Emerging Technologies and Digitization: Digital Transformation in the New Normal
LeSoft
The world has changed, and so have the ways of doing business.
In the aftermath of the COVID-19 pandemic, there has been a surge in digital tools and technologies and rising digitization among business processes across the sectors.
We call it the repercussions of the pandemic or regard it as the opportunities created with the onslaught of the pandemic. Still, the truth is that digital transformation is the new normal. The aftereffects of the pandemic and the new normal, digital transformation, are the answer to navigating the challenges created by the pandemic.
Recent research has suggested that the global market value of digital transformation will reach USD 1,550 Billion by 2026.
Factors such as the rise in internet penetration, the surge in emerging technologies, and the increase in digital practices are contributing to the growth of the digital transformation market.
However, the easier digital transformation looks, the more complex the overall process. The reason is the uncertainty and need for more investors' confidence in the investment returns from digital transformation.
For example, if we look at the organizations that have already taken the path to digital transformation, they have observed fruitful results in terms of their investments in digitization.
In contrast, companies that have yet to invest in digital transformation continuously face confidence issues with digitization.
To ascertain this fact, working from home, for instance, it is easier to tell the benefits achieved by an organization.
Most of the companies have saved millions of dollars they used to invest in infrastructure, and assets, as work from home model negated the need for office space.
Such benefits have allowed organizations to invest the same amount of money in technologies that empower them to face and combat the challenges of the pandemic, which further helped the organizations prosper quickly and efficiently.
Emerging Technologies and the New Normal
What if we tell you that emerging technologies such as AI, IoT, RPA, ML, and Digital Twin, among others, will reshape the future of businesses. Would you agree with us, or would you shrug off this very fact of prevailing digitization among companies?
Whatever your choice, nothing denies that emerging technologies will be the future and that becomes possible with suitable investments in the right technology at the right time.
Another research suggests that the organizations that have invested in emerging technologies have recorded 27% more revenue generation than those that didn't invest in emerging technologies.
Such figures are not just a testimony to the rising benefits of emerging technologies in the new normal but also about paving the way to the innovative future that lies ahead in front of the companies.
Conclusion
Digital transformation and emerging technologies go hand in hand, and imagining the growth of one and neglecting the development of the other is like slogging without a target which won't lead us anywhere.
Correct measures of investments in the right technology, along with promoting digital business practices, sets the tone for the companies to flourish not only in the present time but in the upcoming future as well, which only looks promising at the moment.