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.
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