Tag: digital transformation

As the world grapples with the challenges of climate change, soil degradation, and resource scarcity, agricultural organizations find themselves at a critical juncture. The urgency for adopting sustainable farming practices, amplified by the integration of custom software, has never been more pronounced. This blog explores the pivotal role of digital transformation in achieving sustainability, shedding light on why agricultural organizations should embrace this shift.

Why the Focus on Sustainable Farming?

The urgency stems from a dual challenge: preserving the environment and securing the economic viability of agricultural operations. Inefficient practices impact the bottom line, making sustainability not just a moral duty but a financial necessity.

The Impact of Digital Transformation in Agriculture

Digital transformation, powered by Artificial Intelligence (AI), Data Analytics, and Cloud solutions, represents a seismic shift in farming approaches. The focus isn’t on whether to adopt these technologies but on how fast agricultural organizations can leverage them for sustainable growth.

To understand why agricultural organizations should embrace digital transformation, let’s consider some use cases.

1. AI in Agriculture: Precision Farming for Optimal Results

Use Case: Crop Yield Prediction

One significant application of AI in agriculture is crop yield prediction. AI algorithms analyze historical weather patterns, soil conditions, and crop health data to forecast optimal planting times and expected yields. For instance, a predictive AI model can take into account variables like temperature, precipitation, and crop health data to help farmers make data-driven decisions, maximizing yield with minimal resource use.

2. Data Analytics: Informed Decision-Making in Real Time

Use Case: Soil Health Monitoring

Data Analytics plays a crucial role in monitoring soil health in real-time. Sensors placed in the soil collect data on moisture levels, nutrient content, and temperature. Data Analytics algorithms process this information, providing farmers with immediate insights into soil conditions. By understanding these factors, farmers can adjust irrigation, fertilizer application, and other practices to optimize crop growth.

3. Big Data: Navigating Trends for Long-Term Success

Use Case: Market Trend Analysis

Big Data is instrumental in analyzing market trends to help farmers make informed decisions about crop selection and pricing. By aggregating and analyzing data from various sources, such as global market trends, consumer preferences, and weather patterns, farmers can strategically plan their crop rotations and adapt to changing market demands.

4. Cloud: Scalability and Flexibility for Modern Farms

Use Case: Remote Monitoring and Management

Cloud solutions enable remote monitoring of farming operations. Farmers can access real-time data on crop conditions, equipment status, and weather patterns from anywhere. This level of accessibility enhances decision-making and allows for timely responses to changing conditions.

Use Case: Collaborative Farming Platforms

Cloud-based collaborative platforms facilitate information sharing among farmers. This includes sharing insights on best practices, weather forecasts, and market trends. Such platforms promote collaboration, helping farmers make collective decisions for mutual benefit.

5. In-Depth Custom Software: Tailored Solutions for Agricultural Challenges

Elaborating on custom software solutions, let’s explore specific examples of how custom software has been tailored to address challenges in agriculture:

Example: Crop Management System

A custom Crop Management System can integrate AI and Data Analytics to provide farmers with comprehensive insights into crop health, soil conditions, and weather forecasts. This solution tailors its algorithms to the specific crops grown on a farm, offering personalized recommendations for irrigation schedules, fertilization, and pest control.

Example: Supply Chain Optimization Software

Custom software designed for supply chain optimization in agriculture integrates Big Data analytics. It tracks the entire supply chain, from harvest to distribution, optimizing routes, storage conditions, and inventory management. This ensures that produce reaches its destination in optimal condition, reducing waste and maximizing profitability.

Read Case Study: How Fingent helped a leading hydroponic farming company in the US transform its data management, tracking, and operational capabilities through customized technology.

Challenges in Leveraging Technologies in Farming Processes

Although the decision to implement technology in the farming process seems like a no-brainer, there have been a few challenges on the way. 

1. Complex Procedures: Navigating the Intricacies

The adoption of technology in farming processes is not a simple plug-and-play endeavor. Farming operations are intricate and interconnected. Addressing these complexities requires a strategic approach that acknowledges the nuances of each operation.

2. Legacy Systems: Breaking Free from the Past

Many agricultural operations are shackled by legacy systems that were implemented in a different era. These systems, while once effective, now hinder the integration of modern digital solutions. Overcoming this challenge involves strategic investments in upgrading or replacing outdated infrastructure.

3. Staff Onboarding: Bridging the Knowledge Gap

The success of digital transformation hinges on the people behind the technology. Onboarding staff with new technology presents a unique set of challenges, from upskilling the existing workforce to recruiting new talent. A comprehensive training strategy is essential to ensure that the human element seamlessly integrates with the digital landscape.

As the farming industry stands at the crossroads of tradition and innovation, the role of custom software becomes increasingly pivotal. So, let us explore how custom software serves as the linchpin in driving the right digital transformation for agriculture.

Custom Software: Tailoring Innovation to Agricultural Realities

Custom software addresses the complexities of modern farming, offering tailored solutions that off-the-shelf options often lack. It eases the digital transformation journey, ensuring a seamless integration of technology into existing processes. Here are some ways in which challenges can be addressed:

• Addressing Procedural Complexity: Custom software streamlines intricate procedures without disrupting established workflows, ensuring a seamless integration of new technologies.
• Compatibility with Legacy Systems: Designed to coexist with legacy systems, custom software serves as a strategic bridge, preventing the need for a costly infrastructure overhaul.
• Staff Empowerment through Training Solutions: Custom software includes comprehensive training modules, empowering staff to leverage the full potential of new technologies.

How Can Fingent Help?

At Fingent, we understand that the path to sustainable and efficient farming is paved with innovative, custom solutions. Our expertise extends across three crucial phases of the digital transformation journey: discovery, development, and implementation.

• Discovery Phase: Fingent collaborates closely with agricultural businesses to identify opportunities for digital transformation. Through meticulous analysis, we uncover areas for improvement in resource management, data utilization, and operational efficiency.
• Development Phase: Armed with insights, our seasoned developers craft custom software solutions designed to address the unique challenges of each farm. From precision farming tools to supply chain management systems, our goal is to optimize operations and enhance overall efficiency.
• Implementation with 24/7 Backup: The journey doesn’t end with software development. Fingent provides robust implementation support with 24/7 backup, ensuring a smooth transition into the digital landscape. Our commitment is to minimize disruptions and maximize the benefits of sustainable farming practices.

A Greener Tomorrow, Powered by Digital Innovation

In the journey towards a sustainable future for farming, digital transformation is paramount. Custom software is the linchpin, simplifying complexities and seamlessly integrating technology into agricultural operations. At Fingent, we stand ready to be your dedicated partner, discovering opportunities, crafting tailored solutions, and offering unwavering support. With the right custom software, your farm can lead the way to a greener tomorrow.

Give us a call, and let’s get talking. 

To reiterate John F. Kennedy, “Change is the law of life, and those who look only to the past or present are certain to miss the future.” 

The digital world revolves around evolution and change. It is constantly transforming from one stage to the next. Do you feel lost in this metamorphosis of digital transformation? Does the fervent adoption of advanced technology into business processes catch you off-guard and unprepared? 

We understand and want to help you navigate and thrive in this new era. Stay with us and continue reading. 

What Is Digital Transformation? 

Digital transformation is the process of utilizing digital technology to develop or modify current corporate practices, culture, and consumer experiences to meet shifting business and market requirements. The perks include better company agility, improved efficiency, and, eventually, the creation of new value for shareholders, consumers, and employees. 

According to Gartner, 87% of senior business leaders believe that digitalization should be a top priority for businesses, and 91% of organizations across the globe are currently involved in some sort of digital operation. To improve its client experience, a business might implement AI or cloud computing, for instance. Or it might change its supply chain to ensure machine learning is used more effectively. There are innumerable ways to digitalize your business and reap its many benefits. 

Why Is Digital Transformation Important? 

