21st Feb, 2018
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It’s not wrong when it is said that change is the only constant. Rather, the saying gets reinforced when we look at the steep trajectory we have traversed in the last few years in the realm of digitization or the transformation aided by that.
Technology has indeed become the lifeblood of almost every business entity now, how much so ever traditionally rooted they may have been. 2017 was certainly one remarkable year in terms of some significant technological advancements.
As we enter 2018, we are certainly looking forward to even more robust breakthroughs to accelerate the digital transformation journeys on which the enterprises have stepped their foot upon. One who still doesn’t catch the bus, is destined to decapacitate itself.
As per a Harvard Business School Study, companies which embraced digital transformation saw an average growth of 55% in their gross margin in a period of three years while the ones who were complacent in the adoption showcased a visibly lower margin growth at 37%. in the same time period. All in all, high time to act because if this doesn’t ring a bell then what will?
Whether you see it or become an ostrich, it’s still happening and 2018 is going to be landmark year when transformation brings about a whole new dimension to everything. Let’s look at a couple of trends which can collude to redefine the time we are about to witness:
AI becoming more resourceful
Within no time AI has transcended from a newbie to mainstream. With some of the colossal innovations like IBM Watson, SAP Leonardo and Salesforce Einstein etc. already embedding AI into their platforms, we expect the competitors and other industry players to join the race in next few months. Increasing adoption in the fields of marketing, analytics, customer services and robotics is bound to up the ante.
According to the recent Gartner survey, around 59% of organizations are acquiring information to help in building their AI strategies while the rest have already taken the AI dip and now are progressing at the second gear.
Blockchain spreading its wings
From financial transactions to virtual values in the digital ledger of economic enterprises, Blockchain has successfully established itself as a smart kid in the digital world. As per Gartner, “Blockchain is the second highest search on their site, jumping almost 400% over the last year.
Moreover, Blockchain’s extremely encrypted nature guarantees the integrity of data like none other. The almost tamper-proof technology is here and with the biggies already providing Blockchain-as-a-Service, we can expect the trend to spread far and wide further.
IoT – Moving from experimentation to scaled-up implementation
There is no denying the fact that tech giants like Microsoft, SAS, SAP and IBM are well aware of the efficiency of IoT in the propulsive new business observations and it has started to move to the mainstream amongst the enterprises across the industries.
Being a sole engine to power lot of things today such as – analytics, 5G and edge computing, IoT will be incited with more strategic dynamism as to become further transformative in 2018. IOT projects will finally move beyond just automating existing business processes, towards truly transforming industries by creating completely new revenue streams and business models.
Boom in Immersive Technologies (like AR, VR and MR)
With a wide range of products emerging into market from companies like Oculus VR, Sony and Google, we can definitely predict immersive experiences taking the market frontier in 2018.
According to a recent estimate by McKinsey, AR and VR are expected to grow into a $95 billion market by 2025. As per Gartner also, with the growth and hype of digital realm around, immersive technologies are going to be the next logical step for the marketplace.
Digital Twins – Redefining Optimization
Digital Twins – it is fast moving from the concept to reality, much faster in the recent years. All thanks to the IoT and the lowering costs of technologies that made the current acceleration possible.
The entire idea of effectively pre-empting a situation much before it happens and getting the corrective measures in place well in time without any conflict of the location – the stance in itself is empowering for industries leveraging or planning to leverage industrial IoT.
The concept is revolutionary when we think about the after-sales support domain and not to forget the effective management (or you can say lessening) of the maintenance cost.
Gearing up for an exciting future – Taking the promise and perils, both hand-in-hand
What came first, the chicken or the egg? Organisations face the same puzzling situation while looking at digital transformation. Is technology at the core of transformation, or is transformation at the heart and technology simply the tools?
Well, we would like to take an inclusive view and say yes to both!
While it’s entertaining to watch chatbots, AI and the Internet of Things come even more alive, it is equally thrilling to witness organisations shaking up business strategies and adopting newer ways of disrupting their own business processes so as to become the global forces in 2018.
What are your thoughts on this? Let us know in the comments section below.