Digital Transformation in 2024: Trends and Predictions

Published on Feb 20, 2024

Digital transformation has been a buzzword in the business world for the past few years, and for good reason. According to Statista’s latest report, global digital transformation spending is forecasted to reach 3.4 trillion U.S. dollars by 2026. Artificial intelligence (AI), big data, and the cloud are considered to be core transformative technologies with broad applications across multiple industries. As technology continues to advance at a rapid pace, companies must adapt and evolve to stay competitive. But what does the future hold for digital transformation?

In this article, we will explore the top trends and predictions for digital transformation in 2024, shedding light on the future of this ever-evolving landscape. From the rise of artificial intelligence to the integration of physical and digital experiences, we’ll uncover the key drivers shaping digital transformation in the coming years.

The Rise of Artificial Intelligence (AI)

AI-powered technologies such as machine learning, natural language processing, and robotic process automation are already being used to streamline processes, improve customer experiences, and increase efficiency.

In 2024, we expect to see even more companies incorporating AI into their digital transformation strategies. This will not only improve internal processes but also enhance the overall customer experience. AI-powered chatbots, for example, will become more sophisticated and will be able to handle more complex customer inquiries, freeing up human employees to focus on more high-value tasks.

Hitee, a conversational AI platform developed by Mantra Labs has helped insurers in India in managing millions of customer queries related to onboarding and retention.

Companies have long struggled to enhance employee and customer experience, with overburdened employees, manual work, and delayed responses to customer queries. The introduction of Gen AI last year has opened new opportunities for companies across industries. For example, gen AI in healthcare can streamline laborious and error-prone operational work, instantly placing years of clinical data at a clinician’s fingertips in seconds and upgrading health systems infrastructure.

(Read our latest blog on Gen AI to know more: Gen AI’s next leap: Predicting the Future of AI in 2024 & Beyond)

The Importance of Data and Analytics

Data has always been important in business. In 2024, we can expect to see a continued focus on data and analytics as companies strive to make data-driven decisions.

According to the report by Expert Market Research (EMR), the global predictive analytics market size reached a value of USD 15.70 billion in 2023 and is estimated to increase at a CAGR of 21.7% between 2024 and 2032. Data analytics has opened a new horizon for companies across industries. They can gather and analyze vast amounts of data in real-time enabling them to have a closer look at customer behavior, forecast trends, and optimize their business processes. This helps them offer a better experience and service to their customers and improve operations at the same time.

Biopharma company like Abbvie uses an AI-powered research tool developed by Mantra to extract information about genes and their interconnectivity from research papers. This helps interpret screening results in an unbiased way, significantly reducing drug development time.

The Shift to Cloud Computing

Cloud computing has been a game-changer for businesses, allowing them to store and access data and applications remotely. In 2024, we can expect to see a continued shift towards cloud computing as more companies realize the benefits it offers.

Cloud computing not only allows for more efficient and cost-effective data storage, but it also enables remote work and collaboration.

McDonald’s has collaborated with Google to utilize Google Cloud technology in its restaurants to transform its business and customer experiences.

Increased Focus on Cybersecurity

As technology continues to advance, so do the threats to cybersecurity. In 2024, we can expect to see an increased focus on cybersecurity as companies work to protect their data and systems from cyber-attacks.

With the rise of remote work and the use of cloud computing, companies must ensure that their data and systems are secure. This will lead to the adoption of more advanced cybersecurity measures, such as biometric authentication and AI-powered threat detection.

The Integration of Physical and Digital Experiences

In 2024, we can expect to see a blurring of the lines between physical and digital experiences. With the rise of technologies such as augmented reality and virtual reality, companies will be able to create immersive experiences for their customers.

Companies like Loreal & Nykaa offer AR-powered virtual try-ons where customers can try the product from the comfort of their homes before making the purchase.

The Continued Importance of Customer Experience

Conclusion

In 2024, customer experience will remain a top priority for businesses. With the rise of digital transformation, companies will have even more opportunities to enhance the customer experience and build strong relationships with their customers.

This will involve using data and analytics to gain insights into customer behavior and preferences, as well as leveraging technologies such as AI and chatbots to provide personalized and efficient customer service. Companies that prioritize customer experience will have a competitive advantage in the digital landscape.

Smart Manufacturing starts with real-time visibility.

Manufacturing companies today generate data by the second through sensors, machines, ERP systems, and MES platforms. But without real-time insights, even the most advanced production lines are essentially flying blind.

Manufacturers are implementing real-time dashboards that serve as control towers for their daily operations, enabling them to shift from reactive to proactive decision-making. These tools are essential to the evolution of Smart Manufacturing, where connected systems, automation, and intelligent analytics come together to drive measurable impact.

Data is available, but what’s missing is timely action.

For many plant leaders and COOs, one challenge persists: operational data is dispersed throughout systems, delayed, or hidden in spreadsheets. And this delay turns into a liability.

Real-time dashboards help uncover critical answers:

What caused downtime during last night’s shift?
Was there a delay in maintenance response?
Did a specific inventory threshold trigger a quality issue?

By converting raw inputs into real-time manufacturing analytics, dashboards make operational intelligence accessible to operators, supervisors, and leadership alike, enabling teams to anticipate problems rather than react to them.

1. Why Static Reports Fall Short

Reports often arrive late—after downtime, delays, or defects have occurred.
Disconnected data across ERP, MES, and sensors limits cross-functional insights.
Static formats lack embedded logic for proactive decision support.

2. What Real-Time Dashboards Enable

Line performance and downtime trends
Track OEE in real time and identify underperforming lines.

Predictive maintenance alerts
Utilize historical and sensor data to identify potential part failures in advance.

Inventory heat maps & reorder thresholds
Anticipate stockouts or overstocks based on dynamic reorder points.

Quality metrics linked to operator actions
Isolate shifts or procedures correlated with spikes in defects or rework.

These insights allow production teams to drive day-to-day operations in line with Smart Manufacturing principles.

3. Dashboards That Drive Action

Role-based dashboards
Dashboards can be configured for machine operators, shift supervisors, and plant managers, each with a tailored view of KPIs.

Embedded alerts and nudges
Real-time prompts, like “Line 4 below efficiency threshold for 15+ minutes,” reduce response times and minimize disruptions.

Cross-functional drill-downs
Teams can identify root causes more quickly because users can move from plant-wide overviews to detailed machine-level data in seconds.

4. What Powers These Dashboards

Data lakehouse integration
Unified access to ERP, MES, IoT sensor, and QA systems—ensuring reliable and timely manufacturing analytics.

ETL pipelines
Real-time data ingestion from high-frequency sources with minimal latency.

Visualization tools
Custom builds using Power BI, or customized solutions designed for frontline usability and operational impact.

Smart Manufacturing in Action: Reducing Market Response Time from 48 Hours to 30 Minutes

Mantra Labs partnered with a North American die-casting manufacturer to unify its operational data into a real-time dashboard. Fragmented data, manual reporting, delayed pricing decisions, and inconsistent data quality hindered operational efficiency and strategic decision-making.

Tech Enablement:

Centralized Data Hub with real-time access to critical business insights.
Automated report generation with data ingestion and processing.
Accurate price modeling with real-time visibility into metal price trends, cost impacts, and customer-specific pricing scenarios.
Proactive market analysis with intuitive Power BI dashboards and reports.

Business Outcomes:

Faster response to machine alerts
Quality incidents traced to specific operator workflows
4X faster access to insights led to improved inventory optimization.

As this case shows, real-time dashboards are not just operational tools—they’re strategic enablers.

(Learn More: Powering the Future of Metal Manufacturing with Data Engineering)