The pandemic changed the relevance of digital transformation almost overnight. From a way of enhancing customer care, it quickly became embedded into the core operational and innovative aspects of an organization. In this day and age, an organization’s sustainability may be in jeopardy if it fails to implement digital transformation. This is vital to satisfy the demands of the business landscape. As per Statista, digital transformation has been the leading priority for information technology (IT) initiatives for global companies since 2020.

Businesses are using digital solutions to help them customize their interactions, communications, and goods to meet the unique needs of their clients. For instance, a report by Gartner estimates that by the end of 2020, chatbots will power 85% of customer support. Here are some important reasons why businesses are adopting digital tech: 

• Improvement Of Customer Experience – Customer experience is at the core of digital. In order to enhance the customer experience, 92% of business leaders are developing sophisticated digital transformation strategies.
• Additional Data-Based Insights – The tracking and analysis of metrics are made possible by going digital. Making efficient decisions and increasing ROI can both be accomplished by using data-driven insights to better understand customers and re-evaluate business strategies.
• Competitive Edge – By developing new goods and services, entering new markets, and enhancing customer comprehension and service, digital transformation enables organizations to achieve a competitive edge. 
• Cost-Cutting – By automating procedures, reducing waste, and improving supply chain management, digital transformation lowers business expenses. A McKinsey study found that businesses that completely adopt Digital Transformation can cut costs by up to 50%.

Stages Of Digital Transformation

Digitization, digitalization, and digital transformation are the three major stages of the Digital Transformation process. A successful implementation requires businesses to move from one stage to the next seamlessly.

• Digitization – The transformation of manual (analog) information into digital format, enabling easy manipulation, storage, and transmission, is called digitization. It is the process of moving to a digital business. For instance, converting paper forms into electronic documents.
• Digitalization – Using digital technologies and digitalized data to enable or improve business processes is known as digitalization. For instance, using a marketing website, software, or mobile app to stay in touch with customers and employees is an example of how digitalization may modify an organization’s operating structure and provide new revenue and value-producing opportunities.
• Digital Transformation – The use of new and developing technologies to encourage sustainable innovation and creative expansion while making fundamental changes in an array of business-related areas. It enhances all aspects of the organization, including how employees engage with clients and how operations are carried out. For example, it collects insights from previous customer data, behavioral patterns, and purchase history to customize products and services offered. That is one of its many benefits. 

How To Discover Where Your Business Stands 

Legacy challenges are frequently overcome as part of digital transformation, but how effective is it? Measuring the progress of any effort with well-defined KPIs and metrics is the only way to know how far you have come.

Tips to measure the progress of digital transformation:

• Feedback from your employees and co-workers
• Track fluctuations in customer feedback
• Analyze the data across the different initiatives that you have implemented

Some additional metrics to track include:

• The degree of digital adoption
• Customer satisfaction rankings

Receiving feedback and measuring progress this way can help you locate where your business stands in its Digital Transformation process and improve your strategies to drive better results.

The Future Of Businesses In Digital Transformation

From using cutting-edge technologies to making strategic decisions, Digital Transformation is influencing businesses. It alters how firms operate, streamlining operations, boosting efficiency, and establishing a cultural shift. A prediction by International Data Corporation states that 75% of corporate executives will use digital platforms and ecosystem capabilities by 2025 to increase their platforms’ agility, efficiency, and sustainability. 

Here are some future trends in Digital Transformation:

1. Low-Code, No-Code

Low-code, no-code is a method of software development that calls for either very little (low-code) or no (no-code) coding at all. As per studies, low-code and no-code platforms will be used for more than 65% of software development by 2024. The market will be valued at $13.8 billion in that year!

2. Cloud Migration 

Cloud migration is the act of moving data and applications from one location, typically a company’s on-premises servers, to a public cloud provider’s servers. The four benefits of cloud migration are efficiency, accessibility, scalability, and security. 

3. Artificial Intelligence And Machine Learning

AI uses machine learning for data analysis and forecasting to guide efficient digital organizational strategies, personalize interactions, optimize workflows, and offer consistently dependable services 24/7. 

Strategizing An Effective Digital Transformation Journey

While undertaking such a big change, it is important to have a foolproof strategy to rely on. Following are a few aspects that you can consider during your digital transformation process: 

• Transformation Of Business Strategies – Technology becomes pivotal to business strategy in the aftermath of digital transformation. Operating expenses and inefficiency can be decreased with this strategy.
• Realigning Business Operations – For agility and experimentation, it is essential to transform corporate procedures and adopt new working methods.
• Adopting Novel Methods Of Agility And Experimentation – Modern engineering capabilities must be combined with new working methods as customer expectations and the rate of change increase. Successful digital transformation requires a fundamentally different strategy—one that values the accessibility of technology and the adaptability of people.
• Flexible Technology Is At The Heart Of Long-Lasting Change – Staying fluid and adaptable will enable you to more readily create ecosystem connections that foster speed and scale while also accelerating innovation within your organization.

Watch more: 7 Deadly Mistakes Non-Tech Businesses Make On Tech Projects!

How Can Fingent Help? 

Fingent is one of the leading solution providers in the world. We have been around since 2004 and have successfully transformed many businesses from traditional modules into digitalized success stories. 

Fingent has expertise in all the technologies that drive a successful digital transformation journey. Specialists in Cloud computing, Artificial Intelligence and Machine Learning, Virtual and Augmented Reality, and more come together to create a holistic digital solution for your business.

Talk with our Digital Consultants, who will analyze your unique requirements and work out a future for your business that is equipped to succeed in the digital age. 

In today’s ever-evolving business landscape, the concept of “Digital-First” isn’t just a buzzword; it’s a strategic necessity. For CIOs, CTOs, and IT Managers, embracing digital transformation isn’t just a choice; it’s a critical strategic move. It’s the pathway to gaining a competitive advantage, exceeding customer expectations, leveraging data for success, accessing global markets, and fortifying your digital defenses.

In this blog, we’ll explore why launching your business with cutting-edge technology is of paramount importance.

Why Starting with Cutting-Edge Technology Matters

Here are some key aspects and applications of Digital first:

1. Online Presence: Your Digital Storefront

In an increasingly online world, your digital presence is your storefront, and its impact is profound.

If your business lacks a robust online presence, you’re missing out on a significant slice of this digital pie. Your online presence is your digital storefront and first impressions matter. It’s the place where your customers interact with your brand. Think of it as the front window of a physical store – it needs to be inviting and informative.

Applications: E-commerce, Social Media, Content Marketing

2. Customer-Centricity Rules

PwC’s Global Consumer Insights Survey reveals that 43% of consumers plan to increase online shopping in the next six months. The study further said,  “Consumers are seeking less friction…they’re continuing to experiment with the next generation of digital platforms, including the metaverse.” Starting with cutting-edge technology allows you to provide those seamless, personalized experiences that customers crave while they shop online.

3. Mobile-First Design: Meeting Customers Where They Are

With the proliferation of smartphones, being mobile-friendly isn’t just a choice; it’s a necessity. Oberlo reports that mobile devices account for 55.5% of web traffic globally, surpassing desktop usage. Ignoring mobile users means missing out on more than half of your potential audience. Consider mobile devices as the primary means through which customers engage with your brand – like a shop accessible anytime, anywhere.

Applications: Responsive Websites, Mobile Apps, SMS Marketing

4. Competitive Imperative

Jorge Lopez, a distinguished VP analyst at Gartner, says, “Boards of directors (BoDs) have reached a point where digital business strategy and overall business strategy are one and the same.” It’s clear that being “Digital-First” is no longer a choice; it’s a competitive imperative.

5. Security and Privacy: The Digital Trust Factor

As digital interactions increase, so does the importance of security and privacy. Cybersecurity Ventures predicts that cybercrime will cost the world $6 trillion annually by 2021. Neglecting security is a gamble on your business’s survival. Cyber threats are rising! The worldwide expense of a data breach in 2023 stood at $4.45 million, reflecting a 15% rise over a three-year period. Cyberattacks are a growing concern for businesses and consumers alike.

