OPINION: How Digital Transformation Has Fast-Tracked In The Last 3 Years

Organisations are now making substantial use of big data, artificial intelligence, and machine learning.

There is no denying the fact that businesses have significantly benefitted by integrating new-age technologies into their working model. ( Image Source : Getty )

The advancement in technology has radically changed how businesses work today. What was formerly thought to be a difficult and time-consuming task can now be accomplished quickly and without any hassle, all thanks to technology. Additionally, new digital revolutions have come our way as a result of technological advancements. The advent of AI, big data analytics, deep learning, machine learning and cloud technology have significantly interfered with the functioning of businesses. In fact, nearly every business sector has integrated these new-age technologies into their working models for the sake of the smooth functioning of their organisations.

According to a report by Statista, 38 per cent of respondents believe that software as a service (SaaS) is highly significant in helping them achieve business goals. Organisations are also making substantial use of big data, artificial intelligence, and machine learning. These tools enable firms to explore new research pathways and out-innovate competitors. They can also assist in resolving client needs, such as through chatbots.

Present-day scenario
There is no denying the fact that businesses have significantly benefitted by integrating new-age technologies into their working model. This has reduced the workload of the human workforce and freed them up to perform higher-value jobs that cannot be automated, improving both the working environment and the experiences of both employees and customers. By accelerating procedures and streamlining operations, these digital transformations have also enhanced production and efficiency.

Previously collecting and maintaining data was a huge task for businesses as it was not only time-consuming but prone to errors as well which impacted the credibility of the data and hampered the effectiveness of future decisions. However, data can now be gathered and processed quickly with the use of business intelligence software and data analytics tools, leading to improved accuracy.

Apart from that, duplications have been a matter of serious concern businesses have faced for a long time. But with digital transformations taking place, duplications are no longer a concern. With an end-to-end digital technology approach in action, the chances of human errors have been reduced to a bare minimum. Especially with the outbreak of the Covid-19 pandemic, digital technologies have largely come into play and more and more businesses can be seen incorporating new-age technologies into their working. According to a Statista report, most of the organizations surveyed boosted their spending on digital and technology efforts over the course of the Covid-19 pandemic last year.

In addition to businesses, the government has also stepped forward to support and promote digital transformations by coming up with various initiatives. One such government endeavour is the Digital India campaign, which aims at making people digitally sophisticated on a larger scale and persuading businesses to adopt and make use of modern technologies for their own benefit.

Future ahead
The benefits that digital transformations have brought are pretty evident. From simplifying the work processes and reducing errors to enhancing customer experience, digital transformations have proved to be a boon for businesses. In fact, organisations today are largely investing in new-age technologies in order to aim at higher efficiency. According to a study by Statista, in 2022, spending on digital transformation is projected to reach 1.6 trillion US dollars. By 2026, global digital transformation spending is forecast to reach 3.4 trillion US dollars.

That's not all. Technology is yet to discover its true potential. In fact, many new technical innovations are expected to arrive in the coming future, taking over the current business trends. Considering how present-day digital transformations have changed the scenario for businesses, it is safe to say the upcoming transformations are going to add more value to businesses aiming at nothing but efficiency.

(The author is the COO of Quarks Technosoft, an IT consulting and services provider with expertise in digital transformation and product development.)

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