Culture, especially business culture, historically has shown some degree of resistance to change. However, companies must embrace change, in particular a digital transformation to stay competitive and relevant in the rapidly changing business landscape. As companies face into a new year of digital transformation emerging technologies have the potential to increase productivity for business.
2018 will be a year of epic transformation, companies must act on this change or face being left behind. Digital transformation is a natural evolution from traditional business, which is much more suitable to the modern world of gadgets, connectivity and social medias.
Every time there is a natural progression of business models, there are more opportunities for innovation, scalability, and agility aiming to change processes and to reach new prospects and markets.
So, what are companies to expect from the new year?
To talk about the “digital transformation” it is important to explore technologies which will enable businesses to flourish in this world dominated by social media, mobile devices, and connectivity exploring all information that can be collected, processed and shared. Companies that do not evolve fast enough will be less competitive or even obsolete as they face disruptions in every industry.
Companies will begin to use software to connect different databases and computer services. Combined with the blockchain Internet of things, it will be as easy to get data from sensors in a warehouse as accessing websites on our mobile phones. When manufacturers, retailers, regulators, and transportation companies have real-time data from sensors imbedded on products, trucks and ships, everyone in the distribution chain can benefit from insights that they were previously unable to get.
Digital transformation will affect not just business, but the very fabric of society itself. The magnitude of all that data, combined processing power with the power of artificial intelligence will help machines better orchestrate our physical and human resources. Many companies will evolve into “digital conductors” of the technology and environments surrounding them.
The importance of customer experience
45% of leaders in mid-to-large organisations believe they could be obsolete within five years, and 78% see start-ups as a threat to their business.
Putting customer experience first has never been more important. With predictive analytics, machine learning and artificial intelligence at the forefront, companies can better understand and serve customers with the aid of these new tools.
Over the next decade, emerging technologies such as artificial intelligence will help people to find and act on information without interference from emotions or external prejudice, while empowering them to exercise human judgement where appropriate.
In this increasingly interconnected world, our reliance on third parties has never been greater. The ripples of chaos spread further and faster now that technology connects us in previously unimaginable ways.
2018 is slated to be a year of action for multinational corporations, further inspired by the onslaught of new regulations such as GDPR, affecting anyone dealing with EU data subjects.
Prioritising the implementation of cybersecurity tools and technologies to effectively protect data and prevent threats will be a growing imperative.