Applications: Encryption, Multi-Factor Authentication (MFA), Regular Audits

6. Data-Driven Success

McKinsey’s research shows that data-driven organizations are 23 times more likely to acquire customers, six times more likely to retain customers, and 19 times more likely to be profitable. Beginning your business with cutting-edge technology means you’re setting up to be data-driven from the get-go.

Read more: A Quick Guide To A Successful Digital Transformation Journey!

Key Technologies Commonly Implemented to Enhance Digital-First Initiatives

To thrive in the digital environment, it’s crucial to understand the core technologies that underpin digital-first initiatives. Here, we’ll delve into some of the key technologies providing a clear overview of their significance.

1. Cloud Computing: The Foundation of Scalability

Cloud computing is the engine powering the scalability and flexibility of modern digital solutions. Services like AWS, Azure, and Google Cloud provide businesses with the ability to store data, run applications, and access resources remotely. This technology not only reduces infrastructure costs but also enables rapid scalability, making it essential for digital-first operations.

2. Artificial Intelligence (AI): The Catalyst for Data-Driven Insights

AI encompasses a range of technologies, including machine learning and natural language processing. It enables businesses to analyze vast datasets, make predictions, automate processes, and gain valuable insights. AI is the driving force behind personalized recommendations, predictive analytics, and automation that enhance the efficiency and decision-making capabilities of digital-first organizations.

3. Internet of Things (IoT): The Network of Connected Devices

IoT has far-reaching applications, from smart manufacturing and asset tracking to environmental monitoring and healthcare devices. IoT enables businesses to gather real-time information, improve operational efficiency, and create new services and experiences.

4. Blockchain: The Trustworthy Digital Ledger

Blockchain is a distributed ledger technology that offers transparency, security, and trust in digital transactions. It’s the foundation of cryptocurrencies like Bitcoin and is increasingly used in supply chain management, voting systems, and more. Blockchain ensures the integrity and immutability of data, reducing the need for intermediaries and enhancing security.

5. 5G Technology: The Accelerator of Connectivity

5G, the fifth generation of wireless technology, brings unprecedented speed and connectivity. It enables near-instantaneous data transfer, low latency, and support for a massive number of connected devices. Businesses leverage 5G for applications like augmented reality, autonomous vehicles, and real-time communication, enhancing customer experiences and expanding possibilities. These technologies and others form the backbone of digital-first initiatives, offering businesses the tools to adapt, innovate, and thrive in the digital age.

Use Cases Across Different Sectors

The digital-first revolution isn’t confined to a single industry; it’s a tide sweeping across sectors, reshaping the way businesses operate, interact with customers, and innovate. Let’s explore some use cases in a variety of sectors, showcasing how digital-first strategies are driving transformation and success.

1. Retail and E-commerce

• Personalized Shopping Experiences: In the retail and e-commerce realm, digital-first initiatives are all about creating personalized shopping journeys. AI-driven recommendation engines analyze customer behavior and preferences to suggest products tailored to individual tastes. This drives sales and elevates customer satisfaction to unprecedented levels.
• Seamless Checkout Processes: Digital-first technologies streamline the checkout process with one-click payments, reducing cart abandonment rates. Amazon’s “Buy Now with 1-Click” is a prime example of simplifying the purchasing journey for customers.

2. Manufacturing

• Predictive Maintenance: In manufacturing, IoT sensors are deployed on machinery to monitor performance and detect anomalies. These sensors provide real-time data, enabling predictive maintenance. Machines are serviced before they break down, minimizing downtime and optimizing production.
• Quality Control and Automation: Machine learning models can be employed to analyze images and identify defects in real-time thus ensuring products meet stringent quality standards. Automation and robotics further enhance manufacturing efficiency, reducing errors and labor costs.

3. Financial Services (Fintech)

• Digital Banking: Fintech companies are revolutionizing the financial sector with digital banking services. Mobile apps provide customers with access to their accounts, transactions, and even investment opportunities, all in the palm of their hands.
• Cryptocurrencies and Blockchain: Blockchain technology is reshaping the way financial transactions occur. Cryptocurrencies like Bitcoin offer secure, borderless, and decentralized digital currencies, challenging traditional banking systems.

4. Education (EdTech)

• Online Learning Platforms: EdTech platforms provide access to a vast array of educational resources, from interactive courses to video lectures. These platforms enable flexible, personalized learning experiences for students of all ages.
• AI-Powered Tutors: AI-driven virtual tutors assist students in their studies by providing immediate feedback and tailored learning paths. They adapt to individual learning styles and paces, enhancing educational outcomes.

5. Transportation and Logistics

• Route Optimization: Transportation companies use IoT and GPS technology to optimize routes, reducing fuel consumption and delivery times. Real-time tracking and predictive analytics ensure goods are delivered efficiently.
• Autonomous Vehicles: The transportation sector is at the forefront of autonomous vehicle development. These vehicles promise increased safety, reduced labor costs, and improved transportation efficiency.

6. Smart Cities

• Traffic Management: Smart cities employ IoT sensors and real-time data analysis to manage traffic flow dynamically. This reduces congestion, minimizes travel times, and improves air quality.
• Sustainable Energy: Smart grids and renewable energy sources enable cities to reduce their carbon footprint. IoT technology monitors energy consumption and production, optimizing energy use and promoting sustainability.

In each of these sectors, digital-first initiatives are not just about adopting technology; they’re about harnessing it to drive innovation, improve efficiency, and meet evolving customer expectations. The possibilities are vast, and the results are transformative, making the digital-first approach a crucial strategy for organizations in every industry.

How Can Fingent Help?

In a digital-first world, success hinges on leveraging technology effectively. Fingent is your trusted partner on this journey, helping you harness the power of digital to drive innovation, growth, and competitive advantage. Together, we can navigate the complex digital landscape and turn challenges into opportunities. The future is digital, and Fingent is here to ensure you’re always one step ahead.

With our expertise in software development, AI, IoT, and more, we can tailor solutions to your specific needs. Whether you’re in retail, manufacturing, finance, education, transportation, or any other sector, we’ve got you covered. Give us a call.

Today, technology seamlessly weaves its way into every aspect of our daily lives. That’s precisely what digital transformation is all about – a process that enables businesses to harness the power of cutting-edge technologies and revolutionize the way they operate, engage with customers, and flourish in today’s fast-paced world.

Digital transformation goes beyond a mere trend; it’s a profound shift that can reshape the very core of a business. It allows organizations to metamorphose and emerge stronger and more adaptable than ever before.

In this blog, we’ll embark on an exciting journey to understand the significance of digital transformation, explore its key components, and learn from real-world examples of successful transformations. We will understand why it holds the key to shaping the future of businesses worldwide.

Understanding Digital Transformation

Imagine taking your cherished family recipe and giving it a modern twist with new ingredients, cooking techniques, and flavors. That’s the magic of digital transformation – a process that revitalizes businesses by infusing cutting-edge technologies into their core operations, just like the innovative twist to your traditional recipe!

Which digital technologies enable transformation?

Digital technologies, like cloud computing, Artificial Intelligence (AI), and the Internet of Things (IoT), play a vital role in the business landscape.

The cloud is like a virtual pantry that stores all your ingredients and tools, making them accessible from anywhere at any time. AI acts as your sous-chef, analyzing data, providing insights, and making your decisions more intelligent. Meanwhile, the IoT is the magic ingredient that connects everything, enabling devices to communicate and create a harmonious cooking experience.

The Digital Metamorphosis: Embracing the Ever-Evolving Adventure of Growth

Digital transformation is a thrilling quest to become the best version of what your business is capable of becoming. It’s not a one-time makeover or a sudden transformation, but a continuous journey of growth and improvement. Just like you set new goals and work towards them over time, businesses must shift their perspective from considering digital transformation as a one-time project to embracing it as an ongoing process.

This journey requires a mindset shift – instead of seeking instant results; businesses must focus on long-term gains and stay committed to the process. Digital transformation demands consistent effort and dedication, as every step contributes to overall success.

Benefits and Outcomes of Digital Transformation

The benefits of digital transformation are many, and you will discover more of them as you implement it in your business, but here are a few of its main benefits. 

