Knowledge byte: Mapping the Digital Transformation Journey

Nowadays, businesses have to perform a digital transformation in order to be competitive in the market. The newest and most innovative technologies are adopted in order to enhance the firm’s competitive advantage. According to the study conducted by Tata Communications, a leading global digital infrastructure provider, digital transformation is mainly reflected by IoT (53%), Predictive Analytics (51%), AI (46%), and Blockchain (44%). 

Image source: https://www.tatacommunications.com/wp-content/uploads/2018/12/Cycle_of_Progress_infographic.pdf

The same study pointed out that business leaders are not afraid of robots taking over the world. Only a minority percentage of 3% are concerned about the negative consequences of the new-age technology on business and society. 

The challenges related to digital transformation comprise: 

• Costs (43%) 
• Security (40%) 
• Privacy (37%)  

Also, it is noted that the skills gap is still a major concern for the quick adoption of the latest innovations. However, the possible disadvantages are outweighed by enormous benefits. Generally, decision leaders are convinced that IoT (75%), Predictive Analytics (73%), and AI (72%) have a positive impact on society. 

The highest-ranked benefits are related to: 

• Higher customer satisfaction (34%)
• Better quality products (35%) 
• Efficiency of operations related to IoT(41%) 
• Efficiency of operations related to Predictive Analytics (38%)

In conclusion, digital transformation will propel businesses into higher efficiency and better management. Organizations have already started the undergoing process of digital transformation and, in order to survive the challenging market of today, all businesses should consider implementing AI, IoT, Blockchain, and Predictive Analytics strategies in their business processes.