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Digital Business TrendsThe Future is Now

Digital Business Trends for the New AgeChallenges and Opportunities

In recent years, regular and emerging digital trends have created a buzz the world over. The seeds for these developments were sown almost a decade ago with the advent of digital start-ups. Today, governments, businesses and industry are making a determined and singular effort to adopt, understand and promote significant digital competencies. It is their fervent hope that the move will enable them to reap quantifiable and better results among other benefits.

For several years, a select group of international giants worked hard to acquire in depth insights into social media, mobile and cloud computing. But it is only of late that they have begun to gain a hold over various digital domains, channels and platforms. Though the plethora of exciting initiatives to digitize is a welcome move, in many ways, we have only just scratched the surface of the vast reserves of the all-encompassing digital goldmine that is waiting to be explored and utilized by the best in the business.

To realize the importance companies attach to the concept of digitization, we need to look no further than the involvement of the cream of company hierarchy right from CEOs, CIOs and other C-level executives.

What are the prevalent types of digital disruptions?

Will future disruptors be dissimilar or remain the same?

How will digitization impact my business and industry?

Are there concrete steps I can take to stay ahead of the curve?

Before we progress any further it is important to pose a few crucial questions which will lead to a better understanding of the digital space:

Look beyond the Normal

It is quite evident when we assess current trends that understanding the core digital innovations that have the potential to be disruptive as against those that cannot, will mean whether we perform or perish. If businesses want to ride the wave of success they must develop a keen digital foresight. This can be achieved by analyzing major trends and planning well in advance for the impact a digital "disruptor" is likely to produce.

For example: Anything from Facebook to 3D printing, and self-driving cars can all be classified as important digital disruptors. Disruption of the existing business methods will however happen only when the time arrives for the dual forces of the digital and physical domains to coalesce. Until then, however, the real focus should be on gaining insights into true disruptors and imitators. It most certainly will pay to keep your eye on the ball.

Predict to Perform

It is not easy to guess which horse will perform on a given day; and then back it in the belief that it will win. But if you had followed the training schedule of the animal and had watched it perform on the race track, you’d pretty much know its capabilities. This is almost exactly the same when it comes to predicting the surprise digital innovations that are waiting in the wings. Seizing the right opportunity at the correct moment is undeniably vital.

If you are well-equipped with competent strategies that can be implemented at short notice when opportunity comes knocking on your door, you can pat yourself on the back as things fall into place. Your prospects in the digiscape will be enhanced manifold the earlier you develop skills aligned towards digitally focused mega-trend analysis, strategy analysis, scenario planning and a comprehensive strategic planning process.

Overall Strategic Technology

Your labor force, the processes you follow and also the existing systems you’ve got in place—together play a crucial role in the adoption of and response to the latest portfolio of digital strategies. So, along with a transformative and path breaking set of plans you must ensure that your digital business addresses and modifies existing underlying functions and organizations for the best outcomes.

To truly tap into the capabilities of digital your company must be prepared to usher in a slew of emphatic changes throughout the enterprise. But trust us, when you rake in the benefits of these measures you will realize that it was time and money well spent.

Gartner research on enterprise IT Industry trends

Compilation of crucial findings:

Newer models of tracking and interacting with users will emerge from the steady and prolific use of sensors for computing.

The realm of 3D printing should be monitored closely as it is beginning to capture popular imagination across the globe.

Advanced Analytics will come into major focus; so in order to keep in touch with the times, Information Technology must delve into data reservoirs to connect multiple repositories and draw significant anomalies.

The Internet of Things will hold sway in future, so newer methods should be developed to capitalize on these future growth prospects.

The popularity of the twin domains of Cloud and Client Computing will continue to hold sway. At the same time, Public cloud will continue its dominance.

Machine learning, known notably as artificial intelligence, will enable enterprises to understand big data.

The disruptive digital business environment is forecasted to touch a whopping $1.9 trillion in value by 2020. So IT leaders must strategize adequately to meet the opportunities and demands. So which technologies are companies investing in this year? IT and business leaders are of the firm opinion that investments in 2015 should be made in three important areas.

Gartner has made a ground-breaking analysis which states that by 2018, digital enterprises will need 50% less business process workers and 500% more key digital business jobs.

Cybersecurity - 69%

Private cloud - 61%

Data mining and analysis - 54%

Break-up of investment estimates

Futurewise: Disruptive Digital Business

Most sought-after skills Three years ahead

Mobile

User Experience

Data Science

Smart Machines (Internet of Things)

Robotics

Automated Judgment

Ethics

The doors of the digital technology domain will open up further over the next seven years to welcome people with specialized skill-sets that will include: Integration Specialists, Digital Business Architects, Regulatory Analysts, Risk Professionals.

Conclusion

It is early days yet in our efforts at being able to fully understand and utilize digital trends to the hilt; but the journey has started in right earnest nonetheless. With digital as their steadfast ally, enterprises across the board must reimagine the way they do business. Whoever keeps his ears to the ground and identifies subtle shifts in the digital macrocosm, will succeed beyond all imagining.

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Orchestrate is a US based business process management organization with Headquarters in Dallas, Texas. Orchestrate offers services to the diverse outsourcing requirements of clients in an extensive range of businesses including IT, finance, mortgage and contact center. We provide a comprehensive suite of technology and services to our clients that help accelerate sales and boost their profit. Our comprehensive solutions and services help SMEs and enterprises to implement technologies and processes that boost their profitability across the organization.

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