• Enhanced Productivity: Digital transformation ensures mundane tasks vanish from your to-do list, leaving businesses with more time and energy to focus on what truly matters. 
• Delightful Customer Experiences: Businesses become experts in customer satisfaction through personalized interactions, seamless online shopping, and responsive customer service.
• Unleashing Agility: Digital transformation enables businesses to respond swiftly to changes and opportunities. They can adapt their strategies, offerings, and operations in the blink of an eye, staying ahead of the competition.
• Unraveling Insights: Digital transformation empowers businesses to harness the power of data, uncovering valuable patterns and trends. These insights guide businesses toward smarter decisions and growth like a treasure map.
• Flourishing in the Digital Kingdom: In this captivating realm, businesses hold a golden scepter of competitive advantage. Digital transformation sets them apart from their rivals, like a crown that marks them as the industry’s leaders. They become the beacon of innovation, drawing customers to their kingdom of products and services.
• Securing the Castle: Digital transformation fortifies its defenses against cyber threats and data breaches. It’s like having a strong shield that safeguards their reputation, customer trust, and sensitive information.
• Sustaining Everlasting Success: Digital transformation is not a one-time invocation but a perpetual journey of growth and adaptation. With every step, businesses evolve and renew their charm, ensuring a legacy of prosperity.

Read more: Is Open Source the Crucial Catalyst For Digital Transformation?

Overcoming Challenges and Embracing Opportunities

A digital transformation journey can empower businesses with the tools they need to thrive in a technology-driven landscape. However, this metamorphosis comes with its own set of challenges and considerations. Let’s dive into these hurdles and discover how to overcome them while achieving your organization’s goals.

1. Organizational Culture and Mindset Shift

• Challenge: The resistance to change can be deeply embedded within an organization’s culture.
• Consideration: Cultivate a growth-oriented mindset that embraces innovation and adapts to new technologies.
• Approach: Foster a culture that rewards risk-taking and encourages open communication to build trust.

2. Change Management and Employee Buy-In

• Challenge: Employees may fear the unknown and be reluctant to embrace new processes or technologies.
• Consideration: Engage employees early on in the transformation process and communicate the vision clearly.
• Approach: Encourage two-way communication, provide training and support, and celebrate small wins to build momentum.

3. Legacy Systems and Technology Integration

• Challenge: Integrating new technologies with existing legacy systems can be complex and time-consuming.
• Consideration: Evaluate the compatibility of existing systems with the new solutions you plan to implement.
• Approach: Develop a well-thought-out integration strategy, and consider phased implementations to minimize disruption.

4. Data Privacy and Security Concerns

• Challenge: The digital era brings increased risks of data breaches and privacy violations.
• Consideration: Safeguard customer and company data to build trust and maintain regulatory compliance.
• Approach: Implement robust security measures, regularly audit systems, and ensure employee awareness of data protection practices.

5. Skills Gap and Talent Acquisition

• Challenge: Finding skilled talent with expertise in emerging technologies can be challenging.
• Consideration: Upskill current employees and promote a learning culture to bridge the skills gap.
• Approach: Collaborate with educational institutions, offer training programs, and consider hiring freelancers or partnering with external experts.

Watch now: 7 Deadly Mistakes Non-Tech Businesses Make on Tech Projects

Success Stories: Real-World Examples

As businesses brace themselves for their journey, they seek inspiration from the tales of industry leaders like Amazon and Netflix. These titans have undergone remarkable digital transformations, leveraging technology to disrupt markets and revolutionize customer experiences.

Staying Relevant like Amazon and Netflix!

• Challenge: Amazon began as an online bookstore, and Netflix was a DVD rental service. Both companies recognized the need to adapt and evolve to stay relevant in the ever-changing digital landscape.
• Solution: Amazon expanded its product range, becoming an online marketplace for various goods and services, leveraging technology to optimize customer experience and supply chain efficiency. Netflix transitioned from a DVD rental service to a digital streaming platform, investing in content creation and personalization algorithms to offer a superior streaming experience.
• Takeaway: Embrace innovation and be willing to pivot when necessary to meet evolving market demands. Continuously focus on improving customer experience to build loyalty and attract new customers. Leverage technology to streamline operations and enhance efficiency.

Unifying and Protecting Data in Healthcare like John Muir Health!

• Challenge: Healthcare companies are often concerned about data security and interoperability while implementing electronic health records (EHRs).
• Solution: Healthcare providers invested in robust cybersecurity measures and interoperable EHR systems to protect patient data and facilitate efficient communication among healthcare professionals. An example is John Muir Health, which “leverages a cutting-edge data platform to unify data while also using the cloud to improve real-time patient communication. As a result, patients can ask questions and receive information through their preferred communication channel, such as email or SMS.”
• Takeaway: Understand the unique challenges of your sector and tailor the digital transformation strategy accordingly. Collaborate with industry experts and technology partners to implement suitable solutions.

Creating Seamless Experiences in Retail like Ikea!

• Challenge: Retailers struggled to bridge the gap between physical stores and online shopping, creating a seamless omnichannel experience.
• Solution: Retailers adopted advanced analytics and inventory management systems to optimize stock levels and offer personalized recommendations to customers across various channels. Ikea, for example, tripled their online sales by prioritizing the digital side of their business!
• Takeaway: Continuously monitor and adapt to the changing needs of customers and the market.

Thriving in the Digital Age: Fingent’s Unparalleled Support for Transformation

The key to sustained business success lies in continuous innovation and adaptation. As organizations strive to remain competitive and relevant, embracing digital transformation becomes imperative. Throughout this journey, Fingent emerges as a trusted partner, offering comprehensive solutions and unparalleled expertise to empower businesses and drive growth.

Fingent’s commitment to excellence and wealth of experience in guiding organizations through successful digital transformations make us a beacon of reliability. By understanding the unique challenges of each industry and sector, we tailor our solutions to meet the specific needs of our clients. From industry giants to startups, Fingent collaborates closely with organizations of all sizes, ensuring that no one is left behind in this technological revolution.

By fostering a culture of innovation and providing the necessary support and training, Fingent top custom software development company helps employees embrace the digital shift with enthusiasm and confidence. Our meticulous planning and phased implementation approach ensure a seamless transition, minimizing disruption and maximizing efficiency.

Reach out to us, and let’s lead you to success on your digital transformation journey.

Digital technologies are evolving at an unprecedented rate. Major innovations, such as artificial intelligence tools, machine learning software, cloud computing resources, and big data, have already reshaped the landscape of countless industries and actualized new financial concepts such as blockchain and cryptocurrencies.

As business leaders apply these technologies to their digital transformation initiatives, many focus on functions like sales, customer support, and demand forecasting. While these are mission-critical functions, finance must be front and center during any digital transformation discussion.

Whether your team manages a standalone financial business or is responsible for overseeing an organization’s financial functions, you must embrace the digital world. Let’s take a closer look at the financial technology (FinTech) landscape, identify some ongoing challenges facing the financial industry, and shed light on some tech trends you can adopt to strengthen your competitive advantage.

Read more: Top Ways Business Intelligence In Finance Can empower CFOs Today!

The Financial Business Technology Landscape

FinTech is primarily responsible for the evolution of the financial business landscape, and over the last few years, the FinTech sector has exploded. As of 2023, there are more than 26,000 FinTech startups globally, as well as hundreds of pre-established FinTech developers.

The growth of the FinTech market has largely been supported by venture capital (VC) funding. Though numerous FinTech sectors have received significant financing from VC rounds, three stand above the rest.

Between 2016 and 2021, the following three sectors received over $5 billion in VC funding:

• Capital markets ($8.07B)
• Payments ($6.03B)
• Wealth management ($5.43B)

Digital lending, FinTech tools for small-to-medium-sized businesses, and banking-related projects also received significant funding, though these amounts fell below the $5B mark.

The Top Challenges Facing the Finance Industry

The modern financial business landscape has largely been shaped by uncertainty, market volatility, rapidly shifting consumer trends, and the emergence of increasingly sophisticated technologies.

