15 Top Digital Transformation Technologies Important For 2024

Digital transformation is the need of the hour for organizations to effectively handle competition and customer preferences. Here, we’ll discuss the top digital transformation technologies that can accelerate business growth and increase revenue. In today’s world, SMBs, MSMEs, and large enterprises need to adapt to the changing conditions and be more agile, flexible, and scalable. This requires a change from traditional and fixed systems to modern-day data-driven processes. Digital transformation is essential for businesses to streamline operations using various advanced technologies.  According to Polaris Market Research, the digital transformation market is worth $880.28 billion and is expected to touch $3.74 trillion by 2030 at a CAGR (compound annual growth rate) of 23.6%. Many companies are actively investing in digitally transforming their establishments. As per IDC, businesses have already invested $1.85 trillion a couple of years ago, and this amount will almost double by 2026. Furthermore, 74% of organizations say digital transformation is a priority.  But what technology is used in digital transformation? How do digital transformation technologies work? Do you need more than one technology to digitally transform a business? How can digital transformation consultants help your business? What are the mistakes to avoid in the process of going digital? Let’s find out in this blog.  What is Digital Transformation and Example? Digital transformation is a continuous process of integrating digital technology into different business areas. It changes how you look at business operations and provides valuable customer experience. However, digital transformation is not limited to adopting new technology. It also involves cultural changes where employees are an integral part of the process.  Many leading brands have partnered with digital transformation companies to achieve their goals and stand apart from competitors. For example, Nike launched an online shopping app to provide direct access to its products. The company used data analytics to understand customer behavior and streamlined its marketing strategies. This led to increased sales, more customers, and greater reach in new markets.  15 Top Digital Transformation Technologies Digital transformation companies use a combination of technologies to implement the necessary changes in your business and streamline the processes across all levels.    Artificial Intelligence  Artificial intelligence is an integral part of the digital transformation tech stack. Be it AI-driven chatbots, virtual assistants, automated tools, or recommendation engines, many aspects of internal and external processes can be enhanced by adopting artificial intelligence tools. It can enhance decision-making, shorten the production cycle, and increase customer satisfaction.    Machine Learning  Machine learning is a subset of artificial intelligence that deals with computer algorithms. ML models are highly useful in data analytics. Since the algorithms are trained to use feedback to improve themselves, the models get stronger and more accurate over time. Digital transformation involves the use of ML models to derive real-time analytical reports to make data-driven decisions.    Computer Vision  Computer vision is also a part of artificial intelligence. It uses machine learning and neural networks to enable computers to process digital media like images and videos to derive meaningful insights. It is used in the healthcare sector to identify diseases in the earlier stages and provide better treatment. Computer vision is also useful for security and surveillance.   Automation  Automation is a popular digital transformation terminology and refers to the use of technology to achieve the desired outcomes using tools. Here, the human intervention is minimal to provide the initial input or take a corrective action (if necessary). The rest of the tasks will be handled by the computer/ software/ robot/ machine/ etc. For example, automation can ensure continuous production even when the supervisor is not on the site.    Data Warehousing  A data warehouse is one of the digital transformation technologies necessary to streamline data storage in an organization. It is a centralized data repository with structured and semi-structured data collected from numerous sources. The data warehouse can be on-premises or built on the cloud like Azure, AWS, or Google Cloud. It is integrated with data analytical tools and contains vast amounts of historical and present data.    Mobile Technology  Mobile technology makes it possible to set up hybrid and remote teams in an enterprise. Employees can work on the go and have access to the latest information and analytics from mobile devices. This ensures faster and more efficient decision-making in grabbing market opportunities. For example, a sales manager can check the reports using the mobile version of Power BI to contact a lead or close a B2B deal.   Big Data and Real-Time Analytics  Data is available in abundance and can be used to gain insights about historical patterns, trends, etc. Analytics is an integral part of digital transformation and enables you to make informed decisions in a quick time. Real-time analytics provides instant reports through personalized data visualization dashboards.    Cloud Computing Cloud computing is a must-have digital transformation technology to make your IT systems more flexible, scalable, and cost-efficient. It promotes innovation and reduces the cost of maintenance while also providing greater access to advanced tools.    Augmented Reality and Virtual Reality AR and VR digital transformation technologies offer immersive experiences for users and promote customer engagement. Mobile apps built using these technologies provide customers with a realistic virtual experience of the company’s offerings. AR/ VR technologies are also used in the educational sector to create immersive classrooms.   Blockchain  Blockchain is one of the popular digital transformation technologies providing greater transparency and data security for various transactions. It promotes decentralization while providing a means to track progress and maintain proper records. It is used in the finance and healthcare sectors.    Internet of Things (IoT) The Internet of Things (IoT) promoted connectivity between machines and streamlined data sharing. IoT devices can be attached to equipment to act like sensors. They can also be used as wearables by workers to automatically collect and share data with other applications for analytics, alerts, and decision-making.    5G Technology 5G technology offers faster and more reliable connectivity to facilitate real-time data sharing and analytics. For example, IoT devices rely on 5G networks to instantly share the collected data with other applications. It minimizes the risk of latency. 

