How Can Businesses Magnify The Digital Success: 5 Technologies To Help

Humans take an insurance policy to secure life and the family against uncertain instances and outcomes of the future. The businesses can also ensure the growth, competency, and profits by going digital.

The world is standing on the cusp of a digital revolution where saying the organizations are living and breathing into digital space won’t be hyperbole. The digitization even morphed from a trend to a core component of the business strategy. The radical growth and performance marked by the things how businesses use the technology to evolve business processes and people.

Certainly, the drastic change doesn’t occur overnight, it’s a gradual process where the businesses embrace the mature technologies to revolutionize various processes successfully. But, the digital transformation is not all about advanced technology adoption.

According to a research, 70% of the businesses invested in digital capabilities aiming to improve efficiencies, increase customer value and create new monetization opportunities but failed that equates to over $900 billion worth of spends as waste.

Fundamentally, the digital transformation initiatives provide the possibilities for efficiency gains, performance gains, financial gains, and customer intimacy, but when the mindset to bring changes in the business practices and processes is flawed, the transformational initiatives never bring success. It demands an evolving mindset that shifts priorities and responsibilities to fit into both current business ventures and new technology.

To strike a great balance, the businesses are adopting industry 4.0 technologies, including IoT, artificial intelligence, augmented reality, big data and analytics, cloud computing, and other, and rethinking at strategic level to realize the full potential and take the advantage of the limitless possibilities of the digital transformation in the fast-changing business landscape.

Take a look at how business 4.0 leaders are applying the digital transformation organization-wide and edging ahead at a constant pace:

Connecting the organizations like never before

It’s safe to say humans have achieved a hyper-connected world with the high proliferation of mobile devices, digital transformation expanding network technologies, and a multitude of smart devices that can collect and transmit the data in real-time. IoT growth is one of the stimulating factors that are pushing the faster rollout of wireless connectivity and seamless data exchange between machines across the organizations. It’s commonly referred to as the industrial internet of things.

Under the industrial internet of things technology, the manufacturers and other industries are embedding sensors with the machines and deploying intelligent equipment that collects the data, shares with the central system, and then analyze to improve the business performance. Moreover, the availability of critical data (Variation in regular performance or productivity) in real-time helps in predicting that the machines can suffer from severe damage and required actions can be taken proactively to prevent the poor consequences.

In this way, the industrial internet of things is creating a superior ecosystem for new products and services where everything will be connected and the actionable data helps in reducing the cost and addressing the unforeseen instances ahead of the time.

Gaining unexpected insights from the data

Data is the currency for every organization, only if they can extract meaningful data from the raw data. The investment in big data doesn’t bring fruitful rewards to many organizations because the data is constantly growing, the learning curve is steep and tools were immature. This disconnect doesn’t let the tech executives get the maximum value of the data in real-time.

Embracing artificial intelligence technology, the executives are rethinking the data strategy and leveraging mature AI tools to make the processes more efficient. For instance, the algorithms to mine the less-structured data such as natural language processing for classification and text indexing become available. The management of data residing in silos can be automated.

The organizations already using data analytics with the help of big data developers when complementing it with AI, the data architecture and governance can be improved, and data management can be streamlined, which ultimately aids in unleashing the hidden insights at the right time.

Automating just everything

The technology has made inroads into the world that’s not just performing human tasks but surpassing human capabilities of learning, understanding, planning and acting upon the data. Artificial intelligence algorithms are automating complex decision-making tasks and regular activities by mimicking the human thought process and senses.

The business applications are increasingly incorporating the technology to reduce the burden for humans and make them work well than before with strategic decisions. The AI-powered applications that look like magic bringing enormous business advantages such as AI frees up the white-collar manager from repetitive tasks and let them spend the time on analysis; detect frauds proactively and inform the same to the responsible person; strengthening human decisions with forward-looking intelligence; creating business value by identifying the trends in historical data.

Various industry verticals are incorporating the tech for bringing automation, that in turn, increasing the productivity such as the driverless cars that encounter traffic jams and never crashes, smart infrastructure that optimizes the flow of goods and maintains it to prevent the repairs, and robot doctors that diagnose illness in milliseconds.

Robots lending a hand

Robots are no more sci-fi, they have been a popular part of our culture. Remember, robot cleaning the house in The Jetson.

Presently, robotics applications are reinventing various industries, including hospitality, manufacturing, pharmaceuticals, agriculture, and mining through advanced capabilities. The robots are not replacing the human workforce, instead, working with them collaboratively for building the planes, moving heavy pallets of goods inside the warehouses, and harvesting crops. Moreover, they are used to automate the tasks that are too dangerous and performed in uncertain and uncontrolled environments.

The robots are easy to program and inexpensive, that’s why the robotics market is growing at a healthy clip and nearly 14 million robotic units are expected to be sold by the end of 2019. The enhanced intelligence, control, and senses of robots made them a perfect fit to assist, augment, or automate human activities.

Magnifying the reality to reap rewards

Augmented reality- the technology that provides an immersive experience of the distinct environment over the actual environment using multi-media elements such as image, sound, video, location data, and others is now gaining traction for commercial use. It’s no more Tips for a Successful Digital Transformation to Businesses with the help of five technologies a gimmick of entertainment apps.

The power of technology to bring information to the point of action has pushed the technology outside of its traditional use in the gaming world. The warehouse workers wearing AR-enabled smart glasses can precisely fulfill the orders, airline manufacturers can assemble the parts easily, quickly, and precisely, electrical workers can make repairs efficiently, retail staff can engage the customers swiftly, and classroom teaching is made interesting.

Bridging the gap between the digital and physical world, the technology is providing just-in-time information to the workers in maintenance, customers support, marketing, and manufacturing landscape that’s bringing unexpected benefits to the businesses.

Conclusion

IT no longer supports businesses, it has become a business that’s enabling businesses to accelerate the ability to execute on an idea and create value from the app and data. It’s because the digital transformation is no longer an option to build, grow, and prosper the business in the ever-evolving market landscape. It’s a must-have to survive and thrive long into the future where change is the only constant.

The essential five technologies continue to mature and can be leveraged in various ways. When individual technology is combined with others to create powerful use cases, they become a new trend that will drive digital success to businesses. For example, IoT sensors collect the data from the raw materials, the AI-powered machines continuously monitor and analyze the data to draw the rich insights, and the data can be securely stored on blockchain where every record is immutable.

Embrace and leverage the technologies in combination in a way that fits with your business processes to create the next wave of innovation.