Businesses in virtually every industry continue to face disruptions and supply chain challenges, hurdles that have placed an additional burden on finance teams, as they are tasked with helping their organizations prepare for the unexpected. Unfortunately, antiquated solutions and strategies don’t provide the agility necessary to promote adequate resilience.

From the financial business perspective, the digital world has led to the development of two new core challenges: accessibility and racing to keep up.

First, consumers expect to be able to access services, accounts, and support on their terms. To meet this demand, financial businesses must develop user-friendly mobile apps that increase the accessibility of their services and work to empower consumers.

The second challenge is interconnected with the first: New technologies are arising so rapidly that some businesses need help to keep pace. Those that struggle fall behind in the digital arms race will cause financial organizations to lose valuable market shares, potentially fading into obscurity.

Read more: Technology in Finance: What to look out for in 2023!

Changing Finance to Thrive in the Digital World

Fortunately, organizations can overcome these challenges by adopting finance technology trends and implementing robust new software solutions.

Organizations committed to reinventing themselves must develop a cohesive digital transformation strategy. As part of the process, business leaders must identify any functions and processes that need to be retired, updated, or improved. From there, they can then begin exploring solutions to enhance the agility and versatility of their business.

Conducting extensive market research is also essential to digital transformation. Financial businesses need to step into the minds of their audience and determine what features, capabilities, and tech services are at the top of their priority lists. Only then can businesses strategically invest in new technologies and solutions that will align with the needs of modern consumers.

Read more: Data Analytics in Financial Services and Banking

Finance Technology Trends that Can Give Your Business an Edge

If your organization is on the precipice of a digital transformation but is still determining where to focus its efforts, examining current FinTech trends is an excellent place to start. A few of the trends in the finance industry include:

1. Self-Service Tools

Most consumers lead hectic lives, which means that many of them don’t want to have to stop in a branch or waste precious time seeking phone-based support. Instead, they’d prefer to have access to user-friendly self-service tools so that they can access support or manage their account whenever is most convenient for them.

Therefore, you should implement customer-facing tools and features that empower your consumers. The easier your services are to access, the better, so make sure that clients can reach these tools via various channels, including desktop and mobile devices.

2. Sophisticated Mobile Apps

The rise of digital-only banking has forever changed customer expectations regarding financing. Digital financial institutions have shown consumers that managing every aspect of an account is possible without ever setting foot in a branch.

While you do not necessarily have to transition to a digital-only business model, you need to provide your consumers with access to a high-quality mobile app that is easy to navigate, simple to use, and reliable.

3. Embedded Finance

The embedded finance technology ecosystem has become too big to ignore. By joining this growing sector, you can create new revenue streams and expand your organization’s reach within the finance industry.

Of the various types of embedded finance solutions, “buy now, pay later” (BNPL) has become especially popular. It is a sales model that allows customers to make purchases immediately but pay for the goods via a set number of more-affordable installments. In 2021, BNPL transactions totaled over $120B, and they are expected to reach a value of $576B by 2026.

Read more: How Embedded Finance will Transform the FinTech Landscape in 2023!

Reinvent Your Finance Business with Fingent!

According to Deloitte, the rapidly-growing FinTech industry will reach a market size of $188 billion by the end of 2024. This statistic illustrates how bank executives and business leaders across the financial industry are embracing digital transformation. In fact, 66.7% of bank executives believe FinTech will “impact wallets and mobile payments globally,” according to Statista researchers.

If your organization wants to keep pace with forward-thinking financial businesses, it must reinvent itself for the digital world. Fingent can help you do that via our financial software development services. We develop highly-secure, purpose-built solutions, such as cash management software, mobile and internet banking apps, digital finance and accounting tools, and other applications that will enable you to thrive in this rapidly evolving industry.

How the insurance industry delivers service has evolved significantly in the last decade.

Regardless of what form of insurance sales or policy management your organization is engaged in, you can attest that face-to-face interactions are no longer routine and are, in fact, an oddity.

As the insurance industry’s new normal, more and more interactions between customers, industry experts, other organizations, and adjustments claims occur digitally. Though phone-based communications will continue to be a part of the customer service process for the foreseeable future, customers, care providers, other insurers, and virtually anyone else with whom an insurance company interacts have come to expect a largely digitized experience.

For any organization to thrive in the insurance industry of tomorrow, it must take steps to evolve its processes today. That means creating a cohesive modernization strategy and investing in leading-edge technology solutions.

Read more: Answering the Burning Questions of Business Leaders on Digital Transformation!

Top Challenges Facing the Insurance Industry

To understand what a modernized strategy looks like in the insurance industry, it’s vital to examine some of the top challenges businesses will face in the coming years.

1. Staffing Shortages

Historically, the insurance sector has contended with turnover rates somewhere in the range of 8-9%, according to Insurance Business America, but that span climbed to 12-15% by September 2022.

That additional turnover significantly impacts business continuity and diminishes the customer experience. It can also negatively influence insurers’ ability to replace members of leadership that are retiring or stepping away from the industry.

2. Skyrocketing Costs

Inflation and numerous other factors have contributed to rising costs of everything from healthcare to vehicles higher than ever before. Naturally, some of these cost increases are passed onto insurers and their customers, so insurance companies must find ways to absorb some of these expenses while mitigating rate increases for their clients.

Insurers should also explore ways to reduce their operating costs to keep coverage prices lower. Otherwise, businesses may find it challenging to retain customer accounts, particularly in sectors like automotive insurance, where consumers can freely shop around and change policies in six-month intervals.

3. Antiquated Legacy Systems

Some legacy systems hinder the ability of many businesses to embrace digital transformation. These aging platforms can make it challenging to comply with relevant regulatory requirements and increase an organization’s overall operating costs.

The longer that insurance companies cling to antiquated systems, the harder it will be for them to streamline traditionally tedious practices, such as claim management. Therefore, insurance companies must replace these inefficient, disjointed platforms with modern, unified alternatives.

The Role of Digital Transformation in Solving These Challenges

Digital transformation can bring modern technologies to any business process to improve its operation. Fast-growing digital transformation technologies include machine learning, artificial intelligence (like ChatGPT), customer relationship management platforms, and intelligent document processing software.

Digital transformation holds the key to solving the insurance industry’s most significant problems, and it appears that many in the industry realize this, as recent projections estimate that insurance technology spending will increase by 25% between 2022 and 2026 in the US and UK.

A cohesive digital transformation strategy will lay out a roadmap for replacing aging technologies with modern alternatives, and once these technologies have been replaced, the cost savings are almost immediate.

In one example of how a digital transformation strategy led to practical innovation, Fingent joined forces with the California law firm of Sapra & Navarra, LLP to develop Ambit, an AI and ML program that simplifies and enhances the management of workers’ compensation claims. Claims may include hundreds of pages consisting of a variety of letters, affidavits, forms, and other documents from claimants, doctors, lawyers, investigators, employers, and witnesses, among others. Utilizing both artificial intelligence and machine learning, the Ambit system streamlines the claims management process, reducing claim costs, and helps break the old practices of:

• Taking too long to assess claims
• Treating similar claims inconsistently
• Not equipping claim adjusters with modern tools

Instead, Ambit improves the efficiency of all parties — insurance carriers, self-insured companies, lawyers, and claim adjusters — while reducing costs for insurers by 57%.

The Ambit solution was designed to:

• Easily ingest the many documents in the claims process
• Quickly identify missing, processed & corrupted pages
• Review structured and unstructured documents automatically
• Identify areas of concern
• Suggest potential legal defenses
• Automate calculations and reminders for important legal deadlines
• Generate case summaries, with action plans

These automation capabilities not only make life easier for claims managers but enable organizational leaders to offset productivity issues created by ongoing labor shortages by reducing onboarding time for new hires. These capabilities result in more uniform handling of the claims while speeding their resolution and lowering their overall costs.

In general, automation technologies, such as those implemented during a digital transformation initiative, will also decrease operating costs, enabling insurance companies to increase their profitability and offer their customers more competitive premiums.

