Digital transformation has changed the face of every industry. Running for the ultimate digital experience and meeting the ever-changing consumer demands have been the need of the hour for companies in the digital transformation trend.
In this transformation process, companies (irrespective of size) underwent strategic shifts in their journey. Some have skyrocketed with trends, while some entered into technology mergers and acquisitions and some have ended up in shackles.
Although businesses have long understood the value of digital transformation, other priorities sometimes take precedence over it. Prioritizing digital efforts, on the other hand, has emerged as one of the most critical business enablers for success in a world where competition is on the rise.
Results of recent Gartner Forecasts show that there are clear trends in digital transformation. According to their analysis, the global market for technology that enables hyper-automation will grow to USD 596.6 billion by 2022.
In 2023, a significant trend in digital transformation will be the expanded use of automation technologies. Similarly, effective use of cloud technologies, low-code/no-code tools, hyper-automation, AI, and other technologies would greatly aid company scaling.
Hybrid work, intelligent search, Customer data platforms (CDPs), AIOps and machine learning, and platforms that link Agile, DevOps, and ITSM are some of the most recent advancements in digital transformation technology.
‘Media and Entertainment’ is one such industry that saw the rapid transition as a result of the digital transformation managed services trend. Amid interactive video ads and content-driven strategies widened social media and other internet platforms, the media and entertainment industry has seen the true form of digital transformation strategy in recent years.
Not just media and entertainment, every industry is taking the same path. While in parallel, consumers are demanding more content in more unique ways!
Before going in-depth about the digital transformation trends in 2023, we need to know the concept of digital transformation.
What is Digital Transformation?
Digital transformation solutions use technology to generate new customer experiences, cultural norms, and business practices. It entails utilizing cutting-edge technology to modify corporate strategies for the digital era.
The goal of the digital transformation strategy is to shift the focus away from sales, marketing, and digital transformation customer experience services and toward the actual customers, in contrast to previous attitudes and methods. As a result, over the past 10 years, customers have received significant priority when developing corporate goals, and businesses now base their goals on what customers need.
As part of a digital transformation strategy, the paper must be replaced with online and mobile apps. As a result, it is more organized and tidier, as well as sustainable and environment-friendly.
The shift to digital requires data protection. For instance, team members organize everything in a secure cloud that they can easily access instead of sending spreadsheets or physical notes.
Useful link: All You Need to Know About How Digital Transformation Managed Services Accelerate Business
Why is the Digital Transformation Essential?
Now that you know the idea of digital transformation solutions and their purpose, why should your company adopt its trends? You can better appreciate why you should care about the digital transition by considering the following arguments:
1) It’s a Modern Requirement
We live in a contemporary digital environment; thus, you should, first and foremost, be concerned about digital change. Organizations must adjust to digital transformation trends to stay competitive as they transition from a traditional to a modern environment.
Tools and methods should evolve as circumstances do. Let’s face it, 30-year-olds are unable to ride the same bicycle they did when they were five since it is no longer appropriate for their physical needs.
It also applies to welcoming the digital revolution in the modern day. Organizations must implement the newest technology that best meets their requirements and the moment.
2) Enhancing Client Satisfaction
The fact that client happiness increasingly defines company outcomes is another reason you should be concerned about digital transformation strategy. To do more in less time and give clients better service, organizations now run digitally and use new technologies.
You can follow the development of successful businesses and see that they have appreciated their users through time. Due to increased market rivalry, consumers favor businesses that respect their needs. You may learn more about your audience and determine what is ideal for them by utilizing technology that makes it easier to care about users by storing their data in the cloud. After that, you may use that information to tailor your goods and services to their needs.
3) It Facilitates Team Collaboration
Additionally, digital transformation service providers include internal interactions like communication and teamwork among staff and exterior connections. Artificial intelligence can use to build effective communications within your firm, regardless of business models or company size.
Businesses may utilize digital solutions to coordinate their team members and ensure that each assignment is completed by the deadline. By doing this, team members become more productive, can work together, and communicate more easily.
Top 10 Essential Digital Transformation Trends for 2023:
1) AI for Cutting Down OPEX
One of the leading surveys shows the media and entertainment industry is witnessing larger spending and ending up in fewer profits. The industry’s Operational Expenditure (OPEX) is exceeding profit margins. The spending is going beyond control in running for early profits or gaining a competitive edge. Exactly at this juncture, the industry should rethink its strategy.
It’s time to recheck the way they handle content and spending abilities. And AI and Machine Learning (ML) are right in front to show the way! AI and ML techniques help you use content and spending in a smart manner.
Now, the focus should ideally be on how effectively the content should be utilized rather than creating it for content’s sake. AI can eventually help you cut down OPEX.
2) Privacy and Trust
Privacy and trust are the two important aspects that are set to decide organizational progress in the digital transformation services journey.
