TechDogs-"Digital Transformation Trends 2024"

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Digital Transformation Trends 2024

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It took traveling through time from 2012 to 1969 and a last-minute scuffle with an invading alien to ensure victory. Without that, Earth would’ve been lost. Of course, this didn’t really happen, we’re just talking about the 2012 action-comedy, Men in Black 3!

The movie revolves around Agent J (played by Will Smith) who travels back in time, from 2012 to 1969, to rescue 2012’s Agent K (Tommy Lee Jones) with the help of 1969’s Agent K (Josh Brolin). The hilarity lay in Agent J’s difficulties in adjusting to a significantly different time, particularly his workplace, the MIB headquarters and the unfamiliar technology used for work.

Do you remember the memory-wiping gizmo, the Neuralyzer? Well, in 2012, its size was slightly bigger than a pen but in 1969 it was as big as a hatchback car, along with a set-up required to protect the user. We’re not really surprised; after all, haven’t we seen the same evolution across other technologies?

Yet, in hindsight, Agent J would be thankful that the MIB innovated and adopted advanced technology to ensure Earth’s protectors were able to work faster and more efficiently. Carrying a pen-sized Neuralyzer was much easier than driving it around!

Similarly, real-world businesses think along the same lines. They consistently seek to adopt technology that will drive innovation and keep them ahead in the game. It’s called Digital Transformation and has become a major outlook for forward-thinking businesses.

If you're one such business, read on to find the top 5 Digital Transformation Trends of 2024!
TechDogs- "Digital Transformation Trends 2024"
Technology really does advance at unprecedented speeds, right? Almost every day we have something new on the block that’s got us gawking in admiration and excitement at its capabilities. Yet, at the same time, we’re confused about how to use it. Either we learn it ourselves or we call “the guy” (an expert).

So, the next time someone asks for your help with technology, remember, you’re “the guy” for them.
#BeKind

However, this approach of calling “the guy” becomes especially hectic for businesses, who need to stay updated on “all things tech” to adapt and ensure they’re ahead of the game to gain a competitive advantage. It’s called Digital Transformation! So, what do they do to stay current with the latest technological trends? (Apart from browsing TechDogs.com that is!)

That’s what we’ll be covering in this blog to help you succeed in the digital transformation game. Last year we saw that always-connected PCs, robotic process automation, immersive experiences, artificial intelligence and blockchain were all set to lead the charge. Now, businesses will build on the magic made by some of these technologies in 2023, as well as some new ones that made major breakthroughs.

So, let’s head in and explore the top 5 Digital Transformation Trends of 2024!
 

Trend 1: Generative Artificial Intelligence (Gen AI) Will Continue To Be At The Forefront

 
Do you think there are aliens from other planets who’ve perfected artificial intelligence? #Transformers

Either way, humans on Earth will continue infusing artificial intelligence into products and services, just as they were last year. From customer service to analytics, artificial intelligence will continue reshaping industries. This year though, a major chunk of the focus will be on Generative AI. Remember ChatGPT? Arguably the most famous GenAI tool that managed to rack up over a million users in just 5 days and 100+ million users in 2 months!

GenAI tools (such as ChatGPT) can generate text, code, images, videos, music, voice, art and more. As more businesses adopt GenAI-powered technology, it will become more user-friendly, powerful and adaptive and will find more use cases across industries. In fact, Gartner believes that by 2026, more than 80% of enterprises will use GenAI, in the form of APIs, models, AI-augmented apps or applications in production environments. This is a massive rise from the 5% it was in early 2023.

According to Gartner’s Chief of Research, Chris Howard, “Generative and other types of AI offer new opportunities and drive several trends. But deriving business value from the durable use of AI requires a disciplined approach to widespread adoption along with attention to the risks.”

TechDogs’ Takeaway: Businesses must identify key areas where GenAI can be deployed to enhance efficiency, output and cost-savings. Another avenue to explore is the addition of specialized teams consisting of GenAI experts within the organization to ensure there is effective leveraging and deployment of GenAI while preparing for future use cases. This will also be useful for exploring potential tie-ups with companies engaged in the field. Moreover, as the technology is consistently being developed, businesses must also take precautions to ensure outputs derived from GenAI tools are double-checked, especially for critical processes that require high levels of accuracy and compliance.
 

Trend 2: AR/VR-driven Immersive Experiences Will Develop The Phygital World

 
We might not be able to achieve interstellar travel as yet – but we’ve got the next best thing!