Read more: How AI Drives Digital Transformation In The Insurance Industry

The Essential Components of Digital Transformation

The technology trend in insurance is clearly moving from the strictly paper-based methods of the past to the digital. Beyond static websites to mobile apps. Beyond email to text and chat. Beyond processes driven by people to more and more intelligent automation that speeds up and uniformly handles all kinds of processes from marketing, and operations, to customer service.

Every organization’s digital transformation roadmap should be as unique as the business itself, but every digital transformation strategy must include a few core elements:

• Clear objectives
• An integrated plan
• A leadership-driven approach
• Investments in the right technology

When creating your organization’s digital transformation strategy, you should start by defining your “why.” In other words, you must identify the reasons you are undertaking this initiative in the first place.

From there, work with a digital transformation partner who can help you create an integrated plan that includes everyone from executive members to line-level employees.

Digital transformation efforts — even small ones — require the active support of top management. Change is the hardest thing to achieve in the organization and without the sponsorship of the corporate leaders, the effort is unlikely to succeed.

Finally, you will need to replace outdated, inefficient technology with modern, robust solutions. When appropriate,

partner with a custom software development firm that can provide you with a purpose-built solution you need for your business. They are equipped with the personnel and experience to generate a solution in the minimum timeframe and without the need to increase in-house headcounts.

If your organization has been exploring ways to improve the customer service experience, increase productivity, improve profitability, and streamline its operations, it is more than ready to embrace digital transformation.

Successfully facilitating digital transformation requires a cohesive strategy, some cutting-edge technologies, a commitment to doing things better, and the right development approach.

Read more: Digital Twin Improving Predictability and Risk Management in Insurance!

How Fingent Can Accelerate Your Process

Naturally, the cornerstone of any digital transformation initiative is technology choices. These may be an off-the-shelf system for standard processes, the integration of existing systems or, your transformation may demand a custom solution that can accommodate your business needs unlike systems available to anyone else.

At Fingent, we specialize in creating resilient custom software solutions that are able to change and adapt according to your requirements. We work with insurance industry clients to help them streamline mission-critical business processes, and – as in all our projects – we accomplish this by providing dynamic, unique software that incorporates the most appropriate technology, such as the latest in machine learning and artificial intelligence technologies.

Connect with Fingent today to accelerate your digital transformation with the help of an experienced software development partner.

Organizations are enhancing their competitiveness by prioritizing digital transformation as the global marketplace becomes increasingly crowded and interconnected.

Broadly speaking, the concept of digital transformation involves the systematic evolution of core and auxiliary business processes to take advantage of advances in computing and software systems to increase efficiencies.

However, no digital transformation initiative will be effective unless it involves an app modernization component.

Also referred to as “application modernization,” app modernization enables organizations to transform effectively, increase their competitiveness, and differentiate themselves within their respective industries.

What is App Modernization?

A “legacy” system uses outdated software or computing hardware to deliver important organizational capabilities but cannot interact with other systems or be updated effectively. App modernization is the process of addressing known issues in outdated legacy software. The issues may include:

• Software problems (“bugs”) that cannot be resolved fast enough,
• Missing features will take too long to add,
• Fragile code (changes tend to create new problems),
• Technology obsolescence (e.g., few programmers for the source code language used),
• A software vendor is out of business, etc.

Commercial off-the-shelf software (COTS) may not provide source code access, preventing an organization from addressing software issues. When pursuing app modernization for software for which source code is available, your organization can choose between one of three approaches:

• Revitalizing an application old applications
• Replacing an application technology with custom-built solutions
• Rehosting or re-platforming

Organizations that choose to revitalize old applications will be updating existing software with new capabilities and features. This may also include refactoring (editing the software to do the same things better).

Read more: Why choose custom software over commercial off-the-shelf solutions?

Other companies may elect to get rid of aging technology to replace it with new, custom-built solutions or with a COTS solution.

In some instances, though, to achieve performance improvements, you may just need to move your existing application onto a more powerful computing engine, typically today on a modern, cloud-based infrastructure — a process known as rehosting or re-platforming.

How do you know which is the best app modernization option for your needs?

Particularly old or antiquated legacy technology will need to be replaced, whereas newer solutions might be suitable for repurposing or retrofitting. Rehosting is the most pragmatic approach if an application still meets your business’s needs but is negatively impacted by your current infrastructure.

When updating existing software, your app modernization team will need to rewrite code to add new features to your solutions. While this can be a tedious and time-consuming process, it may be more efficient than rebuilding a new solution from the ground up.

Opting for the more labor-intensive choice of modernizing by replacing legacy systems may provide more substantial long-term benefits altogether, especially if the landscape of your industry has changed significantly since you installed your current technology suite. Proper planning will control how the migration to a new system occurs and to what extent a legacy system needs to be operational during the transition.

In order to determine which approach is most appropriate for your business, you should first consider whether your current application effectively meets your company’s needs. If it doesn’t, you will need to either repurpose or replace your technology, but if it does, a simple rehosting might be the most practical option.

Why You Need It, Especially Today

Application modernization is a core component of digital transformation. If your company’s current applications do not effectively meet its needs or promote efficiency, you will never be able to meet your digital transformation goals. In a 2019 IBM-Forrester survey, 40% of developers reported being more productive when on the cloud in a digital transformation.

Instead, you will always be working from a disadvantage, which could allow your competitors to encroach on your market share within your respective industry.

App modernization will not only enable you to fulfill your digital transformation goals, but it will also empower your business to operate more efficiently, enhancing the customer experience, paving the way for future growth, and boosting revenue.

Read more: Why Top Companies Are Investing in Application Modernization

What to Consider Before App Modernization

You cannot approach app modernization haphazardly, or you could experience significant and potentially prolonged disruptions to your company’s operations.

Remember, app modernization efforts will impact the functionality and performance of your company’s core software solutions, such as your customer relationship management platform and accounting software, so with that in mind, you must gauge the costs of an app modernization initiative.

Identify what goals you want to achieve, plan how long it will take to achieve those objectives, and seek the support of a third-party technology firm that will be able to provide an objective perspective and help you determine which approach to pursue when you start your journey toward app modernization.

Read more: The secrets to a successful app modernization journey.

Knowing Your Options in App Modernization

To decide which of these approaches is most suitable for your business, you must take an objective look at the state of your technology stack. Is the version of all elements of the stack up-to-date? Are frameworks and languages still “main stream?”  If your current solutions impede business growth, it is likely time to replace them or, at minimum, rewrite them.

Rehosting can be incorporated into your app modernization strategies in two ways. If you have an application that meets your needs, you can simply migrate the app from a native architecture to a cloud-based one. Additionally, you can incorporate rehosting into your rip-and-replace or rewrite app modernization process, as transitioning to the cloud will improve the performance of any application.

Steps to Kickstart Your App Modernization Journey

The entire process can feel daunting and overwhelming when you are at the precipice of your app modernization journey. Still, you can jump-start your digital transformation and app modernization efforts through the following techniques:

1. Finding Your Why

First off, outline why you want to modernize your applications. Defining your “why” will help you and your team stay focused once your modernization journey is underway.

2. Assess Your Talent

Take an objective look at your in-house team and its capabilities. Are they going to be able to oversee your app modernization effectively? If not, it might be time to bring in some outside resources.

3. Decide Whether You Want to Move to the Cloud

Suppose you have invested heavily in on-premises resources in the past; in that case, it might be tough to move on from these assets and transition to the cloud. But making the switch will benefit your business both now and in the long run, so you should at least consider the notion.

4. Assess Risk and Act

Finally, you need to assess the risks associated with each app modernization option. Outline the benefits of rewriting your current applications, replacing them altogether, and migrating to the cloud. Once you have calculated the costs of app modernization, choose the option that best aligns with your needs and take action.

How Fingent Can Help in Successful App Modernization

Leveraging app modernization to enhance the efficacy of your digital transformation effort is a huge undertaking. Fortunately, you don’t have to navigate this process alone, as you can partner with a talented software development team like that of Fingent.

