Since its inception in the late 90s, digital transformation has been up-scaling the reach and revenue of the organizations which embraced it full-fledged. Even today, in 2022, digital transformation is calculated to mark a 40% increase in operational efficiency and 35% betterment in meeting customer demand.
Whatever a company’s vision for the future is, it must include a digital transformation plan in order to grow. Total investment between 2019 and 2023 in Digital Transformation technologies will increase between 15% and 20% across all sectors, according to the International Data Corporation (IDC).
In the recent blog, which explained the 8 keys to successful digital transformation, there was a mention of the technological widgets that smoothen any business’s complete digital transformation process. As we dive deeper into the arena of digital transformation trends, you will learn of all the digital changes you need to embrace to reign in your industry. So, let’s begin and get to know the latest digital automation and transformation trends of 2022.
A robust pairing amongst AI, ML, and RPA
Robotic Process Automation (RPA), Machine Learning (ML), and Artificial Intelligence (AI) are the lead players in this hyper-automation drive. A robust integration of RPA, ML, and AI optimizes companies’ operations and digital transformation potential. It minimizes human intervention, thus allowing them more time to focus on other strategic business areas.
Undoubtedly, the hyper-automation market expects to touch the $46.4 billion target by 2031 at a growth rate of 21.7%. Foreseeing this progression in hyper-automation, more companies are investing in HA strategies like cognitive automation, RPA, workflow automation, and process management.
The direct benefit of hyper-automation is that it amplifies business agility, fosters team collaboration, and delivers a swift return on investment. This is why multiple industries are using advanced technologies to gain a competitive advantage and increase key bottom-line results.
2. Hybrid work culture
With major dependence on team collaboration tools
The covid-19 pandemic has genuinely taught us novel and effective means of better business productivity. Hybrid work culture is reigning on the list of top digital transformation trends that can make an enormous difference in how companies operate. If companies want to leverage competitive differentiation in 2022 and beyond, they need to embrace hybrid work culture. It offers better agility and resilience.
Companies use effective digital workplace and project management software to ensure that the physical presence or absenteeism of an employee in the office premises has zero impact on work productivity. In addition, the cloud-based software and IT models ensure round-the-clock communication and allocation of resources.
Therefore, 63% of the high-revenue companies have adopted a hybrid work culture, and 83% of the workers prefer it. So overall, a hybrid work culture with complete flexibility will soon be necessary for Gen Z employers and employees.
3. No-code/ low-code solutions
For startups, small-scale businesses, and also freelancers.
The self-explanatory words of S. Skolarikis, CEO of Comidor, “We wrote thousands of lines of code, so you don’t have to write any.” clearly depict the importance of no-code solutions.
Organizations need a faster and simpler way to create applications—and low-code development platforms such as Comidor, are the ideal tools for accelerating app delivery. Tools that ease the job of startup firms during app development are reigning in the market today. Ideas are clear, and priorities are all set. So, no one wants to invest time in something they are not good at and will not benefit their organization. But does that always mean outsourcing the solutions? No!
The low-code/no-code apps and tools are one such alternate solution here. Forrester Research defines a low-code development platform as a platform that enables rapid application delivery with a minimum of hand-coding, and quick setup and deployment. Even business users with zero coding experience can create wonders with it. Ιn fact, low-code enables them to create applications using drag-and-drop components through a graphic user interface. Thus, that means they can orchestrate how a business app works and create an experience tailored to them. So, while businesses are busy focusing on building their brand and customers, the low-code/no-code tools take care of their workflow automation and app development.
4. 5G technology
For better speed, capacity, and lower latency
The 5G cellular network is the latest and most advanced ruling digital new-age trend. Today, when every other business owes its success to the internet, one needs to have the best internet services as its fuel. 5G technology, with its multi-Gbps speed and the highest level of reliability, provides a competitive advantage to businesses who stand by it.
The consumer-driven market depends on this unparalleled technological resource to cover heavy traffic on a web page, fast streaming of high-definition videos, and other AR/VR cases. Therefore, even to be in the race of digitally advanced companies, one needs to use a 5G network.