The world of Augmented Reality (AR) and Virtual Reality (VR) is set up well to trend this year just as it did last year. 2024 will garner more user and business interest, with leading companies like Meta and Apple announcing new headsets with advanced capabilities and features in 2023, with Apple’s launch coming in 2024. However, the last few months have increased prominence for terms such as Mixed Reality (MR) (a blend of AR and VR), digital twin (a digital representation of a physical object, person or process) and the emergence of a phygital world (physical + digital).

In fact, according to Bernard Marr, an author, futurist and technology advisor to companies and governments, “In 2024, we will continue to see less and less distinction between the real world and the virtual world. This means the digital is becoming increasingly realistic, and the real is becoming as flexible and malleable as the digital.”

Even MarketandMarkets Research finds that the AR market is expected to grow from $25.1 billion in 2023 and reach $71.2 billion by 2028 (23.2% CAGR), while the VR market is expected to grow from $12.9 billion in 2023 to $29.6 billion in 2028 (18% CAGR). The global Metaverse market is expected to grow from $83.9 billion in 2023 to reach $1,304.4 billion in 2030 (48% CAGR). All this signals a growing technology base for immersive experiences using AR/VR/MR and the Metaverse – are you ready?

TechDogs’ Takeaway: Businesses need to step up their investments in digital and immersive technologies. They can begin by announcing their intention and plans to create a digital presence in the Metaverse as well as gauging user reaction and collecting feedback to improve. Eventually, they should create digital stores offering virtual try-ons by using AR to produce renderings of everyday products. This works well for businesses engaged in Ecommerce, retail, fashion, home décor, furniture, etc. Similarly, businesses engaged in consultation services, healthcare, training, education and more should look to offer interactive services remotely. Digital twin technology, for instance, will benefit businesses and government departments by improving productivity, reliability, effectiveness and risk assessment.
 

Trend 3: Robotic Process Automation And Hyperautomation Will Help Businesses Grow

 
You can bet that the gazillion calculations required to master interstellar travel would leverage robotics process automation!

Just as Robotics Process Automation was a trend last year, it is one this year. In fact, the infusion of Artificial Intelligence and Machine Learning into the system in the previous year has enhanced its capabilities and given rise to hyperautomation. So much so, that Gartner believes that “hyperautomation will be one of the technological trends that will have the greatest impact in the next decade.” Quite simply, RPA became big when businesses figured out that routine back-office tasks that atypically needed humans could be automated by software behaving like robots.

"Our Hyperautomation framework empowers clients with approximately 70% increase in efficiency and thus is a game-changer for businesses,” said Aloke Paskar, President & CEO of JK Tech, a company recognized as a hyperautomation leader by Gartner. Paskar added, "Hyperautomation is rapidly changing the way organizations operate, and we are committed to helping businesses across the globe harness its full potential."

Statista reports that the global RPA market is forecast to grow to over $13 billion by 2030, a monumental leap from its 2020 figure – just $1 billion. In comparison, Mordor Intelligence reports that the Hyperautomation market is expected to grow from $10.81 billion in 2023 to $26.67 billion by 2028, with a CAGR of 19.8%. Furthermore, Gartner believes hyperautomation can lead to cost savings of 30%. All this highlights the growing prominence of RPA and hyperautomation adoption in 2024!

TechDogs’ Takeaway: Businesses looking to operate with optimum performance, streamline processes and speed up delivery timelines must introduce RPA into their operations, if they haven’t already. This should be done by assessing and identifying which processes could be most enhanced by RPA. After this, businesses must introduce a pilot program to determine the overall effectiveness of the implementation. Businesses must also train their workforce to use RPA tools and collaborate with the IT department to ensure RPA tools and processes are properly deployed. Lastly, businesses must also look for critical but simple processes to automate with RPA, ensuring that productivity isn’t affected due to complex learning curves or human error.
 

Trend 4: Quantum Computing Will Be Necessary For Businesses Dealing With Big Data

 
No matter where you go in the universe, there will always be data to collect and analyze!

Quantum computing is still young. However, it has seen a few breakthroughs recently, making it a trend to look out for in 2024!

As businesses rack up data every millisecond, the onus is on them to milk the most out of it. Just like milk, they need to derive value from it before it goes bad. Quantum computing will be able to solve complex problems and deliver actionable insights quickly, which is why organizations in sectors such as Banking, Financial Services and Insurance (BFSI) will step up their investments in this technology in 2024, aiming to boost fraud detection, risk management and high-frequency trading.

However, it is being used by companies outside the financial realm too. Honeywell International Inc. is using its quantum infrastructure for chemicals, pharmaceuticals and manufacturing. In fact, Fortune Business Insights believes the quantum computing global market is expected to grow from $928.8 million in 2023 to $6.5 billion by 2030 (32.1% CAGR).

