What are the top digital transformation trends in 2020?

Top Digital Transformation Trends in 2020

Some of the top digital transformation trends in 2020 are the need to deliver superior customer experiences. Besides, companies need to focus on having a data-driven culture as reimagining business for the digital age would be the no.1 priority for businesses undergoing digital transformation in 2020. The majority of the decision-makers are using a combination of new technologies to modernize their legacy processes and to identify and implement new business model innovation opportunities. These digital transformations initiatives must begin and end with improving the stakeholders’ experience. The stakeholders in this context include employees, customers, partners, and communities that companies serve.
Some of the digital transformation trends that we can look in 2020 are shared below.

Customer experience in digital transformation

• Enterprises need to focus on delivering connected and personalized experiences for their customers, employees, and partners. To provide customized experiences, integrating data from multiple applications is imperative. Every large organization has at least around 900 apps on average, which makes it difficult to provide personalized experiences.
• Customers expect consistent journeys across multiple channels, including messaging services and mobile service portals. A connected experience means removing friction in the customer journey and being accessible anywhere and anytime.

Data-driven business

• Data is the bloodline for all organizations. Unlocking and analyzing information is the heart of the Digital transformation. Companies leverage data to improve customer experiences, streamline operations, and launch new products and services.
• The majority of the companies still operate as data silos. It is necessary to break these data silos to improve customer experience. Hence companies are taking initiatives and working on eliminating data silos.

Artificial Intelligence and Machine Learning

• Companies need to invest in AI capabilities to personalize customer service, reduce human bias, and increase productivity and To leverage the benefits of AI, the data needs to be accurate and have high quality.
• Machine learning, basic task automation, and chatbots are the most common use cases of AI. In financial services (AI for fraud detection and the loan approval automation process).
• The first step to implement AI is to have the right data governance model. It will help address the data quality issues and ensure maximum value gets created.

Cloud computing

• The majority of enterprises run on multi-cloud environments. Managing multiple clouds is explicitly complicated when it involves moving application workloads between cloud environments.API led application development, and containerization can be two potential solutions to address this problem.
• As many companies have a multi-cloud strategy, there are enormous challenges associated with this, including complexity, managing apps, and costs because enterprises struggle to move application workloads between clouds.APIs can help unlock data and unique functionalities of applications residing in multiple cloud environments.

Business IT alignment

• To be successful in digital transformation, companies need to operate as a technology company. Companies need to leverage a combination of new and emerging technologies to improve stakeholder experience. They need to follow agile Methodology to be innovative.
• Companies are investing more in distributed and emerging technologies, it is essential that integration needs to span beyond IT and extend to businesses.

Network effects in digital transformation

• Companies create network effects by building collaborative ecosystems of partners, customers, and external stakeholders.
• Digital ecosystems are on the rise as companies can incorporate new products and services into their customer experiences seamlessly. It is made possible through APIs, which can help businesses co-create value with external stakeholders.

Build APIs to fuel business performance

• APIs can help businesses improve productivity, revenue growth, and foster innovation. Companies need to ensure these APIs can get reused to deliver full value. Companies are having public/private APIs experience significant business outcomes.
• Companies having a sophisticated API strategy deliver superior results, significant improvements in IT delivery speed, faster product launches, and an increase in sales.

Final Takeaway

To achieve digital transformation, firms need to deliver superior customer experiences. Besides, companies need to focus on having a data-driven culture, use AI and machine learning technologies in multi-cloud environments to leverage network effects within their ecosystems by partnering with IT and using the power of APIs.