Fingent’s team of experts can help you apply the latest technologies to your business, including cloud-native solutions, artificial intelligence tools, and machine learning software.

Contact us today to learn more about how we can assist with your app modernization efforts.

Technology is not a choice but a fundamental business strategy in the current world. Enterprises will need to accelerate their digital initiatives to support emerging technologies. To remain competitive in 2022 and beyond, businesses MUST invest in new technologies to ensure future innovation and growth. Business opportunities wait for those who successfully tackle their technology challenges. Efficiently dealing with these challenges can set a business apart from its competition.

This blog will assist you in facing the biggest technology challenges of 2022. It outlines how different technologies can help your business. And how you can ensure successful digital transformation.

How Technologies Help Businesses Achieve Success?

Digital transformation is one of the driving forces behind the growth and success of any business. It can enable better collaboration within and between organizations. Today’s business leaders must focus on projects that prepare their organizations for the future. Here are a few ways technologies help businesses stay ahead of the competition.

• Online collaboration: With a big upturn in remote working, it is fortunate that we no longer have to try to make do with cobbled-together services. Collaboration is key to efficiency and productivity. Remote workers need tools that can help them collaborate in real-time allowing them to go on with their projects rather than battling with those tools.

• Automated inventory system: The biggest benefit of an inventory system is automation. It can automate manual tasks and increase efficiency and productivity. It can also reduce overhead costs and increase customer satisfaction.

• Mobile apps: Mobile apps or customer-facing business apps improve how a business interacts with its customers. 

• Digital data storage: Digital data storage has reduced common data management tasks to mere seconds. It can store or retrieve data at any time from almost anywhere.

• Project management software: This software enables project managers to assign specific tasks to their employees. Also, it enables them to monitor the workflow to see if employees can accomplish their tasks on time. 

Watch more: Should your business invest in custom-built software or off-the-shelf software?

Biggest Technology Challenges Companies Face In 2022 

Businesses can benefit more from emerging technologies when they successfully tackle technology challenges. Here are some of those challenges:

1. Data security

Data security threats are causing havoc in organizations. Attackers constantly develop new techniques and vulnerabilities. Some of the most significant information security challenges include:

• Surface attack vulnerabilities
• Cloud threats
• Misuse of credentials
•  Digital supply chain risk
• Vertical specialized threats
• Conventional attacks

Preparedness is the key to stopping attacks before they stop you. Security leaders must look beyond traditional approaches to monitor, detect, and respond to manage a wider set of risks. In the case of supply chain risk, security leaders need to partner with other departments to prioritize digital supply chain risk. Businesses often choose to hire outsourced cybersecurity firms to help them strengthen their security and ward off any data security threats.

2. Automation

Automation has become a necessity in the digital world. Effective automation can boost productivity. It is an overall system quality enhancer in the long run. With proper automation, businesses can reduce maintenance costs. Manufacturers can also use automation to reduce manufacturing costs and increase the speed of time to market. 

But, finding the right automation tools and introducing them into the business workflow can create complications. Hence, a business must prepare for all the hurdles and mitigate the risk of automation failure. The success of automation largely depends on the execution of the test strategy. 

3. Remote work support or hybrid workforce

2022 is an important year for the hybrid workforce model. Integration between cloud-based solutions and mobile apps is crucial to ensure consistent hybrid or remote work engagement. The key is finding the best way to care for the needs of each user and department. Plus, an enterprise must find ways to optimize its IT support to assist remote employees with their computer problems.

4. Digital transformation

Digital transformation paves the way towards more efficiency, resiliency, and sustainability. However, implementing these technologies into business is a challenging process. These challenges are:

• Talent shortage
• Employee pushback
• Limited funds 
• Challenge of agile transformation

Enterprises with limited resources can assign projects to third-party organizations. A business can reduce pushback when implementing high-code or no-code solutions based on employees’ requirements. Taking a more mindful approach to digital transformation is crucial for ensuring a smooth transition. 

5. Focus on mobility

The usage of mobile apps worldwide has greatly increased in the past decade. Business owners use mobile apps to deliver services and goods to their customers. They also use these apps to boost their Return on Investment. These apps allow employers to give their employees tools that help them collaborate efficiently even when they work remotely.

However, providing a consistent mobile app experience can be challenging. 

6. Integrations

There are three major integration challenges enterprises face today.

• First challenge: Enterprises may have mission-critical systems and applications that they wish to transform and modernize to future-proof their business. 
• Second challenge: Connecting information from mission-critical systems to new applications. How to integrate information from point A to point B to bring everything together.
• Third challenge: Providing low code and no code tools to combat the shortage of skill and labor.

An effective IT management plan can help minimize or even cut the risk factors associated with integration.

Watch more: How Fingent helped a leading Real Estate firm in the US to streamline their operations and gain efficiency through seamless integration!

7. AI & ML

Businesses are often pursuing Artificial Intelligence and Machine Learning for their business problems. Another major focus of enterprises is learning how to complete specific tasks without human intervention.

Each company is different, so it takes a unique algorithm for a particular business process. Finding the right AI and ML algorithm can be challenging.

Connect With Future Technologies and Stay Ahead

There is no end to the ever-changing trends businesses must adapt to, to thrive in this highly competitive market. Hence, businesses must forge ahead to connect with future technologies, or they may find competing with other businesses in their sector harder. Whereas businesses that adapt to digital transformation are much more successful in the market. However, analyzing tech opportunities or deciding which technology best fits your business operations is not always easy. That is why Fingent top custom software development company helps companies realize tech capabilities and build, implement and adapt to the right digital tools.

It is the best time to move the digital transformation from your priority checklist to the “right now” list. Connect with our experts to know how we can help your company transform digitally!

Digital transformation has become indispensable, more so now than ever before. When COVID-19 struck, governments swung into action and issued orders that restricted in-person business operations and encouraged people to work from home. In response, businesses began to look for ways to continue their operations by turning to various technologies.

Even before the spread of the pandemic, these technologies empowered businesses to engage with their customers, allowing workplace flexibility while introducing automation and faster processes. But the pandemic accelerated these adoptions immensely. The digital transformation helped businesses to find ways for people to communicate, collaborate, and complete work while working remotely. At the same time, it catered to the request of customers who preferred contactless or contact-limited operations as well.

Exploring and understanding the latest digital transformation trends and what parts of these transformations will likely be here to last will help you plan the best digital transformation strategy.

Read more: Prepare for the future of Digital Innovation with these 10 services from Fingent!

What Is Trending In Digital Transformation Now (2022) And What’s Going Cold?

If there is one takeaway all businesses can learn from this pandemic, it is to be adaptable. As the landscape reinvents itself and workplace culture trends shift suddenly, systems, processes, internal dynamics must pivot to stay competitive. It is crucial to adopt digital trends with the staying power to benefit your business. This makes it important to know all about the trend that will stay long-term versus ones that will go cold in this post-COVID ecosystem. Let’s begin with what goes cold.

1. Fading: Blockchain implementation

Blockchain implementation is designed to maintain distributed ledgers. However, the cost associated with it is higher compared to other technologies that can be applied more affordably. The higher pricing has diminished the interest in blockchain implementation.

2. Fading: Office technologies

Much of everyday business operations hinge on office technologies. Work from home mandates has changed this outdated means of communication and collaboration. Mobile phones have replaced pagers and online documentation has replaced paper.

3. Fading: Complicated and inadequate technology stacks

Whether your team is remote, hybrid, or office-based, it is crucial to have the right tech stack. A 2021 Work Report finding shows that 32% of workers quit a job because of inadequate technology and there is the other 49% who are likely to quit if the tech stack is hard to use. Employees do not want to waste large amounts of time searching for information across various platforms. This can also result in security breaches too as it puts sensitive data at risk. Opting for streamlined technology over-complicated technology can lead to maximum efficacy.

4. Trending: 5G will go mainstream

Businesses need reliable connectivity and more bandwidth to achieve greater success at their core parts such as remote work and videoconferencing. Increased reliance on phones, tablets, and other IoT devices highlights the need for the multi-lane superhighway and so 5G deployments have become a vital part of the solution.

