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.
Useful Links:
https://magenest.com/en/4-main-areas-of-digital-transformation/
https://enterprisersproject.com/what-is-digital-transformation
https://www.launchconsulting.com/posts/3-truths-about-data-you-cant-ignore-in-2023
https://www.i-scoop.eu/digital-transformation/
https://www.linkedin.com/pulse/top-digital-transformation-trends-watch-out-2023-rejigdigital?trk=pulse-article_more-articles_related-content-card
https://intellisoft.io/key-trends-shaping-digital-transformation-you-shouldnt-miss-in-2022-2023/
https://olive.app/blog/top-10-digital-transformation-trends-for-2023/
https://financesonline.com/digital-transformation-trends/
https://www.navisite.com/blog/insights/six-trends-driving-digital-transformation-in-2023/
https://www.information-age.com/digital-transformation-trends-in-2023-123500903/
https://theecmconsultant.com/digital-transformation-trends/
https://www.forbes.com/sites/bernardmarr/2022/10/03/the-5-biggest-business-trends-for-2023/
