Digital transformation is no longer an option but has become a fundamental business strategy that must be included in business operative initiatives. Today, businesses are changing their focus from traditional technology management to projects that boost the growth of the business. Digital transformation allows collaboration between enterprises, advanced techniques of engaging with customers, innovations in the workforce and provides valuable insights from various data. All of these allows a business to grow and expand. So, if your organization is still paper-based, approach a reliable data conversion company to convert all your paper-based data into digital data and with the right set of technology and tools, these data can be used to make quicker decisions.
As technology keeps advancing, digital transformation continues to evolve and new ways will be discovered to get work done and improve the efficiency of the business. Therefore, businesses should keep track of the latest advancements and trends in digital transformation and keep updating and evaluating their technological system to improve the efficiency, competencies and skills of the team.
The following are the eight digital transformation trends anticipated for 2021.
- Focus on Contactless Solutions: The switch to digital technologies has led to minimal face-to-face contact, according to Deloitte. The contactless solutions has increased the use of video conferencing in the B2B ecommerce services.
- Shift to Virtual Interactions: To avoid the spread of the virus, companies have asked their employees to work from home. According to an article by Stanford, in the US, 42 percent of the workforce are working from their homes and only 26 percent (essential workers) are at their work stations. It is expected that the digital transformation trend will be there throughout 2021. To avoid the issues of lack or personal interaction, companies are encouraging video conferencing capabilities and there will more focus on internal messaging and social media capabilities.
- More Investment in Digital Transformation: With digitization of all vital documents in an organization the employees are able to collect, share, gather and analyze the data better to make quick decisions. According to Global Trade Magazine, the restriction on movement, office shutdowns and other supply interruptions are now increasing the adoption of digital transformation. According to Statista’s prediction, global digital transformation spending will be double between 2020 and 2023.
- Upgrade of Digital Communications Network: With every year, the demand for digital services is rising and this has led to the acceleration of 5G cellular service that provides huge speed internet and high-volume data communication. It is expected that WiFi-6, which will increase download speeds by a factor of three, will be introduced soon.
- Rise in Predictive and Prescriptive Analysis: Predictive and prescriptive analysis are key digital transformation trends for 2021. While predictive analysis helps to predict trends and plan for the future, prescriptive analysis helps to analyze the potential outcomes and provide various options. These analyses help business to stay ahead of competitors.
- More Focus on Omni-Channel Retailing: In the beginning of 2020, it was predicted that omni-channel will become the norm and it is an important factor of success for business. This is because omni channels treat both online and offline stores the same way. Omni channel supply chain is a key digital transformation trend that helps to minimize internal barriers and silos and provides unprecedented visibility across the platform.
- Investment in Scenario Planning: The spread of COVID-19 was the worst ever pandemic that the world has ever faced and it has brought some significant change all around the world. This is also highlighted the need for enterprises to come up with new alternative solutions in case of the uncertain future. Scenario planning cannot predict the future of the economy but it can guide enterprises to be prepared for the post -COVID scenario.
- Increased Investment in Cloud Technologies: The use of cloud technology is on the rise and it is expected to increase in 2021. Cloud computing allows remote employees to access any organizational data easily and it also provides unparalleled agility and scalability, allowing organizations to act quickly to new challenges and embrace new opportunities.
Allbirds is a San Francisco-based start-up whose eco-friendly shoes have become staples in Hollywood and Silicon Valley wardrobes. With the outbreak of Covid-19 pandemic, Allbirds realized the significance of using advanced technology. When Covid-19 disrupted offline traffic and activities, Allbirds used staff from brick-and-mortar stores to meet the online orders. This swift offline-to-online pivot happened because the brand’s e-commerce and physical stores had unified inventory and logistics operations. As a result, the brand never saw an interruption in meeting consumer demand.
According to a recent study by IDC, the spending on digital transformation is expected to rise and reach $2.3 trillion (£1.8 trillion) in 2023 (the forecast period is from 2019 to 2023.) Businesses that are looking to start their digital transformation process should have a clear understanding of the concepts and approaches. With proper understanding, you can take digital transformation beyond IT and make a positive impact on business performance. If your organization needs to undergo digital transformation, then reach out to a reliable data conversion company that can convert all crucial data into digital format. With the right data along with the latest tools, businesses stand to benefit from steady growth and improved productivity.