Digital transformation isn’t just a buzzword anymore. With a reported 41% of digital transformation efforts motivated by increased competitive pressure,1 it’s clear that digitization has become a necessity for businesses looking to stay relevant in today's ever-changing business landscape.
Researchers expect global investment in digital transformation to hit $2.8 trillion by 2025, nearly doubling from $1.8 trillion in 2022.2 Unfortunately, factors like the economic downturn, worsening supply chain security, and a greater demand for sustainability are creating more challenges for businesses to overcome in 2023 and beyond. Below, we’re exploring five digital transformation trends you can implement this year to meet these new challenges head-on.
1. Next-Level Cloud Computing
While the pandemic accelerated the adoption of cloud computing, we’re seeing more companies embrace the cloud as bigger and better solutions emerge. An estimated 94% of companies used cloud services in 2022,3 and this widespread usage has resulted in even more cloud-native applications available to help businesses adapt to changing needs.
Another popular development driving cloud migration for businesses is everything as a service (XaaS). The XaaS model allows cloud providers to offer products and services – everything from data storage to communications and more – as cloud-based subscription services, delivering the flexibility many companies need to meet new digital transformation goals.
2. A Focus on Cyber Security
A recent CIO survey revealed that improving security is the top reason for businesses increasing their IT budgets in 2023.4 And it’s no wonder why, considering it only takes one data breach for most customers to lose trust in a business.5 Businesses are looking to get ahead of evolving security issues by embracing stronger security solutions, such as zero trust architecture and advanced authentication technologies.
3. Artificial Intelligence (AI) and Machine Learning (ML)
AI and ML have been transforming the business landscape for a while now, but we can expect to see these technologies gain even more ground in the coming years. At least 90% of new enterprise applications will use AI technology by 2025,1 allowing more organizations to automate repetitive tasks and offer services outside traditional business hours.
However, AI is just one piece of the puzzle. Combining AI with ML solutions can help AI programs continuously improve their performance. The more data an ML system can access, the more insights it can offer – including ways to improve employee efficiency and provide personalized customer service experiences.
4. Hybrid Work Is Here to Stay
A whopping 83% of employees prefer hybrid work,6 so more businesses are looking to digital transformation initiatives to provide workers with flexible work opportunities. While there isn’t just one hybrid work solution, the right tools and infrastructure can help your teams connect and collaborate from anywhere – so you can remain competitive moving forward.
5. Exceptional Customer Experiences
Customer experience (CX) technologies are among the top five initiatives expected to drive the most IT investment in 2023.4 This likely isn't a surprise, as customers have increasingly demanded more immersive, customized shopping experiences since the pandemic's onset. CX solutions, including CRM platforms, contact centers, CPaaS, and more, can help businesses provide seamless customer service throughout the entire customer journey. We expect to see even more robust CX technologies appearing in the near future.
Transform Your Business With Enterprise Visions
Digital transformation is no longer an option for businesses looking to thrive in today's business environment. By embracing digital transformation, you can improve your day-to-day operations, enhance the customer experience, and stay ahead of the competition – but finding the best solutions to support your initiatives is another challenge altogether.
At Enterprise Visions, our digital transformation consultants can help you cut through the hype to show you what cloud migration can do for your business. We have decades of experience helping businesses find the best IT, telecom, and cloud technologies to meet their unique needs, and we can help you too. Our services are free of charge and always delivered with your best interests in mind, so you can rest easy knowing you’ll receive unbiased recommendations from a dedicated partner who wants to see your business succeed.
Ready to get started? Contact Enterprise Visions today to learn more.
Sources:
- https://quixy.com/blog/top-digital-transformation-statistics-trends-forecasts
- https://www.statista.com/statistics/870924/worldwide-digital-transformation-market-size/
- https://www.zippia.com/advice/cloud-adoption-statistics
- https://foundryco.com/tools-for-marketers/research-state-of-the-cio/
- https://business.adobe.com/resources/reports/adobe-trust-report.html
- https://www.accenture.com/_acnmedia/PDF-155/Accenture-Future-Of-Work-Global-Report.pdf