9 Key Digital Transformation Trends ‘To Watch’ in 2020 and Further
Digital transformation has changed the face of every industry.
Run for ultimate digital experience and meeting the ever-changing consumer demands has been the need of the hour for companies in the digital transformation trend.
In this transformation process, companies (irrespective of size) underwent strategic shifts in their journey. Some have skyrocketed with trends, while some entered into technology mergers and acquisitions and some have ended up in shackles.
‘Media and Entertainment’ is one such industry that saw rapid transition as a result of digital transformation trend. Amid interactive video ads, content-driven strategies, widened social media and other internet platforms, the media and entertainment industry has seen the true form of digital transformation in recent years.
Not just media and entertainment, every industry is taking the same path. While in parallel, consumers are demanding more content in more unique ways!
With this aura around, industry is heading towards 2020 to witness more amazing trends in their digital transformation journey. Needless to say, advanced technologies such as AI and 5G are already making their way deeper into the market.
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Here, we discuss 9 such trends that’s going to be crucial for digital transformation success in 2020:
1) AI for Cutting Down OPEX
One of the leading surveys show the media and entertainment industry is witnessing larger spending and ending up in less profits. The industry’s Operational Expenditure (OPEX) is exceeding profit margins. The spending is going beyond control in run for early profits or gaining a competitive edge. Exactly at this juncture, the industry should rethink on their strategy.
It’s time to recheck on the way they handle content and spending abilities. And, AI and Machine Learning (ML) are right in front to show the way! AI and ML techniques help you use content and spending in a smart manner.
Now, the focus should ideally be on how effectively the content should be utilized rather than creating it for content sake. AI can eventually help you cut down OPEX.
2) Privacy and Trust
Privacy and trust are the two important aspects that are set to decide organizational progress in the digital transformation journey.
One of the global surveys involving more than 4000 brands and consumers found 61% of brands admitted to having lost their consumer trust by failing to protect their data and information. This is an increasing gap between consumers and brands that the brands need to focus more on to progress. Traditional media was reportedly among the top three distrusted industries besides social media and government.
Given this fact, the future is going to be more of maintaining visibility on consumer data and deliver best user experience with the collected data. Data regulations have already begun voicing for such measures and more such are expected in future.
3) Enterprise Resource Planning
Technology is he first thing that strikes one’s thought in discussion about digital transformation, in general. But that might not be the case always.
Digital Transformation is more about implementing a new culture within an organization. It’s a combination of people, process and technology. So, instead of just building effective media arms or channels to promote services, the organizations should equally focus on building intelligent Enterprise Resource Planning (ERP).
ERP can help you cut down spending, improve resource efficiency and enhance productivity. While you might have already invested in technology and tools, is time to focus on your back-office operations too for continuous refinement to see measurable results and high profitability.
Personalization of services is going to be a vital factor deciding an organization’s digital transformation success in 2020 and further. No content for free or content for all! Smarter the approach smarter the results will be. So, organizations will need to think of personalizing their approach to draw the best from their consumers, instead of just pushing some content for traction.
Termed as ‘smarter personalization’, this approach is not just for content. That should reflect everywhere, whenever the brand meets the customer! And, this is going to be crucial for customer relationship management.
Given these four trends, one can estimate the transition that the digital transformation trend is likely to bring in industry functioning.
No doubt, 2020 is going to be a different ballgame all together for digital transformation.
5) Connected User Experience
The average number of applications used in an organization is increasing rapidly. Whereas, consumers are expecting consistency as the traverse through multiple channels such as messaging or mobile service portals.
Given this requirement, offering connected experience is the need of the hour for companies part of their digital transformation efforts. Omni-channel customers with better connected experience were found to stay online longer than the single channel customers.
Connected experience means enabling customer with improved and easy accessibility anywhere and anytime. As the surveys find, while there is an average of 900 applications in an enterprise, only 29% of them are able to offer connected experience.
6) Data-Driven Business
Data is the undoubtedly the heart of Digital Transformation today. Unlocking and analyzing data potential has become crucial to driving business, streamline operations and launch new products and services.
Effective movement of resources and easy flow of operations across organizations are largely attributed to effective data utilization.
7) Mutli-cloud Utilization
Most enterprises today operate on multi-cloud environments. But managing multi-clouds, especially when moving workloads between clouds, is one of the prime challenges. API-led development and containers offer solution to this problem.
APIs help unlock the unique functionalities of applications residing in multi-cloud environments. Containerization has also been a proven solution to address concerns with multi-cloud environment.
Get multi-cloud for achieving better results in your digital transformation journey.
8) Effective IT
IT department is core enabler of any business today. The department helps in tapping the full technology potential to deliver more through effective and right decision making on the utilization of emerging technologies. So, to succeed in digital journey, organizations need to scale beyond their current IT capabilities.
9) Partner Ecosystem
As the business expands, engaging into strategic partnerships becomes crucial for any organization. Successful businesses have already begun building collective ecosystem of external partners, stakeholders and customers.
This partner ecosystem helps digital businesses in seamless incorporation of products and services into customer experience.
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