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Developments in Digital Transformation to Promote Efficient Growth

CIO Review Europe | Thursday, November 24, 2022

The pandemic drove an urgent acceleration in digital transformation initiatives.

FREMONT, CA:The pandemic prompted an urgent acceleration of digital transformation activities a few years ago. It propelled businesses of all sizes to invest in cutting-edge technologies to thrive in the new normal. These investments, however, were more than simply a few blips on the radar. With a renewed emphasis on operational efficiency, productivity, and resilience, businesses have increased their efforts in response to the resulting economic instability and shifting client needs.

As this pattern persists, the following seven characteristics of digital transformation will be crucial for overcoming operational difficulties and fostering effective and sustainable growth.

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Automation for Efficiency:Although businesses have already begun implementing automation, in 2023, there will be more widespread adoption of the technology. The goal is to enable company executives to accomplish more with less. With corporate instability brought on by soaring inflation, rising energy prices, tightening labour markets, and geopolitical turmoil, this will eventually assist them in driving efficient growth, improving productivity, and generating cost savings.

According to a Deloitte report, 53 per cent of firms have already begun deploying robotic process automation (RPA). According to Gartner, hyper-automation will enable enterprises to reduce operational expenses by 30 per cent by 2024. The market for hyper-automation software is expected to reach around USD 860 billion by 2025.

All want to automate their work, but corporations must put cost efficiency first because of the economy. Automation is about developing methods of working that can save time spent on tasks while still promoting efficient growth.

Composability for Agility:The need for agility is urgent, but most businesses struggle to implement it due to outdated technology and data silos. In 2023, businesses will largely implement a composable enterprise strategy to overcome this issue. Teams will be able to repurpose their current capabilities to adjust to shifting market demands, which will help them expand and build consumer loyalty wisely and economically.

According to Gartner, being a composable enterprise will rank as a strategic target for 60 per cent of mainstream firms by 2023, and those using this strategy will develop new features 80 per cent faster than their rivals.

Low code/No-code Tooling to Meet Workforce Shortage:IT teams are constantly under pressure to meet the demands of digital transformation. However, the talent required to lead these initiatives is more scarce than ever. This problem would be resolved in 2023 with the widespread use of low-code/no-code tooling.

With the help of these tools, more businesses will be able to construct fusion teams that combine business and technology specialists and accelerate transformation initiatives to meet strict deadlines. IT departments that provide their business users with this kind of access are 2.6 times more likely to speed up their digital transformation projects.

Total Experience (TX) in Customer and Employee Backing:Businesses have traditionally prioritised enhancing customer experience (CX) to promote growth, protect revenue, and foster loyalty. They now understand that enhancing the employee experience (EX) is equally important to success.

More and more top companies will consider total experience (TX) in 2023 as a way to enhance both customer and employee journeys, particularly in areas where they converge. Utilising current technology investments that are the cornerstone of important customer and employee experience projects will produce superior shared experiences and drive more business value.

To achieve world-class customer and staff advocacy levels, 60 per cent of large organisations will leverage TX to overhaul their business models by 2026. Additionally, by 2024, companies that prioritise the overall experience will outperform rivals in terms of CX and EX satisfaction indicators by a margin of 25 per cent.

Automated Data Intelligence:Even though businesses emphasise data-driven strategies, most of the data assets required to produce actionable intelligence are still locked and siloed across systems. Companies will tackle this issue in 2023 with a cutting-edge, modular approach to integration. This will open the door to building a data fabric that connects data between business users and across platforms. Organisations will be able to automate decision-making, dynamically enhance data consumption, and reduce data management efforts by 70 per cent by integrating real-time analytics into this data network.

More Layered and Integrated Cyber Defences:Significant investments in distributed architectures and edge technologies will cause increased security concerns in 2023. Organisations will use the cybersecurity mesh strategy in response, the business predicted, where a flexible, composable architecture connects widely scattered and heterogeneous security services. The firms using this architecture will see an average 90 per cent reduction in the cost impact of security events by 2024. They must, however, manage connections, APIs, compositions, and automated bots from a single administrative interface to succeed.

Sustainability Will be a Point of Focus:Environmental Sustainability benefits the world and has the potential to distinguish a company as a green crusader, CXOs have been quite active about the issue. Businesses would use a composable enterprise approach in 2023 to unlock and integrate data and apps, apply automation and analytics to generate insights, and ultimately strive to drive sustainability in their operations.

Approximately 90 per cent of technology leaders currently acknowledge sustainability as a critical IT aim in their company and anticipate budget increases for it of 10 per cent to 20 per cent over the following three years.

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