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12 Top Digital Transformation Trends 2024- Here’s All You Need To Know

Staying at par with the digital transformation trends can reduce operational costs, optimize resources, and increase overall business efficiency. The trends change each year, allowing enterprises to strengthen their systems from all sides. Here, we’ll discuss the digital transformation trends to watch out for in 2024 Digital transformation has become essential for a business to survive in today’s competitive world by relying on the latest technologies, applications, and cloud solutions to make data-driven decisions. Statistics show that 70% of organizations either have a digital transformation plan or are in the process of developing one. However, about 59% of businesses are yet to begin their digital transformation journey.  Digital transformation is a continuous and ongoing process where the business data, systems, processes, and procedures are digitized and revamped. The IT infrastructure is migrated to cloud platforms to strengthen the business ecosystem. However, it doesn’t give immediate results. A study shows that 39% of executives think enterprises can see the benefits of digital transformation in three to five years.  Moreover, digital transformation trends are constantly evolving. These trends change every year, depending on the global market scenario and advancements in technology. In this blog, we’ll read more about the top digital transformation trends for 2024. Let’s also glimpse how a business can prepare to make the most of these trends.  What are the Digital Transformation Trends in 2024? Digital transformation can streamline processes, enhance customer experience, and increase business revenue. It empowers the organizations to be proactive and take advantage of the market opportunities before competitors.  1. Digital Immunity According to Gartner, organizations that invest in digital immunity by 2025 can reduce system downtime by up to 80%. Digital immunity is where the business system is designed to be more resilient and less risky. It will be less prone to breakdowns and have a higher recovery rate. This is to ensure business continuity and mitigate the risk of losses caused by disruptions.  Experts say it can be achieved by combining continuous delivery of data-driven insights with automated processes to identify and resolve problems. The system will be more aware of its weak points and take care of itself with minimum human intervention.  2. Sustainability One of the biggest digital transformation benefits is sustainability. Many businesses are suffering from a lack of sustainability. While technology is responsible for the challenges, it also provides solutions to drive sustainability through innovation.  According to a report by Accenture, 92% of businesses aim to achieve net-zero targets by 2030. However, this needs advanced technologies to measure the enterprise’s carbon footprint and find ways to reduce it. Data-driven insights can help businesses drive the necessary changes by enhancing the supply chain. Sustainability is also about collaborations between enterprises, vendors, governments, and nonprofit organizations to make the establishments more energy efficient.  3. Agility and Composability Composability is where a business combines its building blocks in different ways to make its processes more agile and flexible. While composable systems are not new, a composable business is an emerging concept as per the latest digital transformation trends. This requires enterprises to get rid of outdated legacy systems, bulky databases, and archaic technologies and replace them with the latest cloud solutions.  An agile business has the much-required support to overcome various market challenges and reinvent itself whenever necessary, that too without attracting losses. A composable and agile business can stay one step ahead of competitors and use its capabilities to the fullest.  4. Mainstreaming AI and ML Artificial intelligence and machine learning are an integral part of digital transformation trends. Any establishment that aims to digitally transform its systems and processes has to invariably work with AI. Be it automation, virtual assistants, continuous training, predictive analytics, fraud detection, personalization, etc., are possible with artificial intelligence. Digital transformation consulting service providers offer AI and ML solutions to help businesses grow and increase customer satisfaction. For example, AI chatbots can provide quick and effective solutions to employees and customers. Predictive analytics helps the sales and marketing teams derive accurate insights about markets, customers, products, etc., to boost sales. AI and ML are used at every stage and across all verticals.  5. Multidimensional Big Data  Big data analytics deal with large amounts of datasets that cannot be processed manually. In the coming year, the big data industry is becoming multidimensional with the development of hybrid cloud environments. Businesses don’t have to limit their systems to on-premises or cloud. The IT ecosystem can consist of both, creating a hybrid model that offers greater flexibility.  Additionally, a network of data services is integrated to form a data fabric. This gives an enterprise complete access to datasets by increasing visibility without compromising security. It promotes data mobility and makes it easier to leverage analytics for real-time decision-making.  