Digital transformation of businesses is not optional. It took the pandemic to teach us that. Back in 2020 companies were caught unawares when lockdowns forced businesses to rethink their business models and strategies. For some it was just a matter of asking their employees to work from home. For others it was an exercise in reinventing themselves.
Three years later, as 2022 comes to an end, digital has transformed a lot. What started out as an experiment for innumerable companies, digital is now indispensable to companies even as they are cautiously emerging from the pandemic. Over the past year Cloud, AI and ML, Hyperautomation, and Blockchain took top spots as the most sought after solutions for digital rebirth.
According to Pallab Mitra, Global Director of Sales at Trangile Services, a tech-services firm, the four trends supercharged digitalization in 2022. “Instead of on-premises data centres, organisations shifted their focus to cloud services. AI evolved rapidly and is today automating business processes, enhancing customer engagement, analysing data to deliver insights. Hyperautomation is automating automation, facilitating accelerated growth and business resilience by immediately identifying, assessing, and automating as many processes as possible. Blockchain’s enhanced security is helping organisations handle contracts and transactions, working with partners, and manage supply chains.”
But will these trends continue into 2023 and beyond? In the new-year geo-political tensions could take a new turn, and inflation, recession and resurgent Covid fears force companies to scale down new investments, and adopt a wait-and-watch stance.
On the contrary, Pallab Mitra believes that 2023 will be “the year for automation and improving efficiencies across industries.” He says, “Companies that have not started their digital transformation journey or automation journey are expected to look at their strategies and start or enrich the digital transformation journey. Saving dollars to the bottom line will directly add dollars to the top line and that would be the way forward that we will see evolving across industries.”
Even as Cloud, AI & ML, Hyperautomation, Blockchain Technology continue into 2023, newer technologies will technologies – Business Process Automation, 5G, low-code solutions, contactless solutions and digital payments, democratization of AI – will work with current technologies.
According to Pallab Mitra another technology that will keep getting stronger is data analysis. Data will remain the new oil. Newer technologies and smarter businesses would continue to use it to derive new insights and devise business strategies based on them.
“Organisations will need to look at the data that is getting generated at various moments of truth with their customers. They should build a data strategy by converting islands of data in the organisation to better-organised data lakes, and use the most effective data extraction tools to create real-time or almost real-time analysis across the board,” he added.
Among the technologies that will rule 2023, Pallab Mitra is especially bullish about Business Process Automation and 5G.
He said, “Business Process Automation is one of the most talked-about digital transformation trends and it is a must-have for businesses in 2023. Automation will no longer be exclusive for enterprises, as there are a lot of accessible solutions which have hit the market. Every online business that is dependent on the Internet of Things will hugely benefit when 5G becomes mainstream. Businesses will see faster broadband speeds, stable mobile networks, and a more connected future with 5G. The technology will offer greater reliability, better security, wider installation and higher bandwidth.”
***
First Published: Jan 2, 2023 6:15 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Delhi voters can avail free rides from booths to their homes on polling day
May 10, 2024 6:26 PM
Kolkata North: TMC fights 'TMC' in battle reflecting party's Old vs New debate
May 10, 2024 5:14 PM