Trends Powering Digital Transformation in 2023 & Beyond

2022 has been truly eventful – with an ongoing war, rising inflating rate, an impending recession, supply chain disruptions & impacted business operations!

Despite the setbacks, enterprises continue to invest in digital transformation (DX) initiatives. They utilize intelligence & adaptability in their operations, client relationships, & decision-making mechanisms. Interestingly, the businesses that adopted digital technology before the global pandemic were in a slightly better position to respond to the crisis. Mckinsey suggests 94% successfully kept the operations up and running. And, enabling this level of agility & resilience is essential to getting better operationally & efficiently addressing market demands beyond 2023.

If you too are looking to drive efficiency across your operations, customer interactions, products & solutions, then this blog is for you.

Here’s what we’ll cover;

• Technology Trends Driving Digital Transformation
• Strategic Business Drivers with Practical Use Cases
• Benefits of Digital Transformation Across Industries
• Rishabh Software’s DX Success Stories

Digitalization enables businesses to optimize their IT systems, accelerate product delivery, reinvent client engagement & maximize employee productivity. It results in better reliability & readiness for future disruptions with improved offerings. And, businesses across industries acknowledge the fact that sustainable success is only possible with a powerful DX strategy.

 Knowing that a specific technology is creating a revolution is crucial. But if that’s all you know, you’re as ignorant as a coastal dweller scrunching up in a beach house while a hurricane fast approaches. He’s hoping to survive, not knowing what will be left behind. To prepare himself appropriately, he needs to see the characteristics of the cyclone, the possibility of a storm surge, and the speed/hour. Similarly, you need to know the specifics of a technology redefining your industry so you can adapt to survive and thrive!

Businesses across the globe are utilizing the combined potential of these technologies. It helps reimagine their operations & accelerate digital transformation:

Cloud Services

The agility, scalability & security offered by cloud services make them an inevitable component of digital transformation. Enterprises can leverage the packaged business capabilities of cloud platforms to implement differentiating digital initiatives & accelerate time to value while avoiding lock-in. It would include hosted & managed platforms, applications & data services. If you want to pace up your DX plan with a cloud-first approach, do explore cloud application development services. Further, read this article to learn how the cloud enables CIOs & CTOs to accelerate digital transformation for their strategy & investments.

By 2027, more than 50% of enterprises will use industry cloud platforms to accelerate their business initiatives. (Gartner) 

Analytics

Businesses across the globe are creating a massive amount of structured, unstructured, and raw data daily. And while this data can change the game, storage, processing & analysis of the same poses a challenge. You would agree data & analytics go hand in hand. And it helps companies to identify trends, answer questions, map out solutions and explain the nature of events that happened to draw relevant conclusions finally. It is where big data analytics can make your work easy. It can help process a massive amount of data and extract the correct information for remodeling strategies & making better decisions. You can count on a dedicated data analytics services provider to help you craft an effective digital transformation strategy. It would cover all stages of the journey – from developing a plan to proof of concept to implementation.

90% of corporate strategies have referenced data as a vital business asset & analytics as a critical competency in 2022. (Gartner)

Internet of Things (IoT)

This revolutionary technology promises excellent efficiency across industries. And, IoT-based digital transformation is applied to physical products. While central to both DX and IoT is data, with its proper application, IoT technology can utilize & convert it into useful information for the company. And a dedicated IoT platform enables the digitization of physical products. Data collection also provides a digital link between a company, its products & its customers. IoT enhances customer satisfaction in the retail sector by delivering real-time actionable insights. Within the healthcare sector – telemedicine is prospering with advanced IoT capabilities. The use of IoT in manufacturing makes operations swift, safe & agile. You can partner with a dedicated IoT application development services provider to connect users & devices. They can help with requirement engineering, architecture design and platform & app creation to testing & support for your entire lifecycle of IoT initiatives.

The revenue from the IoT sensors market is expected to rise to roughly 43 billion by 2025. (Statista)

Artificial Intelligence (AI) & Machine Learning (ML)

AI and ML are excellent drivers for planning and implementing digital transformation. They help companies develop comprehensive strategies based on real-time market intelligence rather than piecemeal tactics of disjointed systems and processes. With AI and ML, information can be analyzed in real-time. It helps increase responsiveness to changes in customer behavior and events and makes business processes, including IT operations, more efficient. AI uses algorithms to create or adjust programs by taking advantage of the insights gained with ML. At the same time, AI mimics human intelligence to identify and react to behavior and events. ML utilizes big data to analyze & correlate patterns that offer insights into customer behavior and other events. It provides input for solutions to improve business processes and customer experiences. Further, it can help identify shifts in behavior and events as they happen to devise solutions that can address the decline in sales.

