Top Digital Transformation trends you need to look out for in 2019
When we talk about a digital transformation, we are not necessarily talking about digital technology, per se. We are referencing more to the technology, which happens to be digital and that, it can help people solve their old problems and where various digital solutions can help.
During this digital transformation stage, these technologies will enable newer types of innovation and creativity, rather than enhance traditional methods. For a while, the digital transformation was a trend, in and of itself, but in more recent times, however, it has moved into the realm of necessity. Companies that lag and keep working traditionally, risk becoming obsolete.
Nearly 70% of companies say that they already have a digital transformation strategy put in place, while 64% say that a digital transformation is crucial for driving profits. So, what are the trends that will define this transformation going forward?
Blockchain and Smart Contracts
Blockchain technology is known primarily because of its link to Bitcoin and other such cryptocurrencies. Up until relatively recently, the blockchain has seen limited implementation in business, but this is set to change. One of the most immediate advantages that blockchain has to offer regarding digital transformation is the so-called smart contracts.
These smart contracts are a way for people to exchange money, goods, and services in a transparent and conflict-free environment without having to require the services of a lawyer or notary. Similar to traditional contracts, smart contracts will define the terms, conditions, and penalties of the arrangement. But unlike a conventional contract, these can also enforce those obligations.
Advanced Analytics
The digital transformation of today has had a lot to gain from data analytics. Superior analytics services are now changing everything from manufacturing to finance, healthcare, city infrastructure, and much more. For instance, truck manufacturer Navistar can monitor its entire fleet of over 180,000 trucks in real-time, using advanced analytics. It can manage the refueling and analyze driver behavior to determine whether products were damaged or spoiled during transit.
Identity-as-a-Service
People are using more digital devices than ever before. As a consequence, there is increased friction when it comes to identification. A user's identity needs to be of a single online persona and not having to use Facebook or Google to identify one's self with every login. When it comes to the digital transformation, simplifying this process into a sort of identity-as-a-service will become a necessity, otherwise, risk becoming overwhelmed by too many online identities.
Edge Computing and Data Centers
According to the 2018 Edge Computing Index, 64% of businesses say that they are looking to combine edge computing with data center analytics. Also, 72% have already begun implementing various edge computing strategies. And even though this is a trend that is only recently starting to take shape, it will be something that will become more important in the immediate future.
A digital transformation is no longer a fad, as some still believe. It is a means of driving a business forward in the age of IoT and the midst of the Industry 4.0. Companies need to adapt to these technological changes and improve their customer experience if they hope to see growth and more opportunities down the line. Want to learn more about how to stay competitive, relevant, and customer-focused? Contact us today!