5. Robust cybersecurity mesh
For an integrated, standardized, and responsive approach
Hybrid work culture and remote working mean the assets and essential data of the company step out of the secure premise boundaries. This further demands more robust data security at every point where it steps in. This, as a result, demands a comprehensive and practical digital security concept, like cybersecurity mesh.
Cybersecurity mesh relies on the principle of a zero-trust security strategy. This means that data and applications are accessible to machines and individuals at any location, but only after a few verification and authorization protocols. Therefore, it is highly reliable, flexible, and thus scalable.
6. Digital banking
A major transformation for the financial sector
An increased number of consumers today are opting for full-fledged digital banking services. As a result, massive digital disruptions occur in the financial sector. The series of digital transformations in banking began with online banking, where only basic banking operations were done on the bank’s website. Then came mobile banking, where routine operations could be handled through mobile phones. But, now the word is ‘ digital banking,’ which means a thorough digitalization of banking.
Today, digital-only banks have no physical entity yet are thoroughly empowered to cater to their Gen Z customers. Artificial intelligence has played a major role in shaping digital banking transformation. As per the latest Google Survey on Indian adults, 22% of Indian adults expressed their inclination towards adopting digital-only accounts in the coming years.
7. Everything as a service (XaaS)
Much beyond SaaS, PaaS, and IaaS
Xaas has become the new norm post-pandemic. It defines the future of the digital age where the ‘ Everything as a service market is estimated to touch the $97 billion mark by 2031. Its definition encompasses many tools, technology, and products that are delivered virtually to customers.
XaaS is highly flexible, scalable, and agile. Netflix and Gaana are a few application examples of the XaaS model. In this model, the overall service delivered to consumers is guarded with features of faster delivery, better cybersecurity, more flexibility, and innovative technology.
8. Data fabric
For automated data discovery and consumption
Data fabric refers to an integrated layer of data that is useful in meeting the demand of businesses and in gaining a competitive advantage. It optimizes the entire IT infrastructure and hybrid cloud environment for faster and better deployment.
Overall, data fabric has come up as a solution for all data management challenges today. It helps minimize human errors and scales the Artificial Intelligence-enabled data integration services. In addition, it comprehends the uniqueness and subjectivity of both human and machine capabilities to develop a real-time solution.
9. Generative AI
A branch of AI
Generative AI is a branch of Artificial Intelligence where the currently available data generates future content. This data can be audio, image, or text. Generative AI applies across industries to analyze the trends, comprehend future customer behavior, create avatars for games and entertainment, and restore vintage images or movies.
Being a new buzzword in the market, generative AI has yet to overcome specific challenges like its fraudulent usage, lack of reliable output, and data privacy.
10. Total-experience TX
A combination of UX, CX, and EX
TX had come up as a very effective tool during the recent pandemic when remote work and remote marketing were much more prevalent. The four major components of total experience are user experience, customer experience, employee experience, and multi-experience. So, instead of managing each component individually, TX clubs all of them together to attain maximum competitive advantage. As a result, it benefits customers and employees equally at the same time.
The major advantage of the total experience approach in any business is increased trust of customers, maximum employee satisfaction, enhanced brand identity, better reach, and connectivity.
Digital transformation trends in 2022 and after that are very much influenced by the extreme turmoil in the worldwide business environment post-pandemic lockdowns. In addition, hybrid work culture and even remote access to consumer demands have triggered the need for robust technological advancements like hyper-automation, generative AI, total experience, and XaaS. As a result, companies like Comidor, with their disrupting technologies are leveraging the pool of their talent and resources to deliver the best to their clients.
Digital transformation is continuously developing. Therefore, we can expect tons of changes in the future. This means that one needs to be aware of the trending digital solutions for experiencing the much-needed competitive advantage. Currently, the above 10 trends suffice the critical understanding of digitalization in 2022. However, the moment some major innovation makes a buzz in the market, Comidor will share the details with you at the earliest. So, stay tuned.