Those who pave the path in their industry are at the forefront of trends, whether in consumer behavior or industry shifts. In a world where everything in business is powered by technology, staying at the forefront of it all requires an understanding in where enterprise technology and digitalization are headed.
Digital transformation is one of the most critical topics in business today. Every company needs to have a digital strategy in order to stay competitive and operate efficiently.
To help you best formulate a winning digital strategy, leverage the following trends to enable your growth as society walks into Industry 4.0 and the era of connectivity.
The cloud is no longer an emerging technology—it’s essential to business and optimal operations. The catalyst? COVID-19. We were already on the trajectory to get there, but it was expedited in 2020.
Workforces were pushed out of the office and into a remote environment, and that stress fractured the once-popular on-premise ERP system. Employees had to learn how to work from home, and those who were already operating on the cloud had a much easier time adjusting than those who were not.
In fact, many organizations had to undergo a forced digital transformation to accommodate the sudden shift toward remote. Today, that shift has stuck. Over 90% of organizations are using the cloud in some capacity, and that number is only growing.
There are many advantages to leveraging cloud services, including improved collaboration, agility, scalability, and security. For example, rather than investing in on-premises hardware that quickly becomes outdated, you can use cloud-based solutions that can be updated and scaled on-demand.
The downfall? These SaaS solutions are often based on a subscription model with little ownership tied into the mix. Over the years, that cost will add up depending on the software selection.
The Internet of Things (IoT) is transforming how we live and work. By 2025, there will be over 75 billion IoT devices globally—that’s more than double the number of devices in 2017.
IoT helps organizations be more efficient and productive by automating tasks, processes, and workflows. For example, you can use sensors to track inventory levels and automatically reorder supplies when they run low. You can also use IoT to monitor equipment for maintenance needs and schedule repairs before problems occur.
In addition to operational efficiency, IoT can also improve safety and security. For instance, you can use IoT-enabled cameras and access control systems to secure your premises. You can also monitor employee activity to identify potential safety hazards.
The challenge with IoT is that it generates a lot of data—more data than most organizations know what to do with. To make the most of IoT, you need a way to collect, store, and analyze all that data. That’s where big data and analytics come in.
Organizations are collecting more data than ever before, but they’re only scratching the surface of what they can do with it. Big data refers to the large volume of data that organizations generate—too much for traditional methods of storage and analysis.
Analytics is the process of extracting insights from that data. When you combine big data and analytics, you can gain a 360-degree view of your business and make better decisions about everything from product development to customer service.
For example, you can use big data and analytics to:
Big data and analytics are essential for digital transformation because they give you the insights you need to make better decisions, operate more efficiently, and improve the bottom line. But they’re also complex technologies that require specialized skills and knowledge. As a result, many organizations struggle to get started with big data and analytics or fail to realize their full potential.
Without the storytelling aspect, the mountains of data many organizations sit on are dormant without use. Hidden under the film could be ample opportunities for new products, services, marketing tactics, and more.
If your team is exploring ways to gain a competitive edge by leveraging technology, don't hesitate to reach out to us. Third Stage Consulting Group is an independent, technology-agnostic consultancy that is on a mission to help businesses transform their technologies, operations, and team to be the most efficient and effective in an evolving business landscape, no matter the industry.