Read more: Future proof your business with 5G, Edge Computing, and Cloud!

5. Trending: Customer Data Platforms

There has been an explosion of Customer Data Platform (CDP) last year. It is highly difficult to organize fragmented data from multiple sources. Organizing such data is also a costly affair. To address this challenge, most companies now rely on CDPs to help them collect, organize, tag, and make it usable for all those who need access to it. Data will continue to grow exponentially in the coming years which makes the rise of customer data platforms inevitable.

6. Consolidation of software vendors

Worldwide merger and acquisition activity combined with developing technologies has resulted in a consolidation of software vendors. According to a report by Gartner, consolidation in the tech business is set to hit a record high in 2022.

7. Digital transformation tools

Remote and hybrid work is becoming the rule, not an exception. With this scenario, organizations need technologies that seamlessly enable collaboration. Digital transformation tools will help businesses to manage employees and stakeholders that are globally dispersed. And this trend will become increasingly prominent in 2022.

8. Increased focus on the power of AI and hyper-automation

The gigantic amounts of data that businesses gather are only as effective as their AI systems. So, the implementation of AI will remain crucial for efficient business function in 2022. There is no need to approach AI with fear as AI will repurpose human assets as opposed to taking jobs away.

The key purpose of Artificial Intelligence is to automate. Essentially, this means all mundane and repetitive tasks can be automated resulting in huge benefits for many employees. Besides, it allows the employer to use that talent for more purposeful tasks.

9. AI for enhanced customer experience 

According to Gartner, businesses that use AI in their customer service channels will experience a 25% increase in operational efficiency. The insights on customer behavior are causing IT system redesigns.

10. Technology to support distributed enterprises

The workforce is now becoming more geographically dispersed. Frictionless work experienced necessitates major technical and service changes. Every organization must reconfigure to embrace distributed services. The right digital technology is imperative for business success.

11. Supply chain digitization

Increased consumer prices and the sluggish economy are exerting tremendous pressure on supply chains. Supply chain digitization is a crucial component that will aid in solving supply chain issues.

Read more: A Look Into The Future Of Manufacturing Industry – The challenges, the opportunities, and the technologies that will help revolutionize!

12. Fourth industrial revolution (Industry 4.0)

Industry 4.0 includes new integrated technology that aims to mitigate the inefficiencies of traditional manufacturing. The manufacturing industries are moving towards robotics, AI, and ML to increase efficiency and benefit their customers.

13. Renewed focus on Human Capital Management (HCM) software

The practice of HCM has become increasingly prevalent in 2021. It has become the driving force for most business practices and will continue to center stage in 2022.

Planning The Best Digital Transformation Strategy With Fingent

The acceleration of digital transformation may seem overwhelming. But the right technology can enable a seamless transition for your business. Fingent can help collaborate and streamline the process of selecting solutions that drive digital transformation. Fingent custom software development experts will assist you in evaluating the available options in the market and in making the best choice on the solutions you need. We can help in reducing the cost of your tech evaluations, increase process effectiveness and employee satisfaction. So, the only tool you need to digitally transformation of your business is Fingent! Connect with us today!

Digital transformation is pervasive. It is hard but absolutely crucial. Enterprises need to transform their traditional business or risk sure failure. As new players emerge and disrupt established businesses, you will need a fundamental transformation of your core processes to remain competitive.

This may come with its share of worries though. Some of these dilemmas are obvious and quite common. They can be categorized into five major sections: productivity dilemma, value dilemma, ethical dilemma, leadership dilemma, and the human dilemma.

The right approach to these dilemmas is not taking absolute positioning with one of the concepts. Instead, a combination of the two concepts will bring the most value to your business and your clients.

This compromise or combination is not a one size fits all solution. Each organization must figure out where the right compromise is for its business. Wherever you position yourself between the concepts, know that it will have a significant impact on your business.

Given the high stakes involved, digital transformation can be an anxiety-inducing term. Digital transformation can be especially challenging for enterprises with hundreds of employees, assets worth billions, and established business models. In our experience at Fingent, answering these questions greatly increases your organizations’ chances of getting your digital transformation right.

1. What does Digital Transformation really mean?

Digital transformation involves two parts:

• Transforming to digital: This is about using digital technology as a destination. Simply put, it is reorienting your organization to the strategic use of digital technologies. These technologies may include social networks, cloud platforms, products, and so on.
• Transforming digitally: This is about changing how you take the actual digital journey. In other words, this is about using digital technologies to change the nature of your business transformation.

We have found that the organizations that have implemented both aspects are reaping huge rewards than those that are using just one.

Read more: All You Need to Know About Digitization, Digitalization, and Digital Transformation

2. Where should I begin with Digital Transformation?

Because digital transformation affects so many aspects of organizational operations and customer behavior, it can be difficult to know where to begin. Hence, business leaders need to review the core elements of the business affected by the change.

Here is what you can do: Systematically work through the elements and rank each one by its possible impact and feasibility. Doing so will provide a clearer vision of how your business landscape is changing. It also helps you think through the implications of your business.

3. How to identify which customer journey matters the most?

Every business is aware of its own priorities. For most businesses, their first priority is to use digital technologies to connect internal resources to create a more compelling customer experience.

Focusing on individual interactions with your brand helps ground the transformation by optimizing the customer journey. This helps your organization to identify which technology, process, and capability are needed to deliver a great experience.

Here is what you can do: Map out the customer journey from start to finish. Then, focus on how you can make each touchpoint better, faster, and more efficient. This may require adjusting key performance indicators to track and reward progress on customer journeys.

4. What is the biggest impediment to Digital Transformation?

Lack of collective thinking can be a huge barrier that can block your journey to digital transformation. This happens when there is no up-to-date strategic view of who is responsible for progress and how technology should add value to your business.

Here is what you can do: Provide visible CEO support to build momentum. This would require a clear mandate on things to do, sufficient resources to develop a program, and profit-loss accountability.

5. Is it necessary to ‘Test and Learn’?

Successful organizations iterate until they get it right! Constant testing will help them deliver what customers want and understand why they want it. This approach will prevent organizations from getting caught up in overly deterministic specifications, needless market research, and ineffective long planning cycles.

Here is what you can do to ensure that your ‘test and learn’ is effective: Constantly review the actions of your teams. Also, review the investments against data on all areas of customers’ journey. This will help in increasing incremental sales.

Read more: A Detailed Guide to Understanding Digital Business Transformation

6. How do I know what is the right Budgetary Cycle?

An insufficient budgetary cycle can hamper digital transformation efforts. A flexible budgetary cycle will always be the most effective one, so your investment should be linked to progress.

Here is what you can do: You need not hesitate to pull the plug if key performance indicators fail. On the other hand, you must also be ready to quickly pump in more funding if the performance justifies it.

7. What are the benefits of a Challenger Board?

Remember not all ideas are brilliant. A ‘challenger board’ can ensure that a bad idea does not squander all your resources.

Here is what you can do: Choose people who know your business inside out to form your ‘challenger board.’ Based on their experience and outsider perspective, these experts can quickly uncover problems and identify opportunities for business disruption.

As a second option, you could set up a dedicated advisory board. They can help a company guide its organization through digital transformation.

Read more: Future Proof Your Business With 5G, Edge Computing, And Cloud!

How Can Fingent Help In Your Approach To Digital Transformation?

If your primary concern is speed to market and ongoing work agility, rest assured, Fingent top custom software development company, is here to help you. We are experts in AEC, an acronym that stands for Agility, Engagement, and Connectivity.

• Agility: Fingent will enable you to build and implement applications quickly.
• Engagement: Our experts at Fingent can prove appropriate application user experiences for each worker.
• Connectivity: We will make it easy for you to integrate your business with external systems and data sources.

Together with new cloud-based deployment, we at Fingent extend strong support for model-driven organizations. We will help you break through the inevitable barriers and increase your chances of achieving a successful digital transformation. Call us!