2020 has been a year of shock, surprises, and many adjustments in terms of work and life as a whole. Suddenly, the entire work culture changes with offices now put up at one’s home. Pandemic has undoubtedly been challenging for many businesses, allowing companies to explore their digital strength and strategies. Online platforms have seen a massive crowd, with customers now shifting majorly to online portals. With pandemic imposing restrictions like never before, businesses now have opened their arms to take a digital route.
Digital Transformation 2021 is not a by-product of the pandemic; it has been there for quite along. Pandemic has only accelerated the rate at which businesses are adopting digital strategies. In company operations, adopting digital modes of operation has not been a luxury but rather a necessity in the post-pandemic period. Research&Markets projects that the global digital transformation market will increase from $469.8 billion in 2020 to $1,009.8 billion by 2025, representing a compound yearly growth rate (CAGR) of 16.5 percent over the forecast period. Let us go through 10 trends that have led to the digital transformation of businesses in 2021:
Looking at the current scenario, digital is the way forward, and organizations are attempting to manage operations from their offices or other remote locations. Five-gigabit wireless technology (also known as 5G) was widely praised last year and will continue to gain popularity this year too. In terms of speed and connectivity, a 5G network can meet the growing need for expanded capacity and dependable connectivity, among other things. Better IoT connectivity, improved user experience, and digital collaboration is expected to result from the widespread use of 5G. This will only enhance the process of digital transformation.
Blockchain has risen to prominence as a result of the rapid adoption of technology seen last year. Despite the fact that it was initially associated with bitcoin, blockchain is currently being used in various industries, including financial services.
The capabilities of blockchain technology are still under the scanner and being explored. India has appointed a commission that is believed to be tasked with researching and expanding the use of blockchain technology across various sectors. With rising usage across businesses in the future, blockchain will play an increasingly important role in cybersecurity.
Making Cybersecurity a top priority.
Several companies were targeted by numerous persistent attacks due to the pandemic that erupted last year, making cybersecurity increasingly relevant. Since most businesses have shifted to remote working, there has been a growing demand for more stringent and comprehensive security measures to protect sensitive information. Organizations undergoing digital transformation or preparing to adopt it should prioritize robust cybersecurity measures as one of their top concerns. To be successful, digital transformation 2021 must move in synchronization with a company’s security policies and infrastructure.
One industry that saw a major digital shift during the pandemic was the banking industry. Most of their services shifted online to facilitate digital payments, credit application processes, and loan applications. By implementing efficient digital transformation, they can improve the digital user experience for all the customers. The use of digital banking and open banking initiatives will become more prevalent in the following years. The financial sector’s evolution will be reshaped by digital payments services and digital banking.
Data is the new oil- haven’t we heard of this many times? Millions of data have been collected, saved, but never used. With digital transformation, raw data can now be processed, analyzed, and predicted. With dozens of tools and applications available, collecting and processing data in real-time may be done quickly and efficiently. Using data analytics to understand the audience and their preferences can help entrepreneurs make data-driven decisions. Leaders can also adjust their services to meet client expectations, therefore valuing customers before products.
Cloud Computing on Multiple Servers
Businesses are aggressively migrating to the cloud, and as a result, it is critical to recognize the development of a multi-cloud system. It will eliminate the usual obstacles that providers experience and vendor lock-ins in the marketplace. Businesses will evolve due to the growth of multi-cloud and hybrid cloud systems in the years to come. Cloud computing assets, software, and applications can be distributed over many cloud platforms with the help of multi-cloud. Several public and private cloud infrastructures are available to them as well.
Google recently declared that it would construct a commercial-grade error-free quantum computer within a decade of starting up. It is now an important research topic, even though quantum computing has not yet been commercialized entirely. A wide range of industries will explore quantum computing in the following years to aid digital transformation and productivity.
XaaS and Transformation
The concept of “Everything as a Service” (XaaS) has already acquired traction in the business ecosystem. Essentially, it is a broader word for cloud service delivery models that encompasses the many products and services available over the internet. As a result, technology deployments will be simplified, and because the services will be accessible immediately, they will be widely used by businesses. It is possible to increase agility and streamline digital transformation through the use of the XaaS business model.
Since the outbreak, employees have been forced to work from home or in remote areas. Many polls and analyses indicate that this remote work method is likely to be around for a while longer. Organizations have recognized the potential benefits of allowing employees to work from home, which has resulted in an acceleration of digital transformation. Increased innovation and smart technology will be developed to meet the growing number of people who work from their homes.
The rate of digital transformation can be increased by automating activities, and firms will strongly emphasize automating business processes and enterprise resource planning systems in the coming years. Several organizations were forced to utilize automation to remain competitive during the pandemic period. Consequently, automation has emerged as the central component of digital transformation efforts. Because of the incorporation of artificial intelligence, machine learning, and robots into enterprises, it will be possible to automate the Enterprise Resource Planning model to facilitate more development and agility.
Digital Transformation for businesses is a crucial decision. There are many things involved when you want to take a digital turn. You can incorporate all the above points in your business, but for that, you will need a digital agency that can do it for you. If you are looking for a digital agency to hire, you are at the right place. We are your one-stop solution for all the digital transformation needs that you have!