Digital transformation is not new. In fact, it started several years ago. Although the digital transformation era brings with it an abundance of technologies for businesses to investigate, many companies today are still reluctant to embrace such change.
However, in a report by Celerity, 63% of leaders stated that the COVID-19 pandemic prompted them to embrace digital transformation sooner than originally planned. In fact, according to IBM 96% of leaders report Covid-19 will accelerate their digital transformation by an average of 5.3 years.
What is Digital Transformation?
Digital transformation is the process by which companies embed technologies across their businesses to drive fundamental change. For many businesses, it can mean the difference between becoming the market leader or becoming obsolete. Just look at Blockbuster Video, a prime example of digital transformation failure.
There are many benefits to digital transformation. Including increased efficiency, greater business agility and, ultimately, the unlocking of new value for employees, customers, and shareholders.
Examples of Digital Transformation
Cloud Technology & Industry Clouds
There have been numerous developments in cloud technology and over the years it has become more and more popular. Companies are now shifting their focus to cloud services in place of on-premises data centres which has prompted a major digital transformation for businesses around the globe.
Cloud technology allows companies to access data from anywhere in the world at any time which has transformed the way businesses operate. This enables employees to work more efficiently and collaborate on projects without traveling or spending money on physical infrastructure. Cloud computing also makes it easier to securely store large amounts of data and access it remotely when needed.
The Hybrid Work Model
The pandemic forced a significant paradigm shift in the way we work, which many businesses adopted long term, the hybrid workforce. Permitting employees to choose to work from home or the office at their convenience.
The hybrid work model allows for more agility and flexibility. That way, employees can work when they’re most productive, whether it be morning, afternoon or late at night.
In fact, according to data from the Opinions and Lifestyle Survey, the proportion of workers hybrid working has risen from 13% in early February 2022 to 24% in May 2022. And the percentage working exclusively from home has fallen from 22% to 14% in the same period.
Artificial Intelligence & Machine Learning
According to the results of a Forbes survey, 76% of enterprises prioritized AI and ML over other IT initiatives in 2021. AI is a technology that enables machines, especially computer systems to simulate human intelligence processes. Artificial intelligence holds both great promise and many benefits as its efficiency and productivity:
- Execution of complex tasks
- Available 24×7 without interruption
- Avoid human error
- Use insight to predict customer preferences
Last year, there was an explosion of non-fungible tokens (NFTs)—unique digital collectibles that can be bought and sold like any other asset class. Today, although NFTs are primarily focused on digital art and games, they can also be used for real estate, stocks, bonds or even data ownership rights.
The metaverse, however, is an immersive network of 3D virtual worlds focused on social connection. It could allow employees of the same company spread across the globe will have the potential to meet up in a virtual meeting room to brainstorm and solve problems.
Digital transformation is not a one-time event. It is an ongoing journey that requires continuous innovation and evolution.
At Cyber, we offer a wide range of bespoke software development & digital transformation. And we will work with you to understand your needs and provide the best solution to help you evolve and adapt to the ever-changing digital landscape. Contact our team now for more information.