6 New Technologies to Kickstart a Digital Transformation for Your Business In 2019
Technological innovation is showing no signs of a slowdown. In fact, in many areas, it seems to be picking up speed. Artificial intelligence, machine learning, big data, the blockchain, IoT — all these different platforms are altering the face of the world as we know it.
Couple that with the hugely competitive landscape we currently exist in, and it’s obvious that just about everyone is looking for a leg up. More importantly, customer demands are changing and organizations are under immense pressure to keep up. If you want to learn about some of the top IT technologies like data science, artificial intelligence, machine learning online course then learn all these latest technologies from Intellipaat.
Queue the concept of digital transformation. Initially, it seems like it would just entail the digital growth and evolution of a business into a more modern operation. However, it stretches way beyond that. It is a foundational change — culture, if you will — in regards to how an organization services its customers. It doesn’t come in a box, in the cloud, or in any specific form of technology or deployment. Instead, it’s more of a radical shift in how organizations apply technology, people and processes.
It calls for cross-departmental collaboration and organization, and an incredibly streamlined series of applications, whether digital or physical in nature. It often involves incorporating customer sentiment and experiences into the overall structure of the business. In this way, it also helps foster a climate of continual improvement.
Several different technologies can help boost the digital transformation process. What technologies should organizations be most interested in? How will they impact the future of operations?
1. AI and Machine Learning
Artificial intelligence is truly impressive — of that, there is no question. However, a more impactful form of it, at least for digital transformation, is machine learning. It is often referred to as “narrow AI” and introduces a more cognitive, humanlike aspect.
In basic terms, machine learning allows an AI platform to become smarter over time as it ingests more data and experiences. It involves a statistical approach where the software algorithms are designed to allow some degree of freedom, as well as promote reliability and improved effectiveness.
For example, AI might be programmed to respond a certain way to customers and their interactions. If it does something wrong, the experience must be noted and a developer will reprogram it to achieve the desired response. Machine learning, on the other hand, is designed to take that failure and incorporate it into future interactions — making it less likely it will happen again. It affords more robust automation, which keeps the entire operation running smoothly, ultimately requiring less oversight. It also means the system itself becomes much more capable and efficient with time, which is always a positive trait for building value.
2. Location Services
One aspect of digital transformation involves taking traditional — even physical — experiences and incorporating more modern elements. This not only gives customers the best of both worlds, physical and digital, but it also allows the organization to track the gamut of experiences.
Location services is a huge proponent of this concept, allowing brands to provide digital experiences to in-store customers and visitors. Imagine a promotional display that sends mobile alerts or coupon codes to your phone as you pass by. What about a mobile app that helps you find parking before you arrive at a location?
It has the most to offer in busy environments, such as an airport, event venue, shopping malls and even recreational centers like sports stadiums. Instead of fighting surrounding crowds and related logistics, customers can get valuable information about their experience. Need to find a bathroom that’s not crowded? Check the mobile app. Need to know where your next conference or meeting is being held? Check the location’s companion app for personalized details.
3. Blockchain for Business
The blockchain offers monumental potential, which may not be totally clear at this point. It has a clear impact on the digital transformation of business and can be leveraged across many different markets.
It’s a public and digital ledger-based technology that stores information about network-driven transactions. It promotes transparency, efficiency and also strengthened relationships among all parties involved, whether that’s B2B- or B2C-oriented. One of the most promising aspects is that it can eliminate middlemen, lowering costs and decreasing overall complexity for transactions.
Consider the real estate market, where there are way too many people involved in the sale of a property or residence. A market based on blockchain would allow sellers to engage directly with buyers, eliminating a lot of that middle ground. Smart contracts and payments could be exchanged securely and quickly, speeding up the entire sale process.
4. Remote and Cloud Computing
A digital transformation calls for an increased reliance on digital and online technologies through platforms like customer relationship management (CRM), enterprise resource planning (ERP) and DevOps tools. To handle this locally, organizations have to maintain all aspects of a network — from the hardware and computing to information security. The better solution is to outsource the entire operation to a third-party provider, who manages and maintains cloud infrastructures.
That explains why 81 percent of enterprises already have a multicloud strategy in place. It is to both power and manage their digital transformation.
5. Wearable Technologies
Similar to IoT and even smartphones, wearable technologies afford a swath of robust user data, including health and body stats, as well as activity details. They can provide so much more than that, however.
For instance, Disney’s wristbands — called MagicBands — offer a unique digital experience for customers visiting its parks. Payment cards are connected to the bands, which can be used to make purchases inside the park. Visitors can also preregister for rides, shows and meet-and-greets using fast-passes, all of which is connected to their bands. This concept could be employed in event venues or within stores to provide visitors with unique experiences.
The same wearables can be used in medical and health care settings to track patient vitals. Doctors can rely on activity data to make accurate treatment plans.
6. Internet of Things
IoT encompasses a broad spectrum of smart, connected devices — from consumer-grade tech to enterprise and manufacturing level sensors. It can be used to lower operating costs, improve efficiencies, boost physical and digital security, and optimize customer experiences.
In addition, the technology incorporates many different forms of data and streaming content that can be used in a near-infinite amount of ways. Through proper analytics, the incoming data can be studied and then harnessed to improve operations, make more informed decisions and even come up with predictive models to achieve greater success.
A digital transformation is as much about the foundation and culture of a business as it is about the technology. You cannot make it happen without some of the emerging and innovative technologies, though. These platforms are transforming the world of business as we know it.
Bio: Nathan Sykes is the founder of Finding an Outlet. To stay up to date on all things business and technology, follow him on Twitter @nathansykestech