5 Digital Transformation Trends

When did we start the digital transformation of businesses? What are the latest trends? Imagine it is the early 2000s. You’re a business owner who has recently learned about “The Internet.”

When did we start the digital transformation of businesses? What are the latest trends? Imagine it is the early 2000s. You’re a business owner who has recently learned about “The Internet.” You are not sure what it is, but you know it’s something that you have to be aware of since you want to remain competitive in the market. So, you start and learn about all the benefits of using the internet, about the digital transformation trends, and in the end, you buy a website and sell your services online.

“At least 40% of all businesses will die in the next 10 years… if they don’t figure out how to change their entire company to accommodate new technologies.”

John Chambers, Cisco

Fast forward to today’s world, where digitalization trends and digital technology have completely revolutionized our lives in ways we could have never predicted back then. Now, we can purchase stuff from anywhere in the world, communicate with individuals miles away, and even work from the comfort of our house or a sunny beach in Italy. At times, it feels overwhelming, but this is digital transformation, so we need to pay attention to the digitalization trends to stay on top of our game.

Digital transformation involves more than simply using technology to simplify processes. It is a radical change that fundamentally alters how we conduct business. By embracing digital transformation, we can create new business models, enhance customer experiences, and introduce innovative products that provide added value. To stay ahead in today’s digital age, it is essential to learn about the trends that will impact every industry in the future.

Cloud computing has already changed the game for doing online business.

If you are not familiar with cloud computing digital transformation trends 2024 or simply digital business trends – think of it as a giant virtual storage of hardware and software that can be accessed by anyone willing to pay a service fee to a cloud computing provider. Businesses can then put their data and applications on remote servers and access them from anywhere in the world. And it’s not just a simple storage closet – since it comes with various tools and features to streamline business operations.

Businesses that work with cloud computing providers can scale up and down their requirements for processing power, memory, and data when needed, not wasting any money on personal data centers and expensive hardware equipment. They also gain access to high-security levels, automated backups, disaster recovery, and even virtualization and collaboration tools.

It gets even better! Enter the hybrid cloud. This supercharged form of cloud computing combines the advantages of both public and private cloud services. It’s like having a double-edged sword in your arsenal. On the one hand, you have the flexibility and scalability of public cloud services, while on the other, you have the security and control of private cloud services. This way, your company can get the best of both worlds by tailoring its cloud solutions to its requirements and having the best digital transformation ideas.

Look at Netflix! The streaming service now operates in over 190 countries, requiring a cloud solution to manage large volumes of data while providing a seamless experience to millions of subscribers. So, the most efficient way to do that was by employing a hybrid cloud system that blends Amazon Web Services (AWS) public cloud services with private cloud servers.

The Internet of Things impacts an organization’s digital transformation processes like nothing else!

IoT is a network of all our gadgets and applications with internet connectivity. Everything is linked, from smartphones and computers to smart refrigerators and thermostats. By connecting them all, they can exchange information and collaborate to make our lives easier and improve efficiency.

But what does that mean for businesses? Well, IoT is more than convenient. It’s a game-changer because it enables organizations to collect vast data in real-time. This way, they can make educated business decisions based on collected and analyzed data. A manufacturing company, for example, can leverage the IoT to monitor equipment performance and discover any possible problems. It’s a process that can save time, money, and resources.

And that’s what happened to John Deere. The manufacturing company decided to implement IoT technology to increase the productivity and efficiency of their farming equipment. The business has deployed various smart sensors on its devices. This way, it can collect data on everything, from soil moisture and temperature to machine performance and fuel use. This is a game changer in terms of promoting further innovations.

You certainly saw this coming – but artificial intelligence is also present in digital transformation, one of the most popular trends.

It’s kind of incredible to think about how far AI has come. It was an excellent subject for SF films a few years ago, but we are now beginning to live in those scenarios. And it’s fantastic for businesses! With AI, we can automate day-to-day operations, analyze and evaluate data, and forecast future events. This one is also a game-changer for organizations, allowing them to improve how specific tasks are performed. Sorting big data from millions of customers is impossible unless thousands of people do just that. And that is inefficient, costly, and, honestly, boring for those involved. AI can automate much of this stuff and provide companies’ leadership with valuable insights about the crucial aspects of the business.

We’re going back to Netflix for this one. The streaming giant has ridden the AI trend for some years and has become an integral part of the organization. It’s one of the best examples of digital transformation that we have! Using AI algorithms, Netflix can create tailored suggestions for its subscribers by analyzing their watch history. This way, customers find themselves happier with the curation, while Netflix can enjoy higher engagement and retention for their platform. It’s a win-win situation!

Going further, Edge computing is a state-of-the-art digital transformation idea altering our perceptions of computers and data processing.

Keep in mind – edge computing is different from cloud computing! In this case, data processing and analysis occur closer to the data source than in a centralized cloud or data center. This enables faster and more efficient processing, which is essential in cases where speed is vital, such as driverless cars!

Think of it as a pit crew in a Formula One race. The pit crew must evaluate real-time data and jump to action to maintain the car running at top performance. This type of real-time processing and analysis is made possible through edge computing. Like the Formula One crew, a self-driving vehicle usually has a Deep Neural Network that processes data on the go. In this way, a car can develop the best solution to a given scenario.

But to give an example of edge computing in business – let’s look for a second at Walmart. The American corporation has been leveraging edge computing to improve its inventory management system and optimize its supply chain. One use case can be found in some of the Walmart stores that have implemented intelligent cameras to detect when shelves need to be restocked, or accidents occur, allowing their personnel to respond immediately!

And since Cyber threats are a growing concern, security should be integrated into every digital transformation plan.

Think of your company as your house. You need to lock your front door. Without doing so, your home is susceptible to intruders. But for business, everything connected to the internet can become a door inviting hackers in. Every employee’s device, business terminal, or data center, you name it.

Think about how, in 2019, Capital One, the banking giant, experienced a massive data breach, compromising the personal information of millions of customers. An unauthorized individual had access to a lot of Capital One customer information. But, thanks to the company’s excellent cybersecurity procedures and response strategy, the incident was rapidly extinguished, and the harm was minimized. It only took one day.

After all, cybersecurity is about more than protecting data – it’s also about protecting people.

Each trend we mentioned here represents a significant shift in how we do business. And every company should know them since they shape and change everything for us. Digital transformation is an exciting process to watch and experience from afar. But digital transformation and all its layers need to be understood for our businesses to stay competitive among their peers and continue to bring value to customers.

Gabriel Pană
January 15, 2024

Related Articles

Explore the intricacies of effective contract management on our platform through our insightful blog articles. Stay informed, stay efficient, and unlock the full potential of streamlined contract processes with our expert guidance.

Subscribe to Our Newsletter

To subscribe, simply enter your email address and hit subscribe. It's quick, easy, and the best way to stay connected with us.
By subscribing you agree to our
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.