One of the global surveys involving more than 4000 brands and consumers found 61% of brands admitted to having lost their consumer trust by failing to protect their data and information. This is an increasing gap between consumers and brands that the brands need to focus more on to progress. Traditional media was reportedly among the top three distrusted industries besides social media and government.
Given this fact, the future is going to be more of maintaining visibility on consumer data and delivering the best user experience with the collected data. Data regulations have already begun voicing for such measures, and more such are expected in the future.
3) Enterprise Resource Planning
Technology is the first thing that strikes one’s thought in general discussions about digital transformation services. But that might not be the case always.
Digital Transformation service providers are more about implementing a new culture within an organization. It’s a combination of people, processes, and technology. So, instead of just building effective media arms or channels to promote services, the organizations should equally focus on building intelligent Enterprise Resource Planning (ERP).
ERP can help you cut down spending, improve resource efficiency and enhance productivity. While you might have already invested in technology and tools, is time to focus on your back-office operations too for continuous refinement to see measurable results and high profitability.
4) Personalization
Personalization of services is going to be a vital factor in deciding an organization’s digital transformation services companies’ success in 2023 and further. No content for free or content for all! Smarter the approach smarter the results will be. So, organizations will need to think of personalizing their approach to draw the best from their consumers instead of just pushing some content for traction.
Termed ‘smarter personalization’, this approach is not just for content. That should reflect everywhere, whenever the brand meets the customer! And this is going to be crucial for digital transformation customer relationship management.
Given these four trends, one can estimate the transition the digital transformation consulting services trend will likely bring to industry functioning.
No doubt, 2023 is going to be a different ballgame together for digital transformation services.
5) Connected User Experience
The average number of applications used in an organization is increasing rapidly. Consumers expect consistency as they traverse multiple channels such as messaging or mobile service portals.
Given this requirement, offering a connected experience is the need of the hour for companies as part of their digital transformation consulting services efforts. Omni-channel customers with better-connected experiences were found to stay online longer than single-channel customers.
Connected experience means enabling customers with improved and easy accessibility anywhere and anytime. As the surveys find, while there is an average of 900 applications in an enterprise, only 29% of them are able to offer a connected experience.
6) Data-Driven Business
Data is undoubtedly the heart of Digital Transformation services companies today. Unlocking and analyzing data potential has become crucial to driving business, streamlining operations, and launching new products and services.
Effective movement of resources and easy flow of operations across organizations are largely attributed to effective data utilization.
7) Multi-Cloud Utilization
Most enterprises today operate on multi-cloud environments. But managing multi-clouds, especially when moving workloads between clouds, is one of the prime challenges. API-led development and containers offer solutions to this problem.
APIs help unlock the unique functionalities of applications residing in multi-cloud environments. Containerization has also been a proven solution to address concerns with multi-cloud environments.
Get multi-cloud to achieve better results in your digital transformation managed services journey.
8) Effective IT
The IT department is a core enabler of any business today. The department helps in tapping the full technology potential to deliver more through effective and right decision-making on the utilization of emerging technologies. So, to succeed in the digital journey, organizations need to scale beyond their current IT capabilities.
9) Partner Ecosystem
Engaging in strategic partnerships becomes crucial for any organization as the business expands. Successful businesses have already begun building a collective ecosystem of external partners, stakeholders, and customers.
This partner ecosystem helps digital businesses transform in the seamless incorporation of products and services into the customer experience.
10) IoT and 5G
The fifth generation of mobile network technology is known as 5G. Multi-peak data speeds, minimal latency, a better user experience, better connectivity and availability, and increased network bandwidth are some of 5G’s essential traits.
Edge computing and 5G can result in some fascinating advances. For instance, IBM will provide Verizon and Telefonica with cloud services to power 5G networks.
In turn, automation of routine jobs will prevent network problems using technologies like artificial intelligence (AI), drone-initiated inspections, and video inspections.
[Download: 5G Wireless Technology White Paper]
Among the 5G use cases in the IoT space are the following:
A) Remote Healthcare:
Continuous remote patient monitoring will also be possible with 5G connectivity. Health professionals can also help at any time, from any place, regardless of where they are.
B) Connected Automobiles:
The enormous bandwidth and low latency of 5G will make it possible for vehicles to store and start bidirectional communication.
C) Shipping and Logistics:
Shipped item tracking is simple and precise. This will enable updating specific delivery timeframes, enhancing the client experience.
Conclusion
Adopting digital technology by a company results in disruption and increased revenue. This process is known as digital business transformation. Every year, promising trends in digital business transformation that have the potential to speed up business growth appear. The benefits of digital transformation are enabling software monetization, driving data-based insights, enhancing customer satisfaction, increasing agility, and more.
Whether you want to start your corporate digital transformation journey or need guidance along the road, the Stevie Award winner Veritis will then support you by leading the business through implementing digital transformation.