6. AR, VR, and Metaverse  Augmented reality, virtual reality, and Metaverse are leading digital transformation trends in business for the last couple of years. Statista shows the AR/VR market is estimated to touch $31.12 billion in 2023. AR is more widely implemented as it doesn’t require equipment like expensive headsets and can be integrated into mobile apps.  Though Metaverse is yet to become what it is supposed to be, many top brands are allocating budgets to work on it. Blockchain gaming and Metaverse are gaining tremendous popularity. Moreover, many businesses are collaborating with Metaverse platforms to conduct virtual events and promote their brands. Digital transformation takes businesses closer to building their own Metaverse platforms to increase market visibility.  7. Internet of Things and Edge Computing IoT is where smart devices are connected to machines to collect data in real-time to facilitate automation and increase system efficiency. Internet of Things is highly beneficial in many industries like manufacturing, mining, healthcare, retail, oil & gas, etc., to provide 24*7 updates to supervisors and reduce the risk of workplace accidents.  Edge computing allows businesses to analyze data at the source without transporting it to other storage systems. This saves time and resources while also delivering real-time insights. IoT and edge computing increase data security and improve business scalability. These two digital transformation trends can help an enterprise manage its

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Digital Transformation for Businesses: Why is it crucial?

Digital transformation is applicable across all departments, verticals, and industries. It is essential to keep a business competitive, proactive, and efficient. Here, we’ll discuss the digital transformation process and the need to adopt it in enterprises.  Digital transformation has become an essential driver for success in today’s world. It is the process of digitalizing the business systems, data, workflow, and internal operations to make data-driven decisions, increase ROI, and enhance customer experience. According to Statista, global spending on digital transformation will touch $3.4 trillion by 2026.  Another report shows that the digital transformation market will grow at a CAGR (compound annual growth rate) of 23% between 2019 and 2025. Gartner says 91% of businesses are already engaged in some form of digitization or digital initiative. However, digital transformation for businesses is not a short-term project or a one-time implementation process. It is a continuous process where enterprises have to constantly improve and upgrade their technology to stay relevant in the competitive markets.  But why is digital transformation crucial for a business? How can you start digital transformation in your business? Let’s find out in this blog. We’ll also read more about the implementation process, framework, benefits, and examples of digital transformation.  What are the 4 Main Areas of Digital Transformation?   The digital transformation framework consists of four main components or target areas. Digital transformation is not limited to buying new software or technology. It is a comprehensive process of revamping the enterprise across all verticals, departments, and levels. You need to hire experts to make it a success.  Operational Operational transformation deals with optimizing and automating your systems and IT infrastructure to streamline data flow. Cloud migrations, data pipelines, third-party integrations, AI and ML technologies, data science, big data analytics, etc., are used to bring operational transformation and efficiency. There will be better connectivity between various applications to provide real-time data and insights.  Business Model Transforming the business model requires a change of strategy and the adoption of data-driven models to make faster and more effective decisions. It deals with changes in the business ecosystem, digital products, services, and multiple integrations. Your digital transformation strategy will play a vital role in streamlining business model transformation. Aim for the long term to make your organization future-proof.  Domain Transformation Domain transformation deals with core operational areas, such as marketing, sales, manufacturing, product development, diversification, market expansion, etc. It helps combine innovation, agility, scalability, and flexibility using emerging technologies. Digital transformation service providers will build a robust IT infrastructure to promote greater performance and productivity in all domains.  Cultural and Organizational A study report shows that an organization where the Chief Digital Officer is actively involved in the process has six times greater chances of succeeding in digital transformation. Similarly, digital transformation will be stress-free when the changes are implemented at the cultural level. Involve employees in the process and maintain transparent two-way communication. Address their issues, provide training programs, and implement new technologies in stages. Over time, this will bring a change at the organizational level and deliver the results.  How to Use Digital Transformation in Business? A recurring question many businesses ask is – how long does it take to complete a digital transformation? There is no definite answer. Digital transformation is a long-term investment. It cannot be completed in a couple of weeks or even months. On average, the digital transformation of an established enterprise can take about five years. After this, the enterprise will have to keep updating its systems and training programs to continue using the latest technology in the market.  