Today we are witnessing an increasing shift across the world where people are transitioning into a digital economy from the internet economy. The digital economy is driven by consumers who are more empowered than ever before thanks to the high penetration of devices and networks amongst themselves. Consumers have access to multiple options and their decisions today are influenced by their networked peers. Enterprises too have a plethora of opportunities to mine into this vast digital economy to learn more about consumer behaviour and target them with better options and improve bottom line profits. It is to be noted that such a large digitally connected ecosystem did not exist 5 years ago when most of business decisions were driven by human thoughts which though intelligent often fail to consider all parameters of market conditions and technology driven business models were in their inception stage. However times have changed and successful business models have emerged after evolving tremendously from their initial days of digital infancy.
Today’s digitally powered businesses rely on insights that are derived by deep rooted analysis of consumer behaviour, brand sentiment propagation and consumer engagement. Organizations that fail to embrace digital will find their progress stalling and in a matter of years, they would face similar situations faced by companies like Kodak when they failed to move with time.
If we have a closer look at how global players are achieving success with Digital Transformation, it is easy to identify the core pillars of their efforts to bring about this transition. They are
- Big Data
- Cloud Computing
- Social Media
- Automation and Artificial Intelligence
Let us have a brief look into each one.
Today mobile devices outnumber computers and have basically transformed the way which brands interact with internet enabled consumers. The race today is to make information available on the internet as mobile friendly as possible so that it becomes easier for consumers to gain access to it anywhere at any time. Even search engines like Google have started to rank pages with mobile friendly content on the higher side because they know the future of internet is going to be driven by mobile and that future has already begun. Everything from online commerce to marketing to workforce management has now become mobile-centric and investments are pouring in fast in this direction.
Ever since the internet and networked information access swept across geographies, the amount of digital data that is created daily has resulted in the rise of Big Data technology. Organizations are facing increasing challenges to identify relevant business information from the hundreds of thousands of data silos generated by their technology infrastructure spread across geographies. With big data technology frameworks, it is possible to break this unstructured information silos into valuable business insights. It requires a good deal of analytics and computations for which reliable technology platforms are readily available today.
Social Media has made the world a smaller place as far as communication is concerned. It is easier for brand sentiments to take a giant leap or fall into a deep gorge depending on their ability to engage fans and consumers on social media. Analysing sentiments requires identifying and responding to both positive and negative comments, pushing out relevant content to constantly engage readers and much more. It also calls for increased security policies because more and more internet enabled services depend on utilizing social media credentials to create and verify user accounts.
Often considered as the fundamental infrastructure of a Digital Economy, cloud computing allows organizations big or small to easily offer digital services without having to worry about computing power or digital asset storage capabilities. It has essentially narrowed the gap between behemoths and newbies when it comes to offering a reliable and glitch free digital service and on a close observation, you can see that nearly all disruptors in the digital world are utilizing cloud computing infrastructure for their IT needs rather than investing in building their own IT infrastructure in-house.
Automation and Artificial Intelligence
Automation coupled with Artificial Intelligence is seen as the future of workforce enablement. It doesn’t mean humans are less important, but technology enabled solutions can assist people to do their jobs faster and better with less scope for erroneous decisions. Workloads can be easily managed and with the evolution of artificial intelligence, it is easier to mimic human reactions for scenarios and thus create 24X7 working environments that are self-sustained.
Digital Transformation is an inevitable part of today’s business world and we wanted to help our customers embrace this huge transformation in the best way possible. We were one of the pioneers in online commerce solutions and our expertise positions us to be the forerunners in enabling digital ecosystems for our clients. MCFADYEN DIGITAL is committed to deliver end-to-end digital transformation services to our clients that will help them transform into leaders of the Digital Economy.
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