The size of the worldwide digital transformation market is estimated at US $ 336.14 billion by 2020 and is expected to grow at a compound annual growth rate (CAGR) of 23.6% from 2021 to 2028. Growing use of mobile devices, smartphones and applications across processes and departments businesses also encourage digitization and are expected to drive the market within the expected period. The shift from traditional enterprise models to digital has spawned modern technology products and services across industries and sectors.
Digital transformation plays an important role in allowing organizations to improve and intensify their production performance, customer experience, improve brand image and customer retention ratio. It becomes inevitable for all enterprises and businesses to transform their operations digitally as it allows them to adapt to technological change.
Benefits of Digital Transformation
- Increased Productivity with Reduced Labor Costs Enterprises and industries spend a lot to train new employees and still get modest productivity not touching their expectations. But when those expenditures are used to digitize new tools and introduce new technologies, it results in high productivity and return on investment. Digital transformation is the best way to reduce labor costs and still get high productivity.
- Improved Customer Experience Customers nowadays are more dependent on technology, especially with the ongoing epidemic. So it’s now easy for digitally transformed businesses to gain knowledge about their customers ’experiences through mobile apps, social media, email and more, and can enhance their experience by introducing new innovative strategies.
Facilitate Digital Transformation
Every organization needs to focus on three aspects to empower successful digital transformation in their operational functions.
- Digital Twins
Digital transformation is supported by digital twins as they accelerate experimentation and collect data that supports more detailed business decisions.
Digital transformation will fail if there is a lack of privacy. Therefore, organizations must ensure safety and security to meet customer expectations without any hassle. Users and employees may also not support transformation if their privacy is compromised.
Culture is the biggest inevitable barrier when it comes to transformation. While empowering digital transformation, organizations must emphasize employee and customer culture.
Trends in Digital Transformation
AI, Robotic Process Automation, 5G, mobile development and personalized user experience are all examples of digital transformation trends. This stream intends to work on the human side and do everything from intensifying communication to preventing repetitive work.
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