Define Business Role Digital transformation makes fundamental changes to your business operations and processes. It changes how you deliver value to customers and stakeholders. So, firstly, you should define your business role and what it means to digitalize your systems. Understand what digital transformation can do and how it will benefit your establishment.   Hire Experts Digital transformation needs expert support to minimize the risk of mistakes and incorrect decisions. Partner with a digital transformation consulting firm to provide the strategy and implement the changes in your organization. Choose a service provider with a vast portfolio and experience in your industry to get better and more effective results.  Standardize Standardizing operations is an essential part of digital transformation. It brings greater consistency and facilitates collaborations. It also improves the overall quality and aligns different business aspects to work cohesively and achieve the end goals. Another advantage of standardization is continuous growth and faster adaptation in competitive markets.  Identify Elements to Let Go Digital transformation also requires letting go of outdated processes, technologies, and legacy systems. Make a list of things that need to be changed in the organization. Identify the ones that should be eliminated to save cost, time, and resources without compromising quality. Whether it is metric or a system, removing complexities will make change smoother.  Plan the Culture Shift Digital transformation is not possible without a cultural shift in your business. Your work culture needs to change from rigidity to continuous growth and learning. This can be hard on the employees, so it’s important to communicate and implement the changes one step at a time. Over time, your employees will be ready to handle constant changes, which are an inherent part of digital transformation.  Align Goals and Outcomes Aligning the goals with outcomes will provide a clear picture of what you want and how to achieve it. Simultaneously, you should align people with processes to eliminate roadblocks and overcome challenges. So, which item describes a goal of an organization seeking digital? There is no single answer to this. The goal of each business is different, which is why aligning everything is crucial to eliminate risk and increase your chances of success.  Focus on Data Accuracy Data is a vital element of digital transformation and a data-driven model for decision-making. The insights will be relevant and reliable when the data used for analysis is high quality and accurate. Develop data governance strategies to promote data integrity. This will enhance your digital transformation processes.  Performance Improvement Tools and Processes Choose tools, technologies, and processes that promote greater performance and

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Step-By-Step Guide to Digital Transformation

Digital transformation has been a part of the global industry for years. However, it was considered a tool to have a competitive advantage in the pre-Covid era. Now the digital transformation is a must for every business, a startup, or an established multinational company.  Statistics show that the global digital transformation market is expected to grow at a CAGR (Compound Annual Growth Rate) of 16.5% from 2020 to 2025 to touch $1009.8 billion. The World Economic Forum said the digital transformation will add $100 trillion to the global economy by 2025, with interactive platforms taking up two-thirds of the total value.  Similarly, data from Statista show that the global investment in digital transformation will grow from $1.8 trillion in 2022 to $2.8 trillion by 2025. With everyone around the world talking about digitally transforming their businesses, it’s vital to understand what it actually means and how to implement the process correctly.  Here’s a step-by-step guide to digital transformation with answers to questions like who should lead digital transformation and what is the fundamental meaning of digital transformation?         What is Digital Transformation? Digital transformation is the process of establishing a digital-first approach in a business to streamline internal processes, revamp business models, enhance customer experience, and increase ROI. Advanced technologies like artificial intelligence, hybrid cloud, automation, machine learning, etc., are used to leverage data, create seamless data flow, and empower smarter decision-making. It offers a real-time solution to market disruptions and creates new business opportunities for growth and success.  Digital transformation is not a one-time fix. It is the continuous adoption of technologies to deal with changing market conditions and customer requirements in the best possible manner.  So do you need a vision for a digital transformation agenda? Absolutely! How you digitally transform your business depends on various factors, such as your organization’s vision, mission, goals, target market, etc. To create a robust and comprehensive digital transformation agenda or strategy for your business, you should first understand what is crucial for the enterprise and how it can be achieved.  Hiring a digital transformation service provider or consulting company is a stress-free method to handle the process effectively.  