Tag: workplace digital transformation
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.
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!
Industry 5.0 Is All Set to Highlight the Significance of Humanity at Workplace******
“The industrial revolution was another of those extraordinary jumps forward in the story of civilization.”
– Stephen Gardiner, English bishop, and statesman.
Standing at the threshold of the 5th industrial revolution (also known as Industry 5.0 or 5IR), we are poised for another jump forward. And yet, we have seen in the past that the march of these successive industrial revolutions has left an element of dehumanization in their wake. Will that be true of the 5th industrial revolution as well? Experts disagree, which is good news indeed.
This blog takes a look at how the 5th industrial revolution is bringing the focus back to humanity.
A Phenomenal Journey Towards the 5th Industrial Revolution
The journey started in 1760 when the first industrial revolution ushered in urbanization, providing work for people at factories.
The second industrial revolution changed the socio-economic situation of the world, improving transport and communication. Also, better automation provided better employment opportunities.
The third industrial revolution saw the invention of the computer, enabling automation in both the office and production lines.
The fourth industrial revolution brought in better communication and connectivity across the globe. It saw the advent of intelligent technologies like robotics, blockchain, IoT, and more.
Artificial Intelligence, Robotics, Augmented Reality and more such technologies have changed the technological landscape like never before. Let’s not forget how Artificial Intelligence has tremendously transformed, customer experience, in recent years. Here’s a look!
That leads us to the question: What can we expect from the 5th industrial revolution and will it help improve humanity?
Before that, let us find out what the 5th industrial revolution is exactly.
The 5th Industrial Revolution
Though different experts have different explanations about what the 5th industrial revolution is, most of them agree that the 5th would be based on the 4th.
Why?
A look at history shows that each revolution became the foundation for the next revolution. We can thus expect the 5th revolution to be built over the 4th revolution, but it will go one step further.
An article developed in collaboration with the World Economic Forum puts it this way: “In contrast to trends in the Fourth Revolution toward dehumanization, technology and innovation best practices are being bent back toward the service of humanity by the champions of the Fifth … In the Fifth Industrial Revolution, humans and machines will dance together, metaphorically.”
(Sorce: DataProt)
With this in mind, we can foresee the 5th industrial revolution to be an AI (artificial intelligence) revolution with the potential of quantum computing which will draw humans and machines together at the workplace. It is about harnessing the unique attributes of AI by recruiters and employers who in effect will be more equipped to make even better and more informed decisions.
“AI is becoming more prominent with 50 percent of workers currently using some form of AI at work. However, 76 percent of workers (and 81 percent of HR leaders) find it challenging to keep up with the pace of technological changes in the workplace.”
How Industry 5.0 Brings Back the Focus to Humanity
1. Uncaging recruiters
The 5th industrial revolution (5IR or Industry 5.0) places greater importance on human intelligence than ever before. Even today in the war on talent, AI enables recruiters to capture better profile matches. 5IR brings huge benefits in providing the candidates with a more personalized experience in their job search.
“According to an article in Forbes: 34% of HR leaders are investing in workforce learning and reskilling as part of their strategy to prepare for the future of work!”
5IR will also uncage human resource teams from the major part of daily administration. This will give them time to fine-tune and meet talent requirements, allowing them to focus on the growth and productivity of their organization.
Read more: Learn why you need to develop a custom platform for remote employee hiring and onboarding.
2. Puts women at the forefront
Martha Plimpton said, “Women have always been at the forefront of progressive movements.” This is true even with regard to 5IR. It will play a critical part in shaping the role of women. As businesses hire unbiasedly, women and girls worldwide will be empowered.
3. Prevents the repetition of Engels’ pause
During the first industrial revolution, though per worker output expanded, real wages stagnated for about 50 years. This stagnation was called Engels’ pause. It is estimated that 5IR has the potential to prevent such stagnation. Though 5IR will take away mundane and repetitive tasks, it opens the way to curiosity, creativity, empathy, and judgment ensuring a balance between people and technology.
