Digital Transformation Trends to expect in 2023

After the global pandemic and the increase in the usage of technology that followed, it should not come as a surprise, the amount that companies are spending on their digital transformation. The spending on digital tools, cutting-edge technologies, software, etc. that accelerate digital transformation is expected to reach $2.3 trillion by 2023. Going digital not just means deploying software-based solutions or using gadgets to do your daily tasks; enterprises have moved further to incorporate automation, cloud, data & analytics, digitization, blockchain and many such trends as an integral part of their business.

With digital transformation, businesses are growing rapidly. People are able to track their engagements, make informed decisions, save cost, speed up processes and do much more. Transformation is a part of growth and to stay in competition, businesses ought to make it in the digital world.

Top 9 Digital Transformation trends for 2023 are listed below-

1. Virtual Collaborations
   Collaborating across states or even countries has never been easier. With digital transformation, virtual collaborations, projects and meeting are on the rise. And why not! Virtual collaborations save the employers up to $11k per annum.

   Be it content creation, app development, beta testing, security check, or even concerts, meetings, or wedding functions, everything can be planned and to a great extent, even executed virtually. Virtual collabs are not limited to one industry, the industry being IT. It is applicable anywhere and everywhere. That is how much this field in digital transformation is trending.

2. Artificial Intelligence (AI)
   The use of AI in various fields is definitely not going to diminish any soon. In fact, year-over-year, the AI market is expected to grow by at least 120%. From having chatbots to smart assistants like Siri, Alexa etc. AI has proven to be useful in making brand interactions more engaging. AI has its application in cyber security too. Companies use AI for fraud detection, detection of bugs or malwares, or any kind of suspicious activity or patterns.

   AI also improves the customer experience by analysing their choices and providing with better recommendations and options, thereby also promoting new products or services that might interest them. It is thus beneficial for both customers and businesses. 

3. Blockchain
   Earlier, blockchain used to be associated with bitcoins or cryptocurrency, but being a decentralized digital ledger it has proven to have applications across industries. Some of its use cases include drafting smart contracts, asset digitization, eliminating counterfeit products, tracking and tracing services to check the originality of a product, and providing real-time access to data. a.

   If you possess the ownership, you can edit the data in it, store or delete data as per convenience; blockchain is otherwise immutable. Since after every transaction a new copy of block is created between the transacting parties and the blocks are not stored in one particular data centre, therefore it is impossible to hack into the system and alter anything, making blockchain the most secure. 

4. Metaverse

   Metaverse is a virtual interaction platform designed specially for the era of rising digital activities. Starting with simple texts and pictures to virtually architected spaces, video games and graphics, one can share all their life experiences online. Metaverse is here to change the course of all digital experiences. Not to miss out, AR and VR technologies play an essential role in enhancing this experience.

   Virtual reality and augmented reality tools combined, help in collecting real life data and putting them all together in a virtual world to make the user experience more realistic. Artificial intelligence helps in integrating and applying all of these technologies in the metaverse, along with also taking care of the security. 

5. Hybrid and Remote work models
   The global pandemic made us realise the importance of having a backup plan and getting work done even without being physically present. It is only after that, that we considered being more aware of the technology around us and transforming ourselves digitally.

   Even now after the situation has come under control, many companies are deploying remote-work models and hybrid-work models. Companies are hence introducing and developing technology solutions for their new culture. Digital work culture is now an integrated part of all institutions, and it is a change that people do not want to undo. 

6. Computing Advancements
   Right from the day computers came into this world the field of computing has only seen advancements. Now the most trending advancements in the field are cloud computing, edge computing, and quantum computing.

   Cloud provides storage, applications and computing services globally with easy access from anywhere, while edge computing extends the speed and big data processing capabilities to edge locations, making the transfer faster. Quantum computing makes use of concepts like quantum entanglement and makes communication between devices even faster.

   All these three trending computing advancements play a major role in digital transformation. They provide the perfect platform, access and tools to make processes seamless and easy to use even by someone who is just averagely inclined to technology. This is the main reason companies are leaning towards computing services for their IT departments. 

7. Big Data Analytics
   Considering the volume, velocity and variety of data flowing in today’s world through different sources, the introduction of the term ‘Big Data’ became the need of the hour. Collecting all that data, be it structured or unstructured, finding a way to process it, clean it and extract useful information from it is what big data analytics is about.

   After being able to present those insights in a graphical manner, one may then decide what they choose to do with it. Making changes to under-performing areas, developing new operation strategy, making financial decisions, checking the progress of a new project or product, and much more can be done with Big data analytics. 

8. Low code platforms
   This trend refers to platforms that allow users to design their own websites or applications without getting caught up in the technicality of coding languages. These are referred to as no-code or low-code platforms. They are made visual and user-friendly to make it easy for the users to design their dream business project all by themselves. They are pre-coded and they also allow room for amendments.

   Many of these platforms even offer free basic services and charge a nominal fee for domain purchase or other such premium features. Some of the trending low-code platforms are Creatio, Quixy, Zoho creator, Microsoft PowerApps, Google App Maker, etc.

9. Digitization and Automation
   The deployment of artificial intelligence and robotic process automation goes hand in hand. The first step towards any digital transformation is digitization of processes, assets, information and other tools. When things become digitally accessible, they become available to be automated. Automating monotonous tasks can save a noticeable amount of human energy and also avoid human errors. RPA has its use cases in automated email replies, data processing, automated notification services, and many other areas.

Take away

Digital transformation is an ever-going journey. With the development of new technologies, there is going to be an advancement in the way we approach our daily lives. Keeping up with trends and adapting to that change is what a wise being will look forward to. With that being said, we hope this article has been informative to you.