By 2026, organizations that operationalize AI transparency will see their models achieve a 50% improvement in business goals (Gartner)

Data Management

Information is imperative to witness the change that digital transformation depicts. From insight-driven decisions to customer delight to productivity enhancements, it culminates in a single keystone – data management. It comprises data collection, processing & cleansing to unification, integration, and dissemination; data management dramatically influences the speed and scale of digital transformation. An experienced data engineering company can help you unify and navigate data with accurate data integration.

By involving Chief data officers (CDOs) in setting goals and strategies can help increase consistent production of business value by a factor of 2.6X (Gartner)

Product Engineering

To transform digitally, businesses must reinvent their product offerings while modernizing existing legacy systems. It helps in keeping up with evolving business priorities. Adopting product engineering services is the way ahead for companies that want to keep delivering value, even in testing times. Enterprises can either implement software products to enhance employee productivity or monetize them to generate revenue. The power of each of these technologies lies in the way they are leveraged into your company’s digital transformation strategy. Explore how sustainable tech partnerships can enable digital transformation by navigating the associated complexities. So, if you are yet to digitize your business, we know exactly how to make these technologies work in combination so you can drive significant impact.

The global product engineering services market is expected to reach USD 1,979.79 billion by 2029 (Data Bridge Market Research)

Fortunately, the challenging part is over! You’ve built an enterprise, managed to survive the pandemic & are finally now back on your feet. Now is the time to level up. Does this necessarily mean you need to transform digitally?

Well, yes, your success in any industry depends on getting the four fundamental forces right – people, processes, data & technology. They facilitate transformation across digital channels, business models, customer experiences, and operations.

Based on our vast experience in executing DX initiatives, here are the key drivers of digital transformation:

Digital-First Customer Experience

Your customers actively use social media platforms, buy products from online stores, watch content on different devices, pay bills on mobile & more. They expect this convenience & speed across all the products, platforms & services they use. Enhancing the experience of your customers & employees continues to be a top priority for businesses. They directly impact your performance & profitability with the following:

• Connected CX across channels
• Omnichannel shopping experience
• Self-service platforms for customer support
• Real-time updates for customer engagement
• Mapping of customer journeys

Modernization of IT Infrastructure

Most companies are still using legacy architecture, relying on outdated applications and systems nearing the end of their service life. While they may be critical to crucial operations, they are bottlenecks for scalability, interoperability, and business growth. Modernization has become a core necessity now with the emergence of:

• Cloud Services
• Business Intelligence (BI) for reporting
• Reengineering of web & mobile applications
• Responsive Web & Mobile applications
• API-based integrations

New-age Business Models

Creating new products and delivery channels that sync with digital trends is a strategic driver for business success. Leading examples of future-ready business models include:

• IoT-powered services & solutions
• Smart, collaborative workspaces
• Dynamic delivery as a service

The Need for Data-driven Decision Making

Data is the byproduct of all digital systems. It can potentially restructure marketing strategies, business operations, logistics, reporting, customer experiences & business outcomes. Digitally driven business leaders are using this data to make better decisions by:

• Developing analytics platform for accurate reporting
• Digitally transforming customer support services
• Automating business processes

The Rise of Artificial Intelligence

More than a tech trend AI is the need of the hour. It is all set to take over every business function soon. Alexa & Siri have already become an integral part of our daily lives. Every industry, especially FinTech & Retail, relies heavily on AI to secure & speed up its data & workflows. Every sector is surging ahead in its digital transformation journey with the following:

• AI-powered chatbots
• Personalized medicines
• Online advertising
• Voice search optimization
• Email marketing
• Personalized UX

The advantages of these tools & technologies are undeniable. However, for a sustainable change strategy, you must incorporate the right combination of emerging technologies. It comprises processes, workflows, company culture & customer touchpoints.