4. Changes the way we work
Most of us no longer want to work at 9-5 jobs. The way we work is dramatically changing. As our preferences in job and timings change, companies are forced to change too. Surely 5IR will change this even further.
New employees will no longer have to read a pile of documents or sit through meetings to get all the current and accurate information. This would mean that you can onboard them very easily without having to invest a great deal in training. 5IR will help companies make the most of existing resources helping management teams to focus on more strategic tasks.
The recent pandemic situation has also paved the way for remote working culture, which is now gaining fast popularity. Innovative cloud platforms, such as InfinCE, are supporting this rapidly evolving work culture with streamlined collaboration and smooth communication solutions. Enabling enhanced communication channels, video conferences, and a secured environment for task sharing, monitoring, and collaboration; InfinCE and such other integrated cloud platforms are revolutionizing the work culture of the future. Let’s not forget that with the revolutionary 5G technology, remote collaboration is expected to take new heights with virtual meetings and augmented solutions. Here’s a deeper look into how 5G is reinventing the way we work.
Although the advanced communication channels and collaboration apps, along with 5G technology is creating an impact on work culture, experts call AI and Remote Work, a match made in the future. Why? Here are a few reasons!
- Monitoring the outputs of the remote workforce has always been a concern. But with machine learning and artificial intelligence, tracking remote tasks in real-time is not just possible but also effective and seamless.
- The HR management has to comply with company policies and other legal requirements before recruiting, and these tasks prove quite tedious. Utilizing intelligent technologies to create remote positions can streamline these procedures and turn down the load of the people management department.
- Implementing survey-based tools can simplify collecting reviews and reports on employee performance which in turn can help strengthen the workforce of a company.
Intelligent technologies are sure to take a lead when it comes to human resource management, and 5IR is sure to embrace this change!
5. Paperless technology
As mentioned earlier in this blog, 5IR is all about embracing digitization and intelligent technologies to enhance human efficiency. And paperless technology is doing just that!
Simplifying strenuous paperwork across industries, paperless technology is turning to become the future! Reducing excessive manual effort, to reducing duplication of work and errors, paperless technology is already highly streamlining complex work processes in Banking, Finance, and Law sectors.
Another industry that has hugely benefited from this technology is the field service industry. Going paperless on the field is not just enhancing field service management efficiency but is also enabling field technicians to leverage complete digitization. Mobile field service apps like ReachOut Suite are utilizing these evolving capabilities of mobility and digital forms to empower field workers with streamlined collaboration, easy management, and instant report generation solutions to deliver enhanced customer experiences.
When talking about paperless technology and the future, let’s not forget how machine learning is impacting and shaping this new paperless era. With advanced tools to print, scan, and sign digitally, ML is taking the paperless revolution to the next level, providing a wider scope for paperless offices and digital environments. Here’s a deeper look into how Machine Learning edges us closer to paperless offices!
The 5th Industrial Revolution is Just What We Need
In 5IR, technology will bend back towards the service of humanity, marked by creativity and a common purpose. 5IR will empower us to close the historic gap and create a new socio-economic era. Isn’t that exactly what the world needs?
Fingent offers custom software solutions to address your unique business needs. If there is anything that we could help you with, please connect with us.
There are over two billion smartphone users in the world, and an average US adult spends about 3 hours and 15 minutes a day on mobile apps alone. The spread of the BYOD culture has led to smartphones permeate the enterprise in a big way as well.
The huge surge in adoption and popularity of enterprise mobility is not just owing to the unmatched convenience it offers, but also owing to its potential to unleash innovation that transforms enterprises and enable it to remain competitive in a highly challenging environment.
Unlocking New Possibilities
The direct impact of mobility is the ability to transform a static enterprise, limited by geography, to a dynamic enterprise transcending geographical limitations. A bigger benefit is, however, the ability to leverage mobility to realize opportunities and satisfy customers. IBM Institute for Business Value reports 84% of CIOs rating mobile solutions as a critical investment to get closer to customers.
