5 Must-Know Digital Transformation Technologies That Will Influence Business in 2021
Digital Transformation is expanding and companies pursuing it are enjoying the harmonious growth and benefits. With the outburst of internet advancements and technological development, everybody wants to ensure that their business has a digital presence that makes an impact, a positive one.
Yes, the audience has greater digital exposure than ever before which is why businesses want to reach out to their audience through the internet. The internet is indeed the best place to find a large number of people. People are very often browsing through different websites and platforms in their free time. So, businesses have started taking the required steps to stay ahead and promote their brand as much as they can on digital platforms. This could vary from websites to mobile apps and even social media portals.
On the other hand, the audience is also very comfortable using internet platforms to connect with brands. Nowadays, the internet and devices that can be connected and used with the internet are viable and affordable.
According to Forbes, executives say the top benefits of digital transformation are improved operational efficiency- Forty percent, faster time to market- 36%, and the ability to meet customer expectations — 35%.
- 60% of companies that have undergone a Digital Transformation have created new business models.
- 55% of startups have adopted a digital business strategy, compared to 38% of traditional companies.
- 89% of all companies have already adopted a digital-first business strategy or plan to do so.
So here are a few of the Top Digital Transformation technologies that will influence your business in 2021:
◾ Internet of Things (IoT)
◾Artificial Intelligence (AI)
◾ Chatbots and Virtual Assistants
◾ Cloud
- Internet of Things
”Internet of Things” refers to the rapidly growing network of connected objects that can collect and exchange data using embedded sensors. Thermostats, cars, lights, refrigerators, and more appliances can all be connected to the IoT. While we all have read about it or in some way had an experience with IoT, the truth is that the rate of adoption of IoT has not been uniform across industries. Today, IoT spending is dominated by the manufacturing sector.
However, IoT unleashes new opportunities for several industries, through smart connected products and machines, and enables the continuous collection of environmental and user data that can be used to improve business and service performance.
IoT devices record and transfer data to monitor important processes, give us new insights, boost efficiency, and allow companies to make more informed decisions. They tell organizations what’s happening, rather than what they assume or hope is happening. The Industrial Internet of Things (IoT) market is forecast to surpass $176 billion by 2022, according to a new report by analysts at Market Research Engine.
Letting you know- 5 ways IoT is transforming business today:
◾ Improved business insights & customer experience
◾ Cost & downtime reductions
◾ Efficiency & productivity gains
◾ Asset tracking & waste reduction
◾ New business modes
2. Artificial Intelligence
Artificial Intelligence engines have now graduated from gaming and are seeking jobs in the business. From tech-savvy corporations to enterprises of all sizes across industries from banking to healthcare and several other business processes are all using AI as their tool.
Here is a list of 5 ways in which business can successfully leverage AI for their benefit:
◾ Personalized experience in e-commerce
◾ Real-time assistance
◾ Incorporating automation & Business Insights
◾Increase business efficiency by minimizing mundane tasks
◾ Chat-based solutions for consumer communications
3. Virtual Assistants
Like editors, stage managers, and food hygiene regulators, virtual assistants are at their best when the customer doesn’t know they’re there. Like human assistants (which still exist, somewhere) they are here to streamline processes and make sure the activities of a business and the lives of the consumers run smoothly.
7 Tricks Virtual Assistants Can Do For You
◾ Tracking Products
◾ Scheduling Appointments
◾ Handling Payments
◾ Keeping Track of Accounts
◾ Handling Complaints
◾ Recruiting
◾ Research Assistant
Chatbots have been on the rise for a couple of years and have already faced a wide adoption. They are bringing a new way for businesses to communicate with the world and most importantly with their customers. With the help of the exploding popularity of messaging apps, there is accelerated development of all kinds of sensors and wearables, and of course the rise of emerging technologies and Artificial Intelligence (AI).
We have seen bots in action. We have experienced bots in making customer service easier and cheaper. But, believe it or not, very few enterprises have used bot technology internally to make business services/operations faster and cheaper.
Top 7 Benefits of Chatbots for Your Business:
◾ Keeping up with the trends: Being present on messaging platforms
◾ Improved customer service
◾ Increased customer engagement
◾ Monitoring consumer data & gaining insights
◾ Better lead generation, qualification, and nurturing
◾ Easier approach to global markets
◾ Cost savings
5. Cloud Computing
The laptops given to every employee in one of the largest multinational corporations are wired in a way that every file created is auto stored in the Cloud than on the machine.
Organizations will use the cloud to bring applications, data, and IT services closer to customers to improve the performance of digital touchpoints. This has another significant benefit for them.
Cloud computing offers your business many benefits. It allows you to set up what is essentially a virtual office to give you the flexibility of connecting to your business anywhere, any time. With the growing number of web-enabled devices used in today’s business environment (e.g. smartphones, tablets) access to your data is even easier.
Here are some benefits to moving your business to the cloud:
◾ Reduced IT costs
◾ Scalability
◾ Business continuity
◾ Collaboration efficiency
◾ Flexibility of work practices
◾ Access to automatic updates
There are many more trends that are shaping the future of enterprises. It is not the buzzwords that hold sway, but technologies that can bring in a tangible impact at the bottom line as well as their capability to compete effectively.
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