunities. Not only will adopting automation provide many businesses with an inexpensive alternative to investing in an all-out digital transformation project, but also provide the foundation upon which to build new efficiencies over the coming years. Automation will be used for more than individual projects; it will continue to be a major driving force in modern digital businesses.   

Post-pandemic, complete digitisation is expected to arrive soon, and the survivors of the crisis have already amassed valuable lessons on their collective belts. The improvements in the capacity of processes are also prompting digital leaders to invest more heavily in the trend.   

Even Gartner’s chief of research said the only proper digital investments helped businesses achieve customer retention rates that were 2.7 times higher, customer satisfaction rates 1.6 times higher, average order values 1.9 times higher. With 2023 recession talk swirling around, being able to provide value for businesses effectively and predictably is more critical than ever.   

Despite, or maybe because, these challenges, companies continue to invest in digital transformation, building greater resilience and adaptability in their supply chains, vendor relationships, and decision-support capabilities, enabling the levels of insight and agility needed to respond to changing demands and market dynamics.

A McKinsey study found that nine in 10 companies think that their business models will have to change by 2023, or already have changed, and 64% think that they will have to create new digital businesses to stay financially viable. Yet, at the same time, they are operating in an industry in which digital transformation could bring massive cost savings, new offerings, alternate pricing models, optimisation of the customer experience, and even fundamentally new ways to conduct business, interact with customers, and their very business models.   

The main benefits entrepreneurs may enjoy from adopting the digital transformation model, however, each time, each company is unable to make a big impact from digital transformation benefits, evolving trends being one such cause.

After all, the past 10 years coughed up innovations that are changing the digital landscape. Companies have faced tremendous challenges, and they have experienced incredible amounts of change over the past two years, and this is not going to slow in 2023.    

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