Though from the 1980’s the digital era started and is ongoing but the year 2020 can be considered as a big year for digital revolution! 2020 is the year of digital products. Technology is evolving day by day. Expectedly by 2030, this tech evolution will have reshaped every product we use today. 2020 is the year fully into digital transformation, adaption, and e-commerce boom.
As we wave goodbye to 2020, a year like no other is shaped and moulded only in the favour of digitization totally from media to marketing, creativity to digital transformation. In the business world, our computers and phones are central to our workflows that review our online productivity can provide a remarkably clear picture of our productivity pitfalls and victories. It is said that it’s not all doom and gloom. In fact, many organizations are cautiously optimistic about the future. Having spent most of 2020 right in the thick of digital products, helping clients in industries like BFSI, education, and healthcare navigate these turbulent times.
Digital Transformation is Demode
Digital transformation is demode, is it? By the end of 2019, every tech services firm was claiming to offer expertise in digital transformation. But do they really mean it? Actually, many marketing channels view digital transformation as an exercise in channel marketing and customer delivery. Many companies spent past years just introducing digitization then twitching digital customer experiences by enhancing the old business models. These alterations typically bring a degree of perceived value from customers, but only for a short while. As customers’ expectations evolve, the perceived value decline before new digital experiences begins to look similar to each other. This is why the next decade will see a more fundamental shift happening across businesses of all shapes and sizes.
Digital Products vs. Digital Experiences
A digital product is any product you sell online that doesn’t have a physical form or substance. You can’t hold a website theme in your hand, smell an e-book, or taste a software program. If you see the example of Uber eats, it does the same thing. But you can turn digital products into physical products.
On the other hand, Digital experiences are that portion of technology that allows companies to go beyond digitizing paper processes in order to create services that are possible only because of the internet and other modern technologies. Digital experience allows your business to be more proactive when it comes to better serving your customers. If done correctly, digital experience offers many new opportunities for your business to thrive. It is necessary to provide careful thought as to how the digital experience can consistently improve your customer journey.
As companies evolve in digital maturity, there is a gradual shift in the way people think.
Timeline 2030
By the end of the next decade, we can predict that every successful company will be a software product company or a hybrid software and physical product company. If your business isn’t already designing new products around software, 2020 is a great time to get the ball rolling. To get ahead of your competitors, invest in digital product development capabilities early in 2020.
The Digital Transformation (DX) Investment Forecast looks at the amounts invested by enterprises on software and services for DX initiatives, both on internal development and purchasing products and services from third parties.
There are three major geographical poles: North America (accounting for 35% of global investment), followed by Europe (24%), and China (18%). Japan accounts for 10%. North America ranks highest for all categories of technology although China is very close to 3D Printing & Additive Manufacturing, Autonomous Robotic Systems, Edge Computing, and Product Lifecycle Management.
Take action now
It is up to businesses, as much as governments and the public sector, to ensure that we can create a prosperous, balanced future for people around the world. By acting responsibly, and putting people ahead of any other agenda, together, we can find the path to prosperity through digitization.