According to Laure Le Bars, Research Project Director at SAP and President of the European Quantum Industry Consortium (QuIC), “Optimization problems like route planning, supplier management, and financial portfolio management are places where quantum’s unique ability to quickly find the optimal solution by analyzing huge amounts of heterogeneous data would work well.” Le Bars added, “Classical computers get overwhelmed by exponential calculations when it comes to these enormous amounts of data … AI and machine learning algorithms are perfect candidates for quantum processing.” So, safe to say that quantum computing can be critical to succeed at digital transformation in the coming years!

TechDogs’ Takeaway: Businesses need to get their foot in the quantum computing waters soon if they want to stay ahead of competitors, even if they’re entering from the shallow end. This means they need to analyze which processes of theirs can benefit from quantum computing, explore quantum computing applications, develop or onboard a quantum workforce and create learning programs or consult with experts in the field. Businesses can also explore classic-quantum computer hybrid solutions. For businesses investing in time-sensitive fields, such as drug discovery, genome sequencing, cryptography, manufacturing, cybersecurity, etc., this technology will be a must-have in the coming years. Lastly, businesses can invest in quantum computing through ESR initiatives or by funding research groups and projects leveraging the technology for optimizing metropolitan traffic, creating smart cities and even searching for extraterrestrial life! #ComeBackET
 

Trend 5: Sustainable Technologies Will Save Businesses (And Aliens!)

 
If we were to “officially” encounter aliens tomorrow, they’d certainly be proud of our sustainable energy initiatives!

The green initiative has been one of years. However, the last year witnessed businesses push towards achieving their net-zero emission goals, making it a major trend going into 2024. Businesses will see the adoption of green cloud computing, public computing, sustainable applications and software tools, carbon capture and storage, vertical farming, smart grid technology and other novel solutions.

Global technology giants are onto the trend too, with Google launching 3 APIs that can map solar, air quality and pollen information to push decarbonization efforts by businesses. Through a video skit at their annual event, Apple said that they were using 100% recycled aluminum in their products and every Apple office, store and data center was run using 100% clean energy. Furthermore, Statista shows that the size of the green technology and sustainability market was around $13.76 billion in 2022 and is expected to reach $62 billion in 2030 with a CAGR of 20.8% (2023 to 2030).

Going forward, executives in leadership positions will be required to deliver quantifiable and effective initiatives. Gartner believes that by 2027, 25% of a CIO’s (Chief Information Officer) compensation will be linked to their sustainable technology impact. According to Autumn Stanish, Senior Principal Analyst at Gartner, “Sustainable technology is increasingly important operationally — for optimizing costs, energy performance and asset utilization, for instance — but it also drives ESG outcomes like improving wellness and providing the traceability needed to ensure responsible business practices … Sustainable technology also facilitates new business models and tech-enabled products to better serve customers.” Naturally, more businesses will align their digital transformation strategies to clean and sustainable practices.

TechDogs’ Takeaway: Businesses must start taking stringent measures to reduce their carbon emissions in 2024! They can start by consolidating compute resources, switching to renewable resources and sustainable suppliers as well as working towards enhancing ESG (Environmental, Social and Governance) efforts to produce measurable outputs. Businesses should also begin looking at novel concepts like circular economy, which includes the prolonged sharing, leasing, reusing, repairing, refurbishing and recycling of materials to maximize the life cycle of products, from the planning stage. Furthermore, businesses should look at replacing their commercial fleet of vehicles with EVs, even if with a phase-by-phase approach. This could extend to self-driving trucks, electric aircraft and even electric yachts! #DoYouSea?
 

Wrapping It Up


So, there you have it. Digital Transformation helps businesses leverage what’s new in technology and what’s going to drive innovation. 2024 will be centered around harnessing the multifaceted capabilities of artificial intelligence and generative AI. While immersive technologies like AR/VR/MR (mixed reality) and the metaverse will drive customer experiences, robotic process automation and hyperautomation will redefine back-office and routine tasks as well as business processes. Quantum computing and green technology, the new trends this year, are going to be in demand too. Consider where you can adapt these technologies to your processes and business, as they’re coming in full swing in 2024!

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Tags:

Emerging Technology Digital Transformation Artificial Intelligence (AI) Augmented Reality (AR) Virtual Reality (VR) Mixed Reality (MR) Metaverse Immersive Experience Robotic Process Automation (RPA) Hyperautomation Quantum Computing Generative AI Edge Computing

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