The phrase “digital transformation” is something that’s thrown around a lot these days. Businesses across the globe in both private and public sectors seem to be constantly increasing digital spend and launching digital transformation projects, but what exactly is it?
In plain English, digital transformation involves the integration of digital solutions and the application of technology in business. In the business world, it’s a phrase that’s often used to loosely describe initiatives taken by businesses incorporating technology to enhance the way they operate or the experience they provide. True digital transformation, however, is when a business uses technology to completely reimagine the way it operates.
In this day and age, technology has fundamentally changed the way businesses operate. More than simply launching a website or developing an app, digital transformation is vital to the survival of any business in the digital age.
Trends Driving Digital Transformation
Digital transformation is by no means a temporary fad, nor is it a one-time company project — it’s an ongoing process that’s constantly evolving in line with technological advancements.
While the foundations of digital transformation will always be technology and innovation, a few key trends have had a remarkable impact on digital transformation these last few years. Trends that are shaping the future of digital transformation and technology as we know it.
Data Collection Powered by Artificial Intelligence & Machine Learning
With the amount and importance of data collected by businesses continuing to grow, finding more efficient and effective ways to process it is essential. From startups to multinational corporations, businesses dependent on analytics are pouring millions into artificial intelligence and machine learning. After all, what use is data if you don’t have the tools and technology to analyze it?
One of the most popular applications of artificial intelligence and machine learning we’ve probably all experienced is in customer experience. Through a combination of the two technologies, businesses are learning more about their customers than ever before, delivering laser-focused recommendations in record time. This not only helps them serve customers quicker but allows them to tailor their products and services to what customers really want.
In terms of effectiveness, the results speak for themselves. A recent study by leading IT firm Infosys revealed that 98% of respondents who harnessed AI in their digital transformation reported that the technology helped them general additional revenue for their organization. What’s more, a survey carried out by MIT Technology Review revealed that up to 26% of businesses currently using ML gained a distinct competitive advantage over their competitors.
As businesses continue collecting data to better understand the people they serve, AI and ML will undoubtedly continue to play pivotal roles in digital transformation.
The Explosive Growth Augmented Reality & Virtual Reality
While Augmented Reality and Virtual Reality are far from new technologies, few expected them to be as influential as they are today. Once viewed as technologies too expensive and impractical to be applied anywhere other than entertainment, both AR and VR have experienced unprecedented rises in adoption this year.
In no small part due to immersive media’s increased attention and retention rates compared to other types of media, AR and VR are constantly proving their worth in a wide range of industries. More businesses than ever before are taking advantage of the technologies to create everything from engaging consumer marketing campaigns to immersive content for VR headsets and corporate-level sales suites.
With the demand for AR and VR growing so rapidly and major players like Google and Nvidia backing the tech, we should expect to see tremendous growth in both AR and VR in the near future.
Are You Ready for the Future?
Despite constant technological advances and shifts in trends, digital transformation remains a major challenge to most businesses. Luckily, Untitled Project is at the forefront of the digital revolution, creating intelligent tools and mastering machine learning in Singapore to transform businesses and accelerate their adoption of technology. Contact us today to learn more.
