From small businesses to giant enterprises, every industry imaginable is well on its way to achieving total digital transformation. This means that over the next few months, companies will start leveraging technologies like artificial intelligence (AI), big data and analytics, cloud computing, and the internet of things (IoT) to drive digital transformation.
When it comes to this whole process, the types of implementations and user experience (UX) vary from one company to another. The same can be said for progress levels and the types of initiatives that these businesses are engaged in.
So what are the latest digital transformation trends you should know about? Let’s take a look at the top five.
1. AI Will Be Mainstream
We have all been using AI for a number of years now. From Alexa to Siri to customer service chatbots, artificial intelligence has grown from a novelty to a necessity. However, we have yet to realize the full potential of this technology.
In the near future, we can expect AI to play a more prominent role in business from automating mundane tasks to engaging in marketing and analytics. This approach will also take customer-brand interactions to another level.
The retail industry is also expected to use AI to engage in data analytics to improve inventory management. In other words, AI will leverage IoT to continuously monitor and study the inventory to keep track of the products that sell quickly (and replace them before the last one is sold).
2. IoT Will Become More Fragmented and Vulnerable
When it comes to IoT, the good news is that major vendors are now offering highly customizable and cost-effective IoT platforms. The bad news is that the fast growth of connected devices leads to fragmentation, compatibility issues, and security challenges.
A growing number of IoT devices has raised the concern for user privacy, and leading enterprises have started developing new ways to improve security. Big data analytics professionals have stepped up and built preventative technologies, detection and response services, and effective management systems to help. This year, IoT security strategies and technologies will continue to evolve.
For now, the successful implementation of IoT initiatives will be a priority across industries. So we will see a lot more activity in this space over the next 12 months, especially in retail, healthcare, and supply chain industries.
3. Mobile Will Continue to Expand Even Further
If you thought mobile was dead or dying out, you thought wrong! The reality is the fact that mobile is going through another phase of expansion.
Going forward, you can expect mobile applications and mobile pay compete directly against retail PoS systems. In fact, highly personalized payment options offered by mobile platforms promise to be a real game changer.
As a result, we can expect a rush to adopt and accept mobile payments across industries in the months to come. Either way, you can expect it to seamlessly work with both AI and IoT to help retailers achieve their backend goals.
4. Cloud-Based Identity Management Will Become the Norm
How many application and digital services do you currently use at work? What about at home? If you’re anything like me, you will be juggling over 10 of them to get the job done.
This has created a situation where it’s now critical to securely manage one’s identity in a single online persona on the cloud. Some experts even predict that offering services such as Identity-as-a-Service will become the next big thing.
If this does happen, it will undoubtedly be welcomed by those of us who keep getting locked out (and have to go through a rigorous process to prove our identity).
At present, major players in the business don’t want to support such an initiative, but it’s hard to see it not happening sometime soon. This is because there is a significant need for it in both commercial and non-commercial markets where people have to manage multiple accounts.
5. Digital Transformation Will Be Imperative
Let’s face it, the whole world is going digital, and if businesses fail to do the same, they will be left behind. So it’s safe to say that those who haven’t figured this out already will have to do so immediately to stay relevant in today’s business market.
Over the coming years, you can expect disruptions to be a common occurrence, and businesses will need to be highly flexible to rapidly adapt to these changes. In the same vein, companies will have to take advantage of a wide variety of technologies to remain relevant.
This will be true for both your mom and pop shop down the street to the factory that has been operating for decades. Failure to embrace digital transformation now will mean a downfall in the months and years to come.