Digital innovations are setting up quicker opportunities every day – it is helping B2B enterprises to make better decisions based on their target audience and streamline operations. The advancements of technology are optimizing and refining brands’ relationships with the users.
Transformative technologies have already entered many workplaces, and more is coming – to alter the business outlook and make them thrive. In 2020, almost every aspect of a business is revolving around exceptional opportunities and channels. According to the “Managing digital marketing in 2019” research report by Smart Insights in 2019, 34% of companies have opted for digital transformation – which is a 30% YOY. The report also shows that 31% of businesses planning to launch digital transformation in the next one year.
Eileen Smith, Program Director at IDC Customer Insights and Analysis Group, has been quoted as saying in ChannelLife, “The introduction of IoT sensors and communications capabilities is rapidly transforming manufacturing processes as well as asset and inventory management across a wide range of industries. Similarly, artificial intelligence and machine learning are dramatically changing the way businesses interact with data and enabling fundamental changes in business processes.”
In this rapidly evolving enterprise environment, brands that are focusing on growth are already adopting technologies that are giving then the innovative edge- that enables them to achieve much higher profits and a bigger share of the market pie. According to IDC’s Worldwide Semi-annual Digital Transformation Spending Guide, the spending of technologies and related services to expected to reach nearly US$1.97 trillion by 2022 globally.
Shawn Fitzgerald, Research Director at IDC Worldwide Digital Transformation Strategies, has been quoted as saying in a ChannelLife blog post, “IDC predicts that, by 2020, 30 percent of G2000 companies will have allocated capital budget equal to at least 10 percent of revenue to fuel their digital strategies…This shift toward capital funding is an important one as business executives come to recognize digital transformation as a long-term investment. This commitment to funding DX will continue to drive spending well into the next decade.”
A successful digital transformation is highly dependent on Big Data capabilities, analytics, artificial intelligence, and user experience. AI has been playing a crucial role for years, ensuring that repetitive, manual tasks through automation. Besides, the cloud is a significant factor behind DX as it provides the agility that B2B enterprises require to measure their data necessity. All other technology forms a cluster to add value to their digitization journey.
Digital transformation is adding untold value to the bottom lines of businesses and supporting them in growth, as well as to remain competitive. Thus, almost every organization today must rise to the challenges by being innovative with marketing strategies, supporting digital tools, and building values for its customers.