Significant Trends in Digital Transformation
The future social and economic challenges will require businesses to have a clear roadmap for using new technologies to survive and thrive.
FREMONT, CA: Projects focused on digital transformation aim to fundamentally alter business culture, technology, and the consumer experience. The pandemic caused numerous changes in how businesses communicate with their clients and staff, most notably a move away from in-person interaction and toward online and distant communication. Digital transformation established its usefulness throughout the pandemic, with more technologically progressive organizations often proving robust in the face of significant disruption.
There are indications that these structural changes brought on by the pandemic will last forever. For instance, many workers who switch to remote or hybrid work have no desire to stay in the office permanently. Businesses will require a clear plan to use new technologies to aid them in surviving and thriving, regardless of the social and economic challenges they may encounter in the future. When the Covid-19 pandemic was in full swing, significant vaccine rollouts in industrialized nations and the Ukraine conflict were in full force.
Direct investments in digital transformation are expected to grow at a 16.5 percent CAGR from 2022 to 2024, making up 55 percent of all ICT investments by the end of the year. Regardless of their strategic approach, 73 percent of all businesses lacked a digital roadmap two years ago. Ninety percent of global firms plan to prioritize spending on digital tools by 2023 to supplement physical places and assets with digital ones. Sixty percent of businesses will profit from disruption by 2025 by adopting an ecosystem- and enterprise-wide approach to automation, using model-based enterprise concepts and low/no-code platforms. By 2026, 54 percent of CIOs will be responsible for driving business transformation, empowering enterprises to be more digitally resilient through strategic IT roadmaps, and replatforming their organizations to support an agile, data-driven, and collaborative workforce.
The majority of professionals at 60 percent of organizations will lead transformation and embody digital resiliency in their roles by utilizing low code/no code tools and data usage capabilities. And by 2025, businesses with cross-functional leadership and a digital dream team will outperform their rivals in terms of innovation rates, market share gains, and operational efficiency.