The 2020s is the period of time as in its earliest time the world is shocked with the emergence of a virus variant, the Covid19, that affected all lines of business and productions. This crisis started due to the global isolation procedure restricting any public arrangement and meeting which was clearly collapsing anything that cannot adapt. Since the emergence of this virus variant, many companies are getting aware of the advantages to run digital transformation in business operations. This evolution can provide a promising advancement that will increase revenue by reducing operational costs.
The trend of digital transformation is predicted to grow continuously as in 2025 the market will value more than $3 trillion globally. The number is still an estimated value that can even grow even bigger in the following time. This data is based on the global business trend which shows an increasing number of businesses that implement the digital transformation periodically. The data looks very promising because a number of benefits of digital transformation have been proven correct in making the operation more efficient and manageable.
Digital Transformation for any Business Model
So, what type of digital transformation that a company should do or select? As this question often arises, digital transformation is actually a further step in Industry 4.0 which tries to utilize technology advancement in the most adaptive style that can help the company to grow larger. It is currently applicable for all business models, especially for those who handle a large volume of customer data like the banking and financial industry.
Customer Data Platforms (CDP) – CDP is a platform that can integrate and consolidate all customer data in a single data platform (database). This platform will record everything about customers including history and interaction which will become very valuable information for future marketing strategies. The CDP is more specific as it uses all modes of data recorders. The result is very accurate data of customers and their preferences of purchasing.
Cybersecurity – Digital data now become a highly valuable asset which many companies are willing to spend millions or even billions to collect and process their customer data. Therefore, securing the data using the best and strongest cybersecurity, especially the customer data should be put on priority. Furthermore, the increasing number of cyberattacks in recent years targeting valuable data of any company will not stop just because there is a security system protecting the data. All means and efforts of data security involving multiple layers of systems are very necessary to prevent data breach.
Multi-Cloud Systems – Cloud system has been used since several years ago in supporting data distribution in many new or mature companies. This has been growing and evolving in recent times since multi-cloud systems have given a more promising advantage that allows greater and safer networking for employees and customers.
Artificial Intelligent – Artificial intelligence has been designed to perform like humans in learning, evaluating, and making decisions. The integration of AI in business operations might be very costly, yet it offers higher flexibility and autonomy to handle multiple processes that previously can only be done by a larger group of people.
Data Analytics – The data-driven decision has become a common process used by almost all companies to progress. In the old-time, raw data was suggested which wrong interpretation could cause disastrous implications which brought a high loss of revenues. Therefore, in the current digital transformation era, a data analytic platform is equally essential with the CDP to provide a more accurate, readable, and comprehensive presentation.
To adapt to the current business situation, digital transformation should be seen as a way that provides a wider opportunity to exceed. The digital strategy must be applied to deal with the digital generations which have technology in every aspect of their lives. However, investing all the money in digital transformation is really not recommended. For a new company or those with lower revenue, focusing the application on the employees could be the most realistic move.