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In the past decade, there has been a lot of talk about the digital transformation of companies through important business changes. But what is digital transformation? A basic definition of digital transformation would be the thorough rethinking of how companies use technology and digital products to create new revenue streams or new business models.
In order to accomplish these changes, companies need to think ahead of time and always keep up with the novelties in terms of technological advancements. So without further ado, here are the top trends in digital transformation at the moment.
Internet of Things (IoT) – The IoT is a giant network of connected devices or ‘things’. Almost everything you can think of from cellphones, to appliances, headphones, lamps, wearable devices and even components of machines can be connected to the internet with an on/off switch.
With around 8.4 billion connected devices in the world, we would say that IoT’s presence in our lives is pretty important. And given that more devices with Wi-Fi capabilities and in-built sensors are being created, that number is expected to skyrocket in the next years. Actually, analyst firm Gartner estimates that there will be over 26 billion connected devices by 2020.
This will result in a flood of data coming from all these connected devices, so companies are now working on advanced analytics systems to manage and process that data.
Which leads us to the next trends in digital transformation – analytics and faster networks. The analytics systems of the near future will be centered on AI and machine learning and will mainly be aimed at deciphering the reams of data that will be recorded in order to create actionable insights out of it.
Competition is fierce in the business world, so companies will want access to information in real time, if possible, which entails the need for faster processing of large amounts of data, more intelligent ways to search for information, and faster methods of evaluating data and determining its relevance – hence the need to build 5G networks as soon as possible, along with the development of edge computing systems to replace central servers.
Last but not least, more AI applications are increasing their popularity among companies that want to grow in areas as marketing, analytics, customer service and robotics.