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.
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.
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.
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.
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.
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.
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.
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.
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 data more effectively.
Cybercrime continues to be one of the fastest-growing industries in the market. Unfortunately, this translates to heavy losses for businesses and individuals. In 2024, cybersecurity should be a part of the digital transformation strategy in every enterprise and institution. Businesses need to consistently work on upgrading their data security systems and adding multiple security layers and patches. The business systems have to be monitored 24*7 to identify weak areas and strengthen them to prevent cyberattacks.
Ethical AI is another aspect to consider when digitally transforming an organization. Since data is at the core of everything, businesses should comply with global data privacy regulations to avoid misusing customer information.
We are already aware of SaaS, IaaS, and PaaS. However, XaaS (everything as a service) is the latest digital transformation trend. Over the last decade, businesses have shifted from buying software products to subscribing to its services. The subscription model allows enterprises to pay only for the technologies/ applications they use and to upgrade or downgrade whenever necessary. This allows businesses the freedom to move from one vendor to another.
Furthermore, cloud migration improves business operations, increases scalability, and promotes cost-efficiency. However, in 2024, digital transformation is not only about cloud migration but the use of multiple cloud platforms to create a robust IT infrastructure for the business. Enterprises use private and public clouds to host different systems, thus combining more than one cloud platform.
The global blockchain technology market is estimated to touch $39.7 billion by 2025. It is one of the latest developments in digital transformation that is transforming various industries around the globe. Blockchain is not limited to the crypto industry or the DeFi (decentralized finance) markets. It can be used in different businesses to increase transparency and create tamper-proof records. Smart contracts on the blockchain change how enterprises conduct their operations.
Many organizations and government agencies are using blockchain technology to make their processes scalable and sustainable. The proof-of-stake mechanism can help businesses take conscious steps toward reducing their carbon footprint while investing in advanced technology.
Customer experience is vital for a business to build a loyal customer base and have an upper hand over competitors. It has become a necessary component of the digital transformation framework. With an increase in omnichannel marketing and customer service, brands have to plan their strategies based on the end goal or how they want to enhance customer experience.
In 2024, digital transformation is less about adopting new technologies and more about ensuring customer satisfaction and happiness with the business. From product development to shipping to marketing strategies, and customer support services, everything has to be planned by understanding what a customer wants/ expects from the business.
Employee experience is one of the crucial digital transformation trends this year. We’ve talked a lot about catering to customers. But shouldn’t employees be happy too? Digital transformation actively changes the work culture in an enterprise. Many experts emphasize the need to maintain communication with employees and involve them in the process.
Conducting surveys, taking employee feedback, etc., are not only encouraged but are mandatory if a business wants to speed up digital transformation. Additionally, the changes in the work environment should be aligned with employees’ needs to increase productivity and decrease workplace stress. The remote and hybrid workforce is gaining popularity as more employees prefer to have flexible working hours and decide the location based on their convenience.
Implementing digital transformation is a continuous process because the business has to have regular upgrades and changes to adopt the latest technologies and trends. So, how can you prepare your business for these digital transformation trends?
Here’s how:
Digital transformation trends in 2024 help businesses overcome challenges and grab market opportunities to stay one step ahead of competitors. It is a combination of emerging technologies, employees, management, and customer insights to achieve long-term goals and objectives.
Enterprises don’t have to feel overwhelmed by the ever-changing scenario in the market. Partner with digital transformation consultants to develop a comprehensive strategy to implement the necessary changes and adopt the data-driven model in the organization.
Schedule a meeting with our team to learn more.
Fact checked by –
Akansha Rani ~ Content Creator & Copy Writer
Sunaina Meena ~ Digital Marketing Specialist
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