As we step into a new decade, technologies across the board, from AI to cryptocurrency and online shopping are changing. We are at the cusp of moving beyond augmentation that replaces human capability into augmentation that creates superhuman capabilities, thereby influencing how we live and what it means to be human.
In a scenario as dynamic as this, keeping pace with changing consumer behaviour is going to be the need of the hour, leading to enterprises having to reset expectations and strategies accordingly. There will be a driving demand for organizations to rapidly deliver business value to up their game transform their applications to be able to rapidly respond to changes in the market.
Digital transformation does not involve just a change in the technology being used, it also involves business model changes while overcoming existing operational complexities. Enterprises wanting to drive digital transformation will have to define a strategy based on insight and understanding of the current and future operating models, untangle dependencies and focus on augmentation rather than replacement for a faster and more efficient transformation.
As businesses grow and scale and lines between the online and offline worlds blur, a common factor that will play a key role in this transformation will be data. Data will not only be analysed, but also curated to facilitate better communication with it and thereby reap critical business insights and make more evolved decisions. More and more companies will leverage this curated data through emerging technologies such as AI for further digital personalization and enriched customer experience. This will in turn result in a ‘flywheel effect’, personalization and increased availability of channels will drive online usage resulting in higher consumption of data. A greater quantity of data will lead to more accurate predictions and thus, more sales. It will also give rise to a stronger need to outline transparency, security and ethical use of data.
Technology, and its applications, are poised to affect every aspect of what we call humanity, and CIOs and IT leaders must help their organizations adapt in this changing world. Overall, the coming decade seems to hold immense promise for digital transformation and innovation, and as a part of a digital-first organization, I’m really excited to see what the future holds in store.