Digital transformation is vital to the success of every modern business. But, if you still need some motivation before taking the plunge, then check out the benefits that it offers across business verticals:

Healthcare

• Enhanced responsiveness with centralized access to patient data
• Reduced infrastructure cost with digital tools for health support
• Accurate analysis of health data and patterns for defining personalized treatment plans
• Improved patient experience with easy access to telemedicine technologies

Retail

• Automation of complex, time-consuming & error-prone tasks
• Efficient supply chain management
• Improved enterprise agility and customer buyer journey
• Enhanced responsiveness to customer needs & market trends
• Omnichannel shopping via digital channels
• Improve customer focus with organized internal workflows
• Identification of new value propositions with data intelligence

Read more on digital transformation in Retail

FinTech

• Acquisition of digital investors with online services
• Reduced paperwork with robotic process automation
• Customized offerings with the application of analytics to consumer data
• Use of AI algorithms to upsell & cross-sell services
• Adoption of blockchain technology for increased transparency & reduced risk

Read more on digital transformation in Fianance

Travel & Hospitality

• 360-degree viewing experience with a virtual reality platform
• Online bookings and personalized offers
• Smart hotels enabled with emerging tech
• AI-powered bots for customer support services
• Real-time updates for customer acquisition & retention

Media & Entertainment

• Use of AR & VR for an immersive viewing experience
• Delivery of targeted content with programmatic advertising technology
• Personalized marketing campaigns with real-time data & analytics
• Scalable storage ideal for media & metadata
• Improved CX with self-service platforms

Manufacturing

• Reduced operational costs with the implementation of the Industrial Internet of Things (IIoT)
• Increased productivity with the use of automation software
• Data-driven risk analysis & decision-making mechanism
• Improved product quality with the implementation of real-time analytics
• Improved CX with a simplified online ordering process

Edtech

• The reduced administrative burden due to digitalization
• Improved enrollment with a self-service portal
• An immersive learning experience with user-friendly web & mobile apps
• Learning is made possible anytime, anywhere with online classrooms
• Use of technology to track progress & personalize learning

We can help you assess your technology needs and tailor a comprehensive, step-by-step approach. And if you wish to learn more about developing a robust digital transformation framework, then this article is your one-stop resource: How to Transform a Traditional Business to Digital Enterprise Successfully.

These success stories are a few of Rishabh Software’s varied DX initiatives where we’ve helped our clients remain relevant & competitive using the right digital technologies;

• Cloud: For an Australian EdTech company, we deployed a fully responsive cloud-based e-learning platform with seamless support across devices. The upgraded platform has digitized all processes – from administrative functions & communication to attendance monitoring & performance tracking. It resulted in a 2x increase in new registrations, reduced operational costs by 50%, and significantly improved student learning outcomes.
• Real-Time Analytics: A UK-based global DOOH agency turned to us to develop an exchange platform. It integrates an RTB system that allows multiple media owners to bid on ad inventory in real-time. The solution uses a product adapter to fetch & process inventory listings, a trading engine to publish the exchange supply message & an auction stream to send bid requests to the demand-side platform with win/lose notifications. The solution ensured 100% utilization of available ad assets with its capability to process 30 million auctions in under 30 minutes.
• IoT: A leading manufacturer of fluid control systems with building an IoT-based Web Solution. It was integrated with a BI-powered analytics system to generate real-time reports. The solution accurately measures the data related to fluid volume, flow, storage level & more. To ensure fast & accurate reporting, it enables automated validation, sorting & versioning of data. It resulted in a 75% reduction of the time spent on routine processes with 30% more cost savings & 40% rise in sales revenue.
• AI & ML: A prominent UK-based medical service provider develops an ML-based healthcare monitoring system. The ML-based data models enable informed decision-making with accurate recording & real-time analysis of patient health data. This healthcare monitoring system improved the diagnosis rate by 63% with centralized health record management & patient intelligence.
• Data management: A US-based hospitality giant collaborated with us to create a data warehouse. It acted as a centralized source of actionable insights for stakeholders. We built a Cloud Data Warehouse (DWH) Solution with intuitive dashboards and scalable data reporting capabilities. From analyzing their data, creating an operational data source & ETL routines to using power BI & deploying the warehouse on Azure, we provided end-to-end support. The outcome was a 50% increase in workflow efficiency with a 40% reduction in quality issues.
• Product engineering: A Middle East-based media company connected with us to develop an anime OTT streaming platform. With our experience in developing VOD applications, we integrated the platform with features like video library management, watchlist, smart search & a secure payment gateway. The streaming app integrates real-time analytics, enables 100% customization & offers multi-platform access to Anime content. The client witnessed a 40% increase in subscription renewals.