As technology continues to advance, future-focused business leaders are looking for new ways to stay ahead of the competition. Many are investing in cutting-edge technology that makes their business more relevant to today’s customer and more flexible in the face of market shifts.
Today, we’re sharing some of the top digital transformation trends that executives are eyeing.
What is Digital Transformation?
Before we dive into the top digital transformation strategies that are taking off, let’s briefly define what this initiative entails.
Digital transformation is an umbrella term that has come to refer to a variety of types of IT projects, including:
- IT modernization
- Digital optimization
- Creating new digital business models
Though “digital transformation” and “digital business transformation” might be used interchangeably, the latter is the more accurate term for projects focused on creating new digital business models.
5 Digital Transformation Trends to Watch
1. Automation to Power Prescriptive Analysis
It’s no secret that data analysis has advanced over the past decade. Organizations now have easier access to the real-time information they need to make informed business decisions.
With a few clicks, they can answer questions like:
- What just happened? (Descriptive analytics)
- Why did it happen? (Diagnostic analytics)
- What will happen in the future? (Predictive analytics)
Yet, there’s a fourth analytical level that, until now, has gone largely unaddressed by automation: prescriptive analytics. These inputs answer the question, “What should I do next?”
Artificial intelligence can now analyze relevant data to alert workers before an event occurs. These intelligent recommendations can help organizations head off issues before they impact the organization.
For instance, imagine knowing a customer is irritated before they reach out to your customer support team. Or, what if you could optimize your inventory levels before stock runs out due to an unusual increase in demand?
With prescriptive analytics, hunches and educated guesses are giving way to smarter, well-informed decisions.
2. Low-Code/No-Code Software
For years, it seemed as though low-code software would mean the end of developer jobs as we know them.
However, businesses have discovered that these tools can complement such roles. When used to power simpler, day-to-day operations, low-code software frees developers to focus on higher-level tasks, including business growth and innovation.
In addition, it allows other employees in an organization to gain insights from data, without a steep learning curve. When data is contextual and reliable, workers can make smarter business decisions and react more quickly when problems occur.
Selection & Process Improvement Case Study
In helping the client get its project back on track, one of our primary focus areas was decreasing their customization needs by improving their processes to align with the system's best practices.
3. Deeper Investments in Disaster Recovery and Business Continuity
When the computerized equipment at Colonial Pipeline suffered a ransomware attack in May 2021, all operations were temporarily halted. Even after the ransom was paid (75 bitcoin or $4.4 million), operations still crawled for days, impacting fuel supply lines across the country.
This massive incident underscored the need for businesses to have dynamic, actionable steps in place to maintain agility in the face of a security incident.
In addition to fortifying internal systems, we’ll see more companies taking a network-based approach to business continuity. They’ll do so by embracing cloud-based, composable business structures that allow them to rearrange and redirect their units as required to stay afloat if other tech solutions fail.
4. Business Technologists Join the Team
Traditionally, technology investments have largely fallen within the realm and expertise of a company’s IT department. Now, a new role is emerging that will change the way businesses evaluate technology: the business technologist.
A business technologist is someone who helps their company understand how certain digital technologies, such as ERP software, can benefit their workplace and eliminate pain points. This person also helps their company understand how to incorporate these tools into their day-to-day operations.
Business technologists work closely with various teams, including:
- Marketing
- Product design
- Operations
- Sales
- Engineering
- ERP consultants
Working with these teams, they can determine where critical problems are occurring. Then, they can use their technical knowledge to suggest digital solutions that can solve these problems.
5. The Rise of Hyperautomation
While we’ve been moving toward automation for years now, we are now putting it into overdrive.
Hyperautomation is the act of identifying, vetting, and automating as many business processes as possible, at a rapid rate.
By conceptualizing every aspect of their operations that could possibly be automated, business leaders can leverage various technologies, such as:
- Artificial intelligence
- Machine learning
- Robotic process automation (RPA)
- Integrated platform as a service (iPaaS)
- Low-code/no-code ERP software
Do You Plan to Embrace These Digital Transformation Trends?
These digital transformation trends are poised to make an impact for years to come. Resilient companies will be those that find ways to realize the benefits of digital transformation, despite the organizational challenges they may face.
As you decide which trends to embrace, we’re here to help you navigate the next steps. Contact our independent ERP consultants below for a free consultation.
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