5 Trends Changing the Face of Digital Transformation - René Lumley-Hall
We are currently living in a digital transformation era where technology is rapidly advancing and new innovations are constantly being created. Especially with the unprecedented effects of the pandemic, businesses have learned the importance of being able to quickly adapt to these new emerging technologies. I recently read an article published in Forbes, 5 Trends Changing the Face of Digital Transformation in 2022 by Rudy Shoushany which emphasized how businesses need to stay up to date with new digital trends if they want to remain competitive in their industry.
It is not easy to predict what changes will occur or what trends will stay in our society, but here are 5 exciting digital transformation trends currently shaping the future of businesses.
- Cloud Technology: Cloud technology has enabled companies to access data from any place in the world at any time. As a result, employees are able to work more efficiently and can collaborate on projects without transportation or money obstacles.
- The Hybrid Work Model: The pandemic has introduced us to a new way of working. A hybrid work model allows employees to work from home or work in the office. This model allows for more flexibility, productivity, and employee satisfaction.
- More Investments in Artificial Intelligence and Machine Learning: “According to the results of a 2021 survey, 76% of organizations have made AI and ML a more significant priority than other IT solutions.” The desire to be more efficient has caused businesses to adopt AI technologies in their digital transformation strategies.
- Transparent Privacy Policies: While the digital transformation era has introduced us to several new, exciting technologies, they have all come with the issue of privacy of personal information. Whichever side businesses fall on the privacy versus convenience debate, they all need to be transparent in their practices. This not only helps companies stay honest but also makes consumers feel less deceived and more informed.
- Blockchain Technology, NFTs, and The Metaverse: We have seen a rise in the popularity of cryptocurrencies and NFTs, non-fungible tokens. This blockchain technology can be used in several ways — business, real estate, stocks, bonds, data ownership rights, etc.
Whether a small, local business or a large, multinational company, all businesses need to be flexible and adapt to these digital changes in order to remain competitive and grow. While these new technologies enable digital transformation, companies must still keep basic business fundamental values — having a clear mission/vision, connectivity, excellent customer experience, speed, and digital innovation.
“It’s a new, exciting world for business. And with change comes opportunity. The challenges of digital transformation are not to be feared but embraced — and thats’ where the magic happens.”
You can read the original article here.
René Lumley-Hall - A Conscious Capitalist
The greatest glory in living lies not in never falling, but in rising every time we fall. - René Lumley-Hall