Smart enterprises have unleashed several innovations that ushered in new business models, with enterprise mobility apps at its core. Businesses have leveraged mobility to offer new products and business models, ranging from Uber taxi solutions to distance learning courses, and from smart apps that allow customers to order their menu before setting out to the restaurant, to apps that allow passengers to choose their seats, meals, and special preferences at flights, and much more. Such innovation has permeated almost all sectors, freeing up staff, saving the customer’s time, improving accuracy, and offering a greater deal of choice and flexibility.
- Financial services leverage mobility to deliver new workflows, aimed at improving customer services, while strengthening their compliance practices at the same time. Mobility becomes an effective means to innovative and cope with the increasing pressure to meet continuously changing regulatory requirements and competitive threats while providing enhanced customer service experiences at the same time.
- Healthcare companies leverage mobility solutions to push healthcare information to patients and offer innovative options. Smart apps, for instance, allow patients to self-diagnosis and transmit key parameters to the physician.
- Retailers embrace mobile technologies to expand their customer base, offer better and innovative options for their customers. E-commerce itself was a path breaking innovation that has been extended to mobility in a big way. This apart, smart-devices offer a platform allowing customers to pay and purchase in many innovative ways.
- Manufacturers leverage mobility to forge an effective collaboration among employees, contractors, third parties, and even customers, at a global scale. Many manufacturers have successfully innovated with mobile apps to deliver end user requirements of reliable and fast access to critical design applications.
Centralization of the core end-user activities in the cloud at the backend enables unbridled access to mission critical applications on any device, and anywhere, and is a key enabler of delivering innovative business processes.
Another key area where enterprise mobility apps have a big impact is marketing. Today’s customers demand multi-channel engagement, with mobile devices a key element in the mix. Delivering innovative apps to serve the needs to the customer in the simplest way, and also stand out from the competition is the key to retaining customers.
Transforming the Enterprise
Mobile apps have transformed the workings of an enterprise in a big way, unlocking new possibilities, improving productivity manifold, accelerating the velocity of work, and more. The innovations in this space have been continuously on the rise.
The first wave of mobility resulted in apps connecting executives on the move, to facilitate real-time and instant decision making. Several apps also made work seamless. For instance, apps allowed employees to upload a presentation and use it at the client site. As mobile technology advanced, more complex innovations have started to emerge, such as enabling field service executives to connect to experts in the command and control center, to spare the need for revisits or even deploy highly paid technocrats to site visits. Apps powered by Augmented Reality enhance the insights available to a customer-facing employee.
Mobility facilitates a radical redesign of work. Consider the case of a debt collection team, or a machinery service team. The old way of assembling at the office every morning and making a list of site visits is highly inefficient as well as inflexible. Mobile apps automatically assign the next port of call for a debt collector or technician based on distance, expertise, and other factors, improving efficiency manifold, speeding up work, and delivering results in better job satisfaction as well. Mobile apps also keep the team updated on latest knowledge and information. In-built Location tracking capabilities allow team leaders to remain in control of the situation, without having to intrude.
For top management, mobility apps enable the enterprise and its key stakeholders to get access to contextual data in real-time. When routed through powerful analytical engines of today, the raw data is crunched into actionable insights, extremely useful to make high-quality business decisions based on real and emerging trends, and also seize the moment with a customer, improving customer satisfaction manifold.
A Survey by Constellation Research reveals more than 80% of the enterprises are aware of the impact of mobile transformation on internal and external stakeholders and have established dedicated teams to work on solutions
While the potential for mobile apps to transform the workplace and business is unlimited, such benefits do not realize without a nicely designed app that serves its intended purpose. We are experts at building highly intuitive power packed apps, with a veneer of simplicity, as our hundreds of customers, cutting across industries will vouch. With us as your partner, your mission to unleash innovative transformation becomes that much easier. Contact us now.