With digital technology emerging as a massive trend over the last decade, it’s no surprise that business owners are starting to recognise now more than ever how they can benefit from using such technology to reduce expenses and improve productivity. The transition that is taking place in many sectors necessitates businesses to keep up with technologies, through digital transformation trends, in order to stay competitive.
As we move into the second half of 2022, Realm Digital calls out several digital transformation trends that companies should be aware of.
Digital transformation trends
Business Process Automation
Imagine a world where you don’t have to lose money or customers due to a misplaced paper, an error in communication, or even a delay in performing an activity – all of which are avoidable blunders. One digital transformation trend that is continuing to gain momentum is business process automation.
Automated processes save your company money, save time and effort, increase profitability, and provide a slew of other advantages. If anything, these processes make everyone’s life simpler, from employees to executives to consumers and even suppliers. Process automation involves using technology to automate tasks that are typically performed by humans. This can include business activities such as data capture, marketing campaigns, and enhanced customer service.
Robotic Process Automation
To begin with, it’s important to understand that RPA doesn’t employ real robots. The “robots” in robotic process automation are computer programs that operate on a virtual or physical machine. Simply defined, robotic process automation is a software technology that allows users to quickly build, deploy, and manage digital bots that mimic human interactions with computer systems. RPA bots may execute a variety of error activities at an intense pace and volume thanks to the imitation of human-computer interactions.
Cloud-based solutions are gaining popularity because of their numerous advantages, including ease of use, scalability and reduction in costs. Many businesses are moving away from on-premises software and are adopting cloud-based solutions. In this way, business apps can be run more effectively and inexpensively in the cloud.
Improved data security is required for organisations that use digital technology. As technology advances, so do the dangers that hackers pose, giving rise to the need to strengthen data protection measures. Cloud-based services, such as Google Drive and Dropbox, offer better cyber-security features and keep data safe.
Other benefits of cloud-based solutions include mobility, increased collaboration and quality control.
Cybersecurity and Data Protection
With the increase of eCommerce and overall online activity as a result of Covid-19, businesses of today can expect Data Protection Regulation to be at the forefront of digital transformation. In addition to this, many companies have made the move to remote and hybrid working, thus the need for more stringent policies on cybersecurity and the handling of sensitive data.
Some of the measures businesses can take to protect themselves against cyberattacks and data breaches include:
- Educating employees on cybersecurity best practices
- Implementing strong password policies
- Restricting access to only those who need it
- Regularly backing up data
- Using cloud-based solutions
Data is at the heart of digital transformation. The most basic way to think about it is that data allows businesses to leverage consumer information directly to run their operations. This is where IoT comes in. IoT, or the Internet of Things, is a digital transformation trend that is being used in a variety of industries, from healthcare and retail to transportation and manufacturing. The IoT involves connecting physical devices to the internet so that they can communicate with each other and exchange data. By implementing IoT, one future-proofs their business operations to account for the increasing connectedness of the world and consumers.
IoT, or the Internet of Things, is a digital transformation trend that is being used in a variety of industries, from healthcare and retail to transportation and manufacturing. The IoT involves connecting physical devices to the internet so that they can communicate with each other and exchange data.
Some examples of IoT devices include:
- Smart thermostats
- Smart lights
- Smart security systems
- Smart speakers
The benefits of using IoT devices for digital transformation include:
- Automation of tasks
- Improved efficiency
- Reduced costs
- Increased satisfaction for customers and employees alike
- Digital Twins
- Keeping up with competition
Digital Transformation in Banking
You may have already noticed, most banking services have moved online, providing loans and credit cards virtually. The document verification and other vetting procedures are now entirely online. The integration results in significant changes to how financial institutions function and provide value to their clients. Tech trends predict this will be the future of banking services, from obtaining money and making digital payments to virtual assistants, data encryption and fraud detection systems – all with a click of your mouse.
Other benefits of digital transformation in the financial sector include:
- More cost effective acquisition of new clients
- Increased tailored and personalised offerings
- Increased innovation and convenience
As digital transformation trends continue to evolve, the technology that businesses use will also need to evolve. This means that businesses should invest in updated hardware and software, as well as in training their employees on how to use new technologies.