Chintan is a serial entrepreneur, current CEO and founder brain virus.
Digital transformation is essential for businesses that intend to remain relevant in the near future. Given current macroeconomic conditions, businesses are likely to continue to face unique challenges and opportunities in 2023. Amid inflation, geopolitical tensions and economic uncertainty, they can expect to address issues on multiple fronts, including supply chains, rising customer expectations and sustainability, just to name a few.
The fact that digital transformation will help businesses maintain a competitive advantage and a sustainable revenue model is beyond doubt. Moving into 2023, they need to prioritize digital technologies to build speed, innovation and agility across functions. Time is of the essence, and as customer needs change rapidly, so must the ability to drive growth and navigate disruption. That being said, digital transformation isn’t just about technology – it’s about a shift in mindset that enables organizations to reimagine their business models and processes to take advantage of the opportunities emerging technologies create.
Therefore, a strategic approach to digital transformation is key. While every business has specific needs and every journey into a digital future is unique, certain aspects of digital transformation are likely to receive more attention in 2023.
As a way to get to the heart of business operations, composability is largely seen as one of the “core pillars of business strategy”. Why? Because composable business includes mindset, process and technology. It is based on the idea of ”interchangeable building blocks” that instill the business agility necessary to adapt to a rapidly changing marketplace.
While organizations will continue to grapple with the challenge of sprawling legacy systems and data silos, decision makers can address this challenge head-on by transforming the way they formulate strategy and respond to change. They need to be aware of the fact that new problems cannot be solved with outdated solutions, even though they may have worked well in the past. A solid game plan and the right investments can help them grow into composable businesses, even if they rely on existing capabilities.
Composability will help businesses maximize returns, minimize time-to-value, and quickly pivot to overcome integration challenges.
Sustainability is one of the biggest challenges facing businesses today. According to a Gartner report, CEOs recognize that “environmental and social change are now top three priorities for investors, after profits and revenue.” While technology often leads to sustainability issues, it will continue to play a fundamental role in promoting sustainability.
Organizations need to come up with innovative solutions to achieve sustainable development goals. Harnessing key technology resources such as artificial intelligence, machine learning, analytics and renewable energy is critical to achieving these goals. According to an Accenture report, 92% of companies “aim to achieve net zero goals by 2030, which will require the deployment of advanced technologies to measure, reduce and eliminate an organization’s carbon footprint”.
Additionally, with data-driven insights and enhanced supply chain integration and overall energy-efficient technology frameworks, organizations will be able to drive change and adhere to sustainability principles. Finally, creating lasting impact and value goes beyond a single organization and requires a collaborative approach. Achieving sustainable development at scale will require businesses to learn from each other and from other institutions such as governments and nonprofits.
Immunity has played a huge role in the post-pandemic era, and it’s clearly catching on in the digital world too! Digital immunity is becoming a much-needed roadmap for CIOs to reduce risk and create value. According to a Gartner report, “by 2025, organizations that invest in building digital immunity will experience up to 80% less system downtime—which translates directly to higher revenue.”
The Digital Immune System is where design, operation, development and analysis drive business performance through risk mitigation accumulation. It makes applications more resilient, ensuring rapid recovery and business continuity even in high-risk situations. Data-driven insights combined with automated processes for identifying and resolving issues ensures consistent processes and outcomes.
The latest update in this area is the Google Cloud Security Prediction for 2023, which reportedly highlights the importance of cloud technology. It could strengthen “enterprise security in 2023 as a gateway to a ‘global digital immune system’.”
We are looking ahead to a hyper-connected smart world in the next few years. Sooner or later its effects will be felt in almost every area of business. Machine-to-machine interactions will increase, enabling them to work more efficiently and seamlessly. That said, environmentally sustainable systems are non-negotiable. Businesses must stay on top of these latest business and technology trends, bridge the gap between the two, and respond intelligently to change.
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