Digital transformation is the integration of digital technology into all areas of a business, intrinsically changing operations and increasing value to customers. Digital transformation can lead to new business models and revenue streams for companies who adapt. It also creates better company agility and improved efficiency.
No matter the size of your business, willingness to adapt is an important aspect of staying relevant. We’ve mapped out five different digital transformation trends to watch in 2023 that are worth exploring to implement into your own operations.
5 digital transformation trends to watch in 2023
1. XaaS (Everything-as-a-service)
Welcome to the next business acronym. Also known as ‘anything-as-a-service,’ XaaS encompasses a broad range of cloud computing and remote access services. It recognizes the enormous variety of modern products, tools, and technologies that are offered to consumers online. As a customer-centric approach to digital transformation, XaaS is an on-demand, pay-as-you-go technology solution that provides customers with a recurring service.
You’ve most likely heard terms like Saas (software-as-a-service), PaaS (platform-as-a-service), or IaaS (infrastructure-as-a-service). With a rise in demand of the as-a-service model, they have revolutionized how technology resources are consumed. On the other hand, XaaS is an ingenious concept that encompasses these service models and more. According to Introspective Market Research…
The global XaaS market is currently growing at a compound annual growth rate of around 26%, and experts predict this trend to continue until at least 2025.
XaaS providers leverage cloud computing to reach millions of clients globally using an online platform that users can log in to anytime. Since ‘anything’ is quite broad, here are a few other as-a-service models with example companies that are included in XaaS.
- AaaS (analytics-as-a-service) refers to companies such as Outlier, that turns data into insights that drive business decisions.
- STaaS (storage-as-a-service) is the practice of using public cloud storage resources to store data. It can be costly to store data in-house, but businesses like HPE Greenlake offer solutions.
- DBaaS (database-as-a-service) is a solution that enables businesses to organize, filter, and store customer data in software that is easily accessible. Oracle Database is an example of DBaaS.
Customers are looking for flexible pricing to meet varying needs. Many businesses are collaborating with competitors to offer hybrid as-a-service models in response. XaaS is the easily accessible and flexible solution to all forms of technology.
2. Digital solutions for hybrid and remote flexibility
Remote and hybrid work models are here to stay. Research by Upwork states that by 2028, 73% of all departments are expected to have remote workers. While remote work permits greater flexibility, increases productivity, and lowers costs, businesses must stress the need of having the appropriate technical procedures and software to achieve these advantages. Establishing strong communication systems and other collaborative tools that allow employees to succeed is vital.
Here are the top tools to consider for your remote or hybrid team:
- Slack as a communication platform.
- Kona is a mental health check-in and coaching tool that integrates with Slack.
- World Time Buddy is a software that converts time to distributed teams across the globe.
- Productive or Asana are task and time tracking platforms to organize responsibilities with due dates and projects.
- Zoom or Google Meet for online video calls, meeting, or conferences.
- Bonusly helps organizations give and receive recognition.
- Miro is a creative, virtual whiteboard solution for sharing ideas.
- Dashlane or LastPass are platforms for secure password sharing across devices.
Creating a long-term strategy for remote-hybrid work improves employee experience and retains top talent that benefits customers and business. The world will continue to shift towards more remote work and by integrating remote-friendly tools into your work environment, it allows the flexibility and preparedness to transition.
3. AI-powered business solutions
Artificial intelligence is a driving force behind digital transformation and is permeating our daily lives. Without it, digitizing processes and goods would generate vast volumes of data that humans wouldn’t be able to comprehend and respond to in a reasonable timeframe. The future of AI is anticipated to enable next-gen consumer experiences and improve business functions by saving time and optimizing efficiency. According to Exploding Topics…
As of 2022, the global AI market is valued at over $136 billion. AI industry value is projected to increase by over 13 times in the next 8 years.
AI is beneficial for improving speed and consistency of service, using customer insights to inform decision-making, and leads to better automation.
4. Hyperautomation
The need for operational excellence is becoming more urgent in a world where digital technologies power commerce. This is due to the necessity of automating an increasing number of processes and operations. Many businesses, professionals, and experts view hyperautomation as the key to excellence and a definite path to the digital future. According to Gartner…
The global market for technologies that enable hyperautomation will reach $596.6 billion in 2022. This is up from $481.6 billion in 2020 and $532.4 billion in 2021 in the automation technology business.
Hyperautomation as a strategic business tool is used to leverage efficiency, productivity, and accuracy at scale to deliver the most successful results. When accurately executed, hyperautomation makes our lives easier and complements business and people.
5. Sustainability
Implementing sustainability initiatives reveals new opportunities for integrating effective digital transformation strategies in all areas of a business. Digital technologies like artificial intelligence, predictive analytics, and machine learning (ML) can assist firms in successfully achieving sustainability goals as pressure for environmental responsibility increases.
More than just a trend, sustainability is a necessity for long-term success and support from consumers. To stand out in a competitive market and drive internal innovation, adopting a sustainable business strategy is the new normal.
Customer support; a constant
Where many aspects of the professional world are fluid, customer support has and always will be vital to a company’s success. Our agents are trained in your brand voice to provide an extra layer of support. For consistent, world-class support that helps you scale globally, contact Influx today!
