Four Tech Trends for Companies Pursuing Digital Transformation

As businesses seek to pursue digital transformation, they need to have an awareness of the dynamic landscape and its implications. Emerging tech trends will make it possible for companies to innovate and stay competitive in an increasingly fast-paced environment. 

Four Tech Trends for Companies Pursuing Digital Transformation

In order to survive and thrive in the highly competitive landscape, you need to adapt to digital transformation and reinvent your operations.

According to the Third Annual ServiceNow Insight and Vision Report, roughly 66% of larger companies agreed to have ongoing Digital Transformation initiatives for a year or longer. This figure indicates that more companies than ever are beginning to understand and recognize the importance of digital transformation in order to keep up with their competitors. 

Digital Twins

One of the emerging tech trends for companies pursuing digital transformation is the use of digital twins.

Digital twins are virtual representations of physical products, processes, and people in a company's ecosystem that can be used to analyze data and make informed decisions about how to improve efficiency and profitability. 

This can include manufacturing processes and supply chains all the way down to consumer engagement initiatives aimed at improving customer experience through personalized interactions with employees.

Digital twins help companies predict and prevent problems with their systems before they occur, and they're also used to optimize processes by using data from past experiences.

As per a new report by Allied Market Research, the global digital twin market was worth $6.5 billion in 2021 and will touch $125.7 billion by 2030. This figure indicates that companies are increasingly turning to digital twins as a way to improve their operations and save costs while improving product quality and customer service. 

Extended Reality

Extended Reality (XR) is one of the emerging tech trends for companies that aim to gain an advantage over their competitors. The "XR" is an umbrella term for a number of technologies, including virtual reality (VR), augmented reality (AR), and others.

XR is used to describe a variety of experiences in which users interact with digital content using their computers, smartphones, or other devices. The technology creates an immersive environment for users that allows them to interact with digital content on multiple levels. 

Instead of using traditional screens to view content, XR allows users to experience digital information through their senses of sight and hearing as well as touch and smell.

Although XR is still in its early stages, it has the potential to impact nearly every industry and area of life. For example, XR could be used in education by allowing students to learn about ancient civilizations. In healthcare, doctors could use XR technology to practice surgery on virtual patients before operating on real-life patients in the operating room.

According to MarketsandMarkets, the total valuation of the global extended reality market would be $125.2 billion by 2026. What this figure indicates is that XR is a space that's growing rapidly and has a lot of potential for continued growth in the future. Moreover, companies should focus on developing products and services in this area.

Artificial Intelligence

Artificial Intelligence (AI) is one of the key technologies that companies are leveraging to achieve their digital transformation goals. AI can help you to automate numerous repetitive tasks which are still done manually in various industries. These tasks include data collection, analysis, and other processes.

AI helps companies protect themselves and their customers by safeguarding their digital identity. If you’re wondering, “What is digital identity?”, then a digital identity is the user's digital representation in an online space (as explained in AU10TIX official website). By protecting your customers' identities through verification methods, AI can help you avoid fraudulent activities such as identity theft or phishing scams.

Moreover, AI can be used to analyze large amounts of data, predict outcomes, and make decisions based on how humans would act. It allows companies to optimize their processes, which saves time and money while also improving customer satisfaction.

The global AI market will cross $500 billion in 2023, as per estimates by the International Data Corporation (IDC). What does this figure imply? It means that companies are recognizing the benefits of AI and integrating it into their products. AI can help businesses save money and improve customer experience, and those are two things any company wants to do.

Blockchain technology

Blockchain technology is a game-changer in the world of digital transformation.

It's a distributed ledger - a permanent, unchangeable record of transactions that are stored on multiple computers. This means that the data is decentralized and cannot be tampered with. Blockchain technology also allows for smart contracts, which are self-executing agreements with specific criteria that can only be executed when certain conditions are met.

This technology is not just for cryptocurrency trading and startups anymore. Companies like IBM and Microsoft have been using blockchain technology to streamline their operations and make them more transparent to their customers. Among other benefits, blockchain can help companies reduce costs and increase efficiency by eliminating manual processes in business operations.

By 2023, spending on blockchain solutions will touch the $16 billion mark, predicts CB Insights. This figure indicates that more businesses are turning to blockchain technology as they seek to pursue digital transformation and make their processes more efficient and effective.

In Conclusion

As the world becomes increasingly digital, companies that are looking to accelerate their digital transformation efforts need to keep up with the trends in technology. 

The four tech trends we discussed above can help you remain relevant in the competitive environment. With the help of these trends, your company can develop new products and services, gain a competitive advantage over your competitors and create more value in your customers' lives.