According to the Statista report, ‘Spending on digital transformation technologies and services worldwide from 2017 to 2025’; digital transformation spending will reach USD1.8 trillion in 2022. Businesses should accelerate their digital initiatives to support critical new technologies and remain competitive this year.
According to the McKinsey report, ‘How Covid-19 has pushed companies over the technology tipping point-and transformed business forever’, organizations advanced their digitalization by four years in just months following the global pandemic. Nothing has helped enterprises more than digital transformation since the onset of Covid-19.
Unlike the previous years, 2022 could see a broader return to normalcy. Organizations are also gearing up to maintain and expand their digitalized process and infrastructure. Modern technologies, including web 3.0 and the metaverse, promise disruptive changes to the way enterprises work. Enterprise leaders should double down on their digital transformation initiatives and ensure they remain at the head of the pack.
For accelerating digital transformation efforts this year and beyond, enterprises can follow a few strategies:
According to Gartner’s ‘Top predictions for IT organizations and users in 2022 and beyond’, nearly 30% of teams in corporate houses will be without a boss by 2024 due to the self-directed and hybrid nature of work. Enterprises need to consider whether their existing structures inhibit agility in an increasingly digital workplace while remote and hybrid workflows do not lead to the complete elimination of managers. Organizations could allow teams to pick up speed without sacrificing quality and take a more collaborative and pragmatic approach to the division.
2. Prioritize digital-first experiences for both employees and customers
Both consumers and employees have rewired the expectations. Whether internal or external, a large number of services can be provided online, with end-users valuing the convenience and efficiency of a well-designed digital service.
Enterprises must begin with a digital-first mindset and develop their new offerings. Both the enterprises and customers experience online products and services, and then, based on the initial vision, they drive the real-world applications.
As employees choose fresh opportunities and customers reassess their brand loyalties, the difference in identity between digital-first companies and those that prioritize in-person experience could prove to be a key differentiating factor.
3. Secured Data Exchange
Organizations have recently used cloud-based marketplaces to buy and sell valuable information assets. These secured data assets allow enterprises to conduct investigations for analyses of encrypted data without compromising privacy. Following the high-profile ransomware attacks and increasing regulatory scrutiny recently, businesses are under constant pressure to maintain the safety and integrity of their valuable data assets.
This new approach is path-breaking for data sharing and could allow multiple organizations within a sector to work together to solve common problems. This could enable teams to share the foundation for necessary research without divulging intellectual property.
When enterprises can think beyond their existing processes and get creative with new tools and workflows, they will unlock new digital transformation opportunities. Organizations could find themselves miles ahead of the field in this new business environment in a very short time frame.