The role of IT has moved on to be even more critical as the world is becoming increasingly dependent on digital means to grow. Organizations are under constant pressure to stay competitive and create connected experiences for the users. IT projects are expected to grow by 40 percent in the coming year, while 80 per cent of the firms are now holding their IT teams accountable for delivering the best customer experiences project.
The year that went by saw industries like IT, Healthcare, Media, Advertising, and many more make a paradigm shift towards digitalization by digitally manning their operations. This has led to eruption of a whole new set of possibilities, innovations and redefining a strategic journey for firms that intend to lead the digital frontier. Blurring the much observed physical and digital boundaries, savvy businesses have achieved competitive advantage by adopting these top digital transformation trends in the year 2020.
1. Innovation
Let’s say that the year that witnessed a global lockdown also gave employees ample time to innovate and bring about a change. Developing better digital customer experiences, in a faster way drove cultural change, empowering the business to self-serve and deliver solutions quicker. Organizations that were under a great pressure to digitize services quickly came up with excellent ideas to meet the rising customer demands and create new revenue channels.
2. Data Analytics
Making decisions based on data is an important tenet for digital transformation. Businesses future-proof themselves with technology to innovate, disrupt, and differentiate. For instance, google has moved from being mobile to AI-powered. Facebook, one among the top digital marketing channels plans to expand its content-driven platform to enable economic transactions with its own cryptocurrency. Data is a treasure of insight for the business only after it is sorted, processed and analysed to be used in a smarter way overtime. Data Analytics has helped big and small firms to predict consumer behaviour, optimize sales pipeline, and streamline processes in an effective way.
3. Artificial Intelligence (AI) and Machine Learning
AI has been recognized as one of the critical drivers on how companies continue to deliver value to their customers in a highly competitive and ever-changing environment. In order to adopt to the digital changes a process needs to leverage digital technologies to create or modify customer experiences, culture and business processes, thus meeting the changing needs of the market. AI comes into play where it can help companies be more flexible, innovative, and adaptive than before. AI and ML (Machine Learning) allow us to use all the data and take a leap, by allowing the consumer the ease of what they would have to do conventionally.
4. Digital Security
The year 2020 saw an exponential rise in use of payment apps and UPIs. Customers are more loyal to a company that ensures strong security controls, which is why digital security is one of the most-sought after digital trend in 2020. From entrepreneurs to small businesses, medium to big firms, a basic vegetable vendor to what-not, there has been a rise in number of users for web-enabled applications. Digital security is also a platform where machine learning algorithms and AI’s strengths come into picture for credit card fraud detection.
5. Customer experiences
The emotion of customers is of utmost importance for the success of any brand; and the year that went by proved it well. Entrepreneurs and a good number of small businesses who could connect well with their customers and communicate with them directly, not only gathered the likes but also became the talk of their circle. This is also where big data analysis comes into picture, as businesses get to acknowledge how customers feel and connect with them emotionally to gain their trust. And that is why it is time for all businesses to redefine, revisit, and reprioritize their current business model based on their target customer expectations.
To conclude, digital transformation has been at the helm of global digitization more so in the year 2020. If you are a business looking to enhance customer experiences through digital means, our insights shall be helpful in providing you the right direction.
To know more about how can you make your business go digital to attract more customers, get in touch with us.