Digital transformation is an ever-evolving process. In 2023, the world will witness more organisations adopting digitisation and core modernisation toward digital transformation
The global economy may remain unstable in 2023. However, to streamline operations and increase efficiency and cost optimisation, we can anticipate an increase in the IT budgets this year
Digital transformation and innovation are the only solutions to drive maximum collaboration, efficiency, and transparency
In line with the ‘Digital India’ campaign launched on July 1, 2015, digital transformation has taken the country by storm ever since. India has today emerged as the fastest-growing ecosystem for innovations. India’s digital payments revolution is being lauded globally. This has been possible due to innovative digital payment products like UPI and Aadhaar-Enabled Payment Systems (AEPS).
As of March 2022, India had close to 61,400 startups, making it the 3rd largest startup ecosystem after USA and China. With close to 14,000 startups getting recognised during FY22, 555 districts of India had at least one new startup as per the Economic Survey 2022.
Digital transformation is happening across all industry verticals like Hi-Tech, telecom and media, professional services, financial services, healthcare and life sciences, education, sports and entertainment.
Globally, digital disruption happened earlier than expected. The pandemic advanced the digital revolution nationally and internationally. Corporates across sectors have begun to understand that a perfect digital transformation solution must be rooted in digital strategy, experience design and engineering, which empowers organisations and clients to operate with agility and to scale, cost-efficiency being the key.
Digital Transformation – A Continuous Process
Every organisation is keen to invest more and continue or start its own digital transformation journey. With an aim to enhance the customer experience, improve revenue and improve return on investments (ROI) in an ever-increasing competitive scenario. As technologies continue to evolve and emerge, there are some digital transformation trends to watch out for in 2023 and beyond.
Digital transformation is unique to every organisation. Many organisations adopt digital transformation to meet customer needs, while others do it to streamline internal processes. Whatever the initial reason or compulsion to begin the digital transformation process, it is never a one-off project, but a continuous process that evolves over time. Digital transformation can succeed only when it evolves with the people, process, culture, and technology it serves.
Artificial Intelligence & Machine Learning
From sports to climate, healthcare to banking, and automated vehicles to entertainment, AI has been extensively used in all areas across industry verticals. AI is one of the core technologies in digital transformation and will continue to make its way into every part of business and life. AI helps organisations to scale up with historical data and is a time-tested digital transformation solution that easily fits into any organisation’s customised requirements. The AI market is predicted to have an annual growth rate of 52% by 2025.
Machine learning and artificial intelligence have penetrated into every field and industry vertical. Both will continue to be vital in transforming data into assets as part of the digital transformation process. However, in order to effectively harness them for business and process reforms, corporates must have a profound understanding of their place in the process.
Business And Cloud Transformation & Modernisation
When undergoing digital transformation, a company must make fundamental changes to its personnel, processes, and technology levels. Many companies around the world will use digital technology to achieve business transformation by 2023. At the same time, these companies will focus on cloud transformation for secure and efficient data sharing, data management and improved scalability as well as flexibility.
Organisations will witness a further shift from hybrid to multi-cloud transformations. Every organisation will want to leverage the best public cloud players in the market for their efficiency in pricing, desired flexibility, scalability, compliance, etc.
Automation, Hyper Automation & AIOps
Automation and hyper automation are one of the fast-growing trends of digital transformation. It helps organisations to streamline and simplify processes, increase efficiency, decrease employee workloads and optimise productivity. The prime focus is on driving value and reducing operational costs.
The pandemic encouraged organisations to speed up their digital transformation plans, and many have already embarked on new initiatives. A key shift has been an increased focus on performance-driven milestone planning.
One such initiative is AIOps, or artificial intelligence for IT operations, which can bring transformational benefits and scale to any business. AIOps can play a large role in achieving digital transformation goals. It can help improve customer outcomes, grow digital revenues and bring down operational expenses.
Cyber Security & Trust
As we talk about innovation and digitalisation it’s also important to address cyber security as a threat to evolution. It affects not only personal data but also businesses’ and their customers’ data. When people are wary of what they put online, they’re less likely to share their information with companies or organisations, which means fewer people will be affected by data breaches or identity theft online.
It is important for companies to stay on top of cybersecurity strategies as more and more people become aware of cyber threats and while it’s important for companies to take steps to protect their customers’ data from being stolen or compromised by hackers, it’s equally important for them to work with regulators and law enforcement agencies as part of their efforts to prevent these kinds of attacks from happening.
Experience, Interactions, Reality & Metaverse
There are several reasons why corporates need to be involved with metaverse. By every indication, metaverse is going to be the future of how we will communicate. It’s also where our digital identities will exist. Whether we like it or not, this is the world that we are living in. While there is uncertainty about how the technology will evolve, the positive aspect is that in the metaverse, there are no limits to what a corporation or brand can achieve. One needs to just define the right strategy.
Sustainability
Enabling corporates to track their carbon footprint and disclosures related to Environmental, Social & Governance (ESG). This has been a trending topic over the past decade. Digital technologies increase productivity, disrupt business models, and enable innovation with intense implications for the present and the future of humanity.
Digital transformation and technologies bring new possibilities to measure and track sustainability progress, optimise the use of resources, reduce greenhouse gas emissions, etc. So having a greener, cleaner environment for future generations using digital solutions is the need of the hour.
Making use of farm data, soil related data more accessible to farmers can help in decision-making around crop planning. Moreover, agri tech solutions and new technologies like AI, IoT, and drones can help transform the agriculture industry.
EIoT (Electrical Internet of things)
Smart spaces and sentient homes are the future of automation. A simple example is smart thermostats and how it is now very commonly used. This enables more connected devices through artificial intelligence and machine learning.
EIoT enables you to conduct smart monitoring and complex energy management in real time.
The global economy may remain unstable in 2023. However, to streamline operations and increase efficiency and cost optimisation, we can anticipate an increase in the IT budgets this year. Organisations will be looking to buy and implement third-party software to improve their in-house technical infrastructure. The key is to choose the right digital transformation partner for implementation to ensure organisations achieve a good ROI for their investments.
Digital transformation is an ever-evolving process. In 2023, the world will witness more organisations adopting digitisation and core modernisation toward digital transformation. Going digital can be a pressing challenge, especially for smaller organisations across the globe, which according to the World Bank accounts for 90% of organisations, 60-70% of employment, and contributes to over 50% of global GDP. Digital transformation and innovation are the only solutions to drive maximum collaboration, efficiency, and transparency.
