The speed at which we are witnessing the pace of technological sweep across various segments of businesses and industries, one must wonder if we are headed towards a new reality – the post-digital era.
And digital transformation is not a new idea, it has been around for years. While companies are gradually taking steps to embrace it, there is still work to be done. According to an international agency, the spending on the digital transformation of businesses in 2020 and beyond, will skyrocket to over $1.97 trillion.
Every business owner says they are going digital which is now simply the price of admission and no longer a differentiation advantage.
Let’s delve a bit deeper.
So what does the next era of digitalization look like?
In simple words, businesses have to do more than just digitally transform. The real differentiation comes only when digital prowess is applied in new and different ways because the pace of innovation will continue to thrive.
The world runs on data because the information in it is of potentially extraordinary value. It is an essential resource that powers the information economy and companies have to extract all that is required to be in the front line, delivering awe-inspiring service.
Predictive analysis is done using raw data to determine future trends and demands. This is useful since it will give direction to the efforts of a business. Whereas prescriptive analysis is based around an analysis of the data. Like if a business is seeking a definite goal, then this method rolls out accurate information and reports.
These technologies will continue to drive digital transformation to new heights as time goes by. With the ability to analyze large amounts of data effectively and efficiently, Artificial Intelligence and Machine Learning will help many businesses in recognizing profitable ventures by rolling out individualized services to their customers.
Though machines and technology are sophisticated there is some element of human touch required in its efficient functioning. These technologies are the output of a human brain hence digital transformation goes beyond technology and tools; there is a need for people to input certain commands or run it. So naturally, people working with these advanced tools must be trained on using them effectively, help remove redundant job functions, and focus on what counts.
The post-digital era will reshape the way business and industries work, welcoming powerful possibilities, and honing new capabilities. This new dawn will bring enormous opportunities to various industries to innovate as they go with emphasis on building trust and being responsible for the change they bring. Also, upholding safety compliances, ethics, governance, and privacy, when deploying this level of technology, is crucial.
As mentioned before, businesses cannot be content with just shifting gears to digital transformation, business owners have to now invest not only in innovation but operational infrastructure and expertise as well, to be ready for a new wave of competition