Digital Transformation Strategy Every enterprise has its own strategy to digitally transform its processes and systems. There is no single methodology that suits all businesses. But how do you determine your optimal digital transformation strategy? It’s done by aligning the digital transformation strategy with the organization’s strategy and following the two most important principles: Defining and detailing the strategy will provide a clear picture and make it easy to implement digital transformation in the business.  Digital Transformation Technologies While any digital technology can be used to transform business processes, some technologies have a central role and are a must for every enterprise. However, digital transformation will be successful when you know which technology is the best for your needs. Consulting companies not only help choose the right tools and technologies but also customize and integrate them with the business systems to increase overall efficiency and performance.  The top digital transformation technologies are: Building Blocks of Digital Transformation The building blocks of digital transformation can be varied and extensive, depending on the enterprise’s requirements. Nevertheless, these are broadly classified into four major categories: Digital transformation in organizations begins with identifying the elements under each building block. Having a detailed, high-level checklist will ensure you don’t miss any crucial factors when adopting the latest technologies and processes in your enterprise.  Digital Strategy You should ask three major questions when setting the strategy-  With ever-changing answers, you should make sure the digital strategy has components that support making proactive business decisions in the present and future. Identifying the stepping stones and challenges helps choose the right areas to implement the changes.  A Gartner report shows that 60% of mainstream enterprises mention that becoming a composable business is their strategic objective to outperform their competitors and implement new developments 80% faster.  Business Model The ultimate goal of business digital transformation is to drive real value for customers through improved business operations. It should bring greater ROI and help enterprises achieve their desired outcomes. Hence, this category contains components like operations, business economic model, products & services, and customer & engagement across the selected channels. The primary intent is to find ways to derive additional value from the improvements without increasing the costs.  Enablers As the term suggests, enablers are the tools, technologies, and methodologies that help achieve the goals and initiate digital transformation in the enterprise. It also includes people (internal and external) who play varied roles in using technology and achieving success. However, the biggest challenge lies in building an in-house team and encouraging existing employees to adopt digital transformation.  The most prominent enablers of digital transformation are: Many organizations partner with offshore service providers to save hiring costs and the time taken to build a team from scratch. Consulting companies also assist and train existing employees to become comfortable with new technology and use it effectively to increase their performance at work.  Orchestration The final and crucial building block of digital transformation is orchestration, or the process of how to get it done. It deals with finding investors, creating a fund, setting governance regulations, scaling the systems, identifying competent leaders, and promoting community engagement to involve everyone in the process.  Many challenges arise in this stage and determine the end results of digital transformation in a business. For example, a wrong leader could put the entire organization at risk. Partnering with digital transformation consulting companies reduces risks and empowers your business at various levels.  Guide to Digital Transformation Your digital transformation approach has to be structured in a systematic process to prevent mistakes and unexpected roadblocks. Be it a small business or a large enterprise, planning and implementing digital transformation is no small feat. The process is extensive and requires time, money, resources, expertise, and dedication.  Here’s a step-by-step guide to implementing digital transformation in your enterprise: 1. Define Your Vision Firstly, define what you want to achieve by implementing your digital transformation ideas. The vision changes from one business to another, even

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16 Common Mistakes to Avoid in Digital Transformation

Digital transformation streamlines business processes and promotes data-driven decision-making through digitalization. Here, we’ll discuss the common mistakes to avoid when digitally transforming your enterprise and how to achieve success.  Digital transformation is the use of technology to radicalize an enterprise and turn it into a digital-first data-driven model. This enhances business processes, increases customer experience, and improves revenue.  Statistics show that digital transformation with grow at a CAGR (compound annual growth rate) of 19.48% to reach $767 billion by 2026. Another survey report shows that 70% of businesses have a digital transformation plan or are developing one. Furthermore, around 80% to 93% of employees think that increasing the use of technology will improve business performance.  However, 41% of organizations are investing in digital transformation without researching customer requirements. Not all enterprises know how to initiate and continue the digital transformation, thus making numerous mistakes and generating losses. In this blog, we’ll read more about the mistakes and the reasons for DX failure in organizations, the challenges, barriers, and ways to avoid them.  