The speed of digital transformation is accelerating, disrupting markets like never before, whatever sector you are in. You only have to look at Uber and Airbnb to see how even traditional markets are being shaken up radically by companies with new business models and ideas.
So how will digital transformation play out over the coming year? Here are just a few predictions.
1. User experience will be the number one business priority, as consumers increasingly buy from those that best fit their values and needs … rejecting those that don’t. Gartner predicts that by 2018 over 50% of organizations will redirect their investments to customer experience innovations. To deliver that experience you will have to find new ways to interact and respond more effectively by using new technology.
2. Expect the unexpected. New technologies lower the cost and risk of market entry, suddenly making it much easier for ‘outsider’ companies to establish themselves in your sector. You have to be prepared for this. Similarly, you can move across into other markets.
3. Augmented reality (AR) and virtual reality (VR) will become widespread. With mass market VR devices and the growing availability of open source software, even smaller businesses can use it to explore exciting new opportunities to offer to customers, or even to gamify the workplace.
4. Applications will become ever more connected thanks to application program interfaces (APIs). By integrating technologies you can create a technological ecosystem that will help you significantly improve workflows in your business. Our digitalization workshops are a great way to better understand the latest trends in digital transformation and how you can bring them together.
5. There will be a growth in remote working. Millennials want more flexibility in how and where they work. Employers will have to recognize that if they want to hire the most talented, as many have started to. That means taking advantage of technologies like video conferencing and collaboration tools to facilitate communication and build teamwork.
6. Smaller companies will become more technologically adventurous generally. The development of new, much cheaper technology, and the eruption of cloud services in particular, have fundamentally shifted the landscape for smaller businesses. Now any company can embrace digital, and do so cost-effectively, without the need for specialist in-house help to run systems, or high cost hardware and software. This means that smaller companies can dip a toe in the water to see what works for them without major risk.
But, when there’s so much you could do, actually knowing where to start is often one of the greatest problems. That’s why we have created a unique tool that enables you to calculate your Digitalization Index, based on over 60 parameters and competitor benchmarks, and so identify and prioritize your technology options.