For decades, businesses have adopted new technology to make work simpler, faster, more efficient, and more productive. However, the pandemic gave this movement a big push forwards on a much larger scale. We are in a ‘post-digital’ era now, and digital innovation is the new norm to stay competitive in today’s time. So, where do we stand now? What are the trends shaping businesses? And what’s next?
If these questions are in your mind, this is the right place to get all the answers. Before moving ahead, let’s first shed some light on digital innovation and its importance.
Digital Innovation and its Necessity for Businesses
With constant technological advancements, businesses worldwide have shifted their focus from traditional approaches to digital solutions to provide unmatched customer experiences. Digital innovation is one such advancement and simply applying software technologies to existing business problems or practices.
By leveraging opportunities to develop digital software products and using predictive data and analytics to better understand customers’ behavior and internal performance, businesses can grow revenue, cut costs, and even build additional revenue streams with new digital capabilities.
Gartner data reveals that by 2025, all industries, most importantly Retail, will have been transformed by the capabilities of digital technologies.
Currently, digital innovation is changing the business landscape at a rapid pace. The business opportunities rely increasingly on the following:
- Using digital technologies to enhance traditional business models
- Using digital technologies to transform existing business models and processes
- Using digital technologies to invent entirely new engagement models or business models
Top Digital Innovation Trends Post-Digital World
- More Investments in Artificial Intelligence
AI technology and AI-powered solutions are becoming mainstream. As Artificial intelligence begins to power more marketing and sales tools in recent times due to its predictive analytics and smart capabilities, we see more marketers adopting these technologies as a crucial part of their digital transformation strategy. E.g., AI has proven to be a valuable asset when creating personalized content experiences. The necessity to be more efficient drives businesses to automate tasks to improve productivity. According to a recent survey, 76% of organizations have prioritized AI and ML more significantly than other IT solutions.
- Cybersecurity is a Key Focus
As with the cloud, cybersecurity is an area of digital innovation that has seen remarkable growth over the past few years. With exponentially more information being stored via the cloud and people accessing a business’ network remotely, it’s become essential for organizations to protect themselves and their workers from cyber threats.
In 2021, 71% of organizations said their security budget had increased, and 76% of businesses found the number of security attacks they face has increased. Hackers are attacking more often and in multiple ways. However, it continues to be worth the effort as a breach can cost businesses an average of $170,000 to recover from.
- Blockchain Technology Adoption
Blockchain technology has been most closely associated with cryptocurrencies like bitcoin. However, it is widely used in many other ways, particularly in business. But the technology also has implications for how companies today manage supply chains, work with other partners and handle transactions and contracts. Now, enterprises worldwide will start participating in blockchain networks, such as food safety or global container shipment, creating a network of networks that facilitates them to interact simultaneously with multiple blockchain ecosystems.
Conclusion
Digital Innovation is imperative to remain relevant in uncertain times and stay ahead of competitors. Organizations that proactively embrace digital innovation will lead the way, engaging modern, highly mobile, and informed customers.
Are you interested in learning more about how you can embrace these digital innovation trends in the era of digital transformation? Connect with trusted digital transformation company like Successive Technologies. Schedule a call with us now!
