Over the past ten years, digital transformation has taken place at a relatively slow pace, largely focused on improving products, processes, and employee experiences. However, the outbreak of the Covid-19 pandemic has forced leaders to quickly come up with trendy IT strategies, prioritize new initiatives and ramp up digital investments.
As businesses continue to deal with the impacts of the epidemic while meeting the increasing expectations of their customers, they will need cutting-edge decisions and strategies to keep up with new market trends. Here are some of the things that drive digital transformation.
Accelerate conversions
At the height of the pandemic, companies were forced to innovate – quickly – to stay afloat and serve customers. 97% of global IT professionals surveyed agree they have made at least one type of digital transformation in 2020, with every three out of five revealing they have even experienced more than one change. big change.
With businesses prioritizing investment in technology to benefit customers, strengthening customer support and business apparatus such as “Robot Process Automation (RPA)” to improve services, they turned the idea on paper into reality much faster than expected.
The development of digital platforms
Digital platforms are the second driving force of the digital economy. Over the past decade, numerous digital platforms have emerged around the world using data-driven business models. The power of digital platforms is reflected in the business organization using platform-based business models.
A digital platform is defined as an open infrastructure that is an intermediary that allows manufacturers and users to interact online. For example, Facebook connects users; Amazon, eBay,…
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Digital platforms are an important part of the world economy. Companies and institutions with a market capitalization of over $100 million are estimated to be over $7,000 billion in 2017 – 67% higher than in 2015. Several global digital platforms have achieved very strong market positions in several areas. For example, Google accounts for about 90% of the Internet search market. Facebook accounts for two-thirds of the global social media market and is the leading social media platform in more than 90% of the world economy. Amazon boasts a nearly 40% share of the world’s online retailing, and its Amazon Web Services holds a similar share of the global cloud infrastructure services market. In China, WeChat (owned by Tencent) has over one billion active users, and together with payment solution Alipay (Alibaba) accounts for almost the entire Chinese market for mobile payments (Alibaba is estimated to have nearly 60% of China’s e-commerce market).
It is because of the outstanding development of digital technologies that the economy is forced to transform digitally to develop.
The next generation transfer changes business behavior
As Gen Z customers become influential, companies will need to transform to meet their expectations.
In 2020, many Generation Z (born 1997 – 2015) graduates from college and have to go through a process of entering the workforce entirely remotely and digitally. At the same time, Millennials (born 1981-1997) are beginning to take on important roles in business decision-making. Although Generation X still holds power in many large organizations, these two milestones show how generational shifts are leading to changes in practices and behaviors. business.
Young people growing up in a digital age perceive and interact with technology in their ways, different from their predecessors. The younger generation expects technology to help them complete their daily tasks well and considers technology an “obvious must-have” rather than a “yes is good” as before.
The younger generation wants to go beyond the basic aspects of technology to optimize and drive outstanding value. As a result, we are likely to see notable developments in relatively “basic” technologies – such as Internet of Things (IoT) sensors and artificial intelligence (AI) – becoming an integral part of the world. missing in key initiatives.
Companies will need to transform to meet the younger generation’s expectations for better, more consistent experiences, seamless customer service, and tightly controlled interactions.
IT helps businesses become more flexible
Companies now face unprecedented uncertainty throughout 2020, with technology investments focused on returning to normal or maintaining some level of stability. In 2021, they will need to focus more on IT to gain more and more flexibility and upgrade development.
For example, businesses manage a wide variety of systems and devices, but not all are adept at integrating existing applications, cloud services, or infrastructure. Data integration is inherently a very important aspect for businesses, enabling information insights and analysis to make agile and agile business decisions. Data and analytics, and integration are considered among the top technology groups to be prioritized this year.
The evolution of technology will help enhance overall business resilience, especially against very real “threats” such as recessions, health crises, and competitors.
One of the big lessons of 2020 is that businesses need to be resilient in the face of unpredictable situations. No one can predict with certainty what will happen next, but businesses believe technology will make them more resilient in the face of uncertainty.
Conclusion
Above is an article about the factors that drive digital transformation. Digital transformation is inevitable in today’s life, it helps not only businesses but also customers. What’s more wonderful is that you can buy quality products at home with just a few clicks, moreover, you can use a lot of discount codes, coupons to save costs. Digital transformation is the trend of the future.