Digital transformation has been the focal point of businesses starting a few years ago. Integrating the digital aspect into the business equation has accelerated business operations and reduce the reliance on hardware. This is evident by the high percentage of businesses moving to the cloud.
Digital transformation is essential for survival and relevance in the current landscape. While there is a wide range of technologies available, we believe the Internet of things (IoT), Artificial Intelligence (AI), and Machine Learning (ML) will be leading the change.
IoT refers to a network of physical objects integrated with sensors, software, and other technologies. These devices work in concert to connect and exchange data with other devices and systems over the internet.
AI/ML has revolutionized how businesses function. Whether through recommendations, automating processes, or mitigating business risks, AI /ML has exponentially increased computing power and connectivity for companies.
The convergence of IoT and AI/ML is leading to incredible transformation in the technology space by developing viable solutions for unanswered questions.
Sustainable innovation has been enabled through digital transformation, and this has been channeled into the development of smart technology. With endless applications, this has brought in an era of hyper-personalization through the availability and analysis of data.
While IoT and AI/ML are relatively disparate, when juxtaposed, they form the basis of working in the evolving landscape of Big Data.
Where we stand
Research shows the spending on enterprise IoT solutions grew 12.1% in 2020 to $128.9 billion despite the pandemic and its effect across industries.
With the world increasingly turning to digitization, there is a massive generation of data.
According to InsideBigData, the volume of data generated is expected to double every two years for the next decade. This data is central in AI systems learning and making decisions. While the more information there is, the more the systems will learn, the quality of these datasets is crucial. This means it is not just how much data is available, but what kind of questions need to be asked and what kind of insights need to be gained. This allows AI systems to learn and be more accurate in their predictions and insights.
Analyzing this data and leveraging the insights is what makes inroads into exceeding customer expectations. With customers today looking for the experience that a product delivers over simply owning the said product, brands have a challenging job. With growing awareness of the environmental crisis, customers today want to associate themselves with sustainable companies and offer personalized experiences.
When AI/ML and IoT work harmoniously, workflows can be more intelligent and cognitive toward human-centric goals. This serves as the basis for innovation and disruption in several domains such as IT Operations, Cybersecurity, Computing, and Customer Experiences Management. Statistics from Tata Consultancy Services show that about 44% of 835 companies are already using AI to detect and prevent intrusions.
With rapid interoperability and reliable security, an enhanced ROI awaits. Some industries where these technologies have already been deployed include retail commerce, manufacturing, healthcare, travel, hospitality, etc.
Faster Turnaround Time
Rapidly developing digital technology directly affects the adoption time and duration of the product life cycle. While the pace at which new products are adopted is increasing, product life cycles are shrinking.
For instance, landline telephones took nearly a century to reach market saturation. However, smartphones and tablets took a few years. This rapidly reducing duration for market saturation means that it is even lesser for technology-based products.
The smaller product life cycles have led to a narrow window of opportunity for profit. This means companies in the present economic landscape derive a large part of their revenues from products launched during the previous year.
The Road Ahead
According to Gartner, digital business strategy can be accelerated to drive rapid digital transformation by becoming more agile and making swift business decisions based on currently available data.
Research from Microsoft shows that 60% of consumers stopped interacting with a company because they had a bad experience with customer service. Companies today are looking to reimagine their existing technology infrastructure to adapt and meet evolving customer expectations. Accelerating digital transformation, particularly in marketing, sales, and employee experience centers, will go a long way in streamlining business operations. With customers particular in their expectations, CX will be a crucial driver of growth.
With higher internet speeds and technical growth, we believe this step will benefit brands and companies across various industries. The requirement of rapid data transfer has led to the design of intelligent machines and intelligent processing. This allows IoT and AI/ML to boost security, plan for the future, anticipate and mitigate business risks while scaling up.
The growth and scale of the technology space right now are unprecedented. This offers a unique opportunity with ideas, data, people, and solutions to develop tailored experiences for every customer.
With a trusted technology partner, the company can analyze the data collected to innovate sustainably. For instance, creating a virtual supply chain will enable the project to be designed virtually. This will allow for seamless collaboration and access to relevant knowledge bases.
Digital transformation allows for newer business models to emerge, impacting the front-end [customer facing] of the business model, the value proposition, and internal configuration.
With experience and expertise, Josh Software is fully equipped to help maintain business continuity. Our range of technologies, services, and flexible engagement models are designed to create intuitive solutions.
We are here to build the tools you need to cater to the customer of the future. Please reach out to us if you have any questions.