Why does Digital Transformation Fail?  Research shows that a majority of digital transformation projects fail. In fact, according to a study by Boston Consulting Group, the failure rate is 70%. 825 organizations from around the world were included in the study.  But why do 70% of digital transformations fail despite access to technology and talent? Experts say the reasons are straightforward, though many factors result in failure instead of success.  In most instances, digital transformations fail not due to the lack of technology but due to mismanagement or lack of experience in implementing transformation in the organization. These issues can be effectively handled by partnering with digital transformation service providers. Offshore companies not only provide access to the necessary technology but also help leaders and employees proactively tackle the changes in their business.  What are the 4 Key Challenges of Digital Transformation? What are the 5 Barriers to Effective Digital Transformation? Mistakes to Avoid in Digital Transformation Do you know that 87% of businesses know digital transformation will disrupt the industry, but only 44% are prepared to handle the disruptions? It’s no surprise that the digital transformation failure rate is high, with several enterprises not taking the necessary steps to avoid even the most common mistakes of digital transformation.  Take a look at the mistakes to avoid when digitally transforming your organization. 1. Having an Incorrect Idea of Digital Transformation This is the biggest mistake to avoid in digital transformation adoption. The business must understand what it means to digitally transform the enterprise and its impact on the internal process, employee, customer relationships, finances, and market. Just because every industry expert says you need digital transformation doesn’t mean you dive right into it without understanding the core concepts.  Spend time researching all aspects of digital transformation and how it can help your business. Find a digital transformation consulting company to help you get the answers to your questions. Don’t initiate any process or change without gaining clarity on the basics.  2. Blindly Following Trends Without Goals and Objectives Digital transformation is not a trend. It’s not something you do because your competitors are working on it. Following the ‘trends’ of digital transformation can cause more harm than good to your organization. Connectivity and integrations are the core of DX, and this can lead to many risks, such as data security lapses, violating data privacy regulations, etc.  Instead, start with risk analysis to understand how digital transformation can affect your enterprise. Then, define the goals, objectives, and outcomes for the process. Align these with your business goals to have something concrete to work on. Avoid random digitalization of processes.   3. Not Considering All Phases of Digital Transformation Business digital transformation is not a single step or phase. It’s not a one-thing solution that will fix all problems in the organization. DX is implemented in phases and is a continuous process. It is a cycle where changes in one department impact the other and create a cohesive internal process across the enterprise.  However, many businesses don’t consider the post-implementation phases of digital transformation. This creates uncertainty and leads to process errors as employees don’t know what to do when the new technology goes live. A simple way to avoid this mistake is by creating awareness and educating every involved about DX.  4. Not Having a Definite Outcome for the Process Why do you want to digitally transform the enterprise? What outcome do you wish to achieve? Digital transformation is likely to fail when you don’t have clear answers to these questions. The top management, decision-makers, and employees should know the implications of DX.  Start by defining the outcomes and work backward to create a feasible and comprehensive digital transformation strategy. For example, the outcomes desired by a healthcare center will be different from that of an insurance company. You can make the right chances when you know what you want to achieve.  5. Underestimating the Cost of Digital Transformation  This is another common mistake many enterprises make. Digital transformation is expensive. It requires continuous investment in revamping the IT infrastructure, training employees, and redefining the work culture. Many hidden costs affect your budget. CFOs need to be aware of the expenses before they approve the budget for digital transformation.  That’s why CFOs, CEOs, COOs, and other decision-makers have to understand DX and be fully involved from the early days. You also have to choose between modernizing legacy systems and replacing them with completely new tools. Digital transformation experts can help make the right decisions and plan the costs based on your business requirements.  6. Excluding a Majority of the Stakeholders A recurring mistake several businesses make is to leave the frontline workers in the dark. If employees who will use the new technology and processes don’t know what’s happening in the background, they won’t be in a position to jump on board and accept the changes.  For example, if you want to develop a model to assist customer care representatives, the AI experts need direct input from the representatives. This will enable them to build a model

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