BUSINESS TRANSFORMATION
Digital transformation services: A catalyst for sustainable business growth
“No company can afford not to move forward. It may be at the top of the heap today but at the bottom of the heap tomorrow, if it doesn’t.” ~ James Cash Penny, Founder of JC Penny
Businesses today operate in a volatile environment. They cope with numerous challenges like rapidly changing political scenarios, fluctuations in global economies and unpredictable customer demands. In addition, there is cut-throat competition in the market. Businesses also need to navigate through the compliance and other regulations of different markets. Keeping track of all these fluctuations is a herculean task that makes sustainable business growth a challenge.
Under these circumstances, enterprise transformation services have emerged as a beacon of hope for businesses as they can foster change and make businesses agile and resilient.
What are enterprise transformation services?
Enterprise transformation or business transformation refers to a fundamental organizational change to provide a better customer experience. It helps businesses evolve and remain relevant in the face of change.
Digital transformation is at the core of enterprise-level transformation. Digital transformation is often construed as only the adoption of digital technologies for streamlining workflows. However, digital transformation requires a complete overhaul of the organization. It demands changes in mindsets, people, processes, and technology, among a host of other factors. Managing these changes can be a daunting task and this is where an organization requires professional business transformation services.
Enterprise transformation services include strategic planning, process reengineering, organizational restructuring, technology implementation and change management. They help businesses identify areas of improvement, develop a roadmap for change and provide support throughout the entire digital transformation process. Enterprise or business transformation services leverage the power of digital technologies to empower businesses so that they can adapt to changing market dynamics and customer demands, thereby paving the way for sustainable business growth.
Digital transformation is no longer an option but a must for businesses. It optimizes operations and drives data-based decisions, thereby boosting productivity and customer experience. According to a McKinsey study, 64% of organizations believe that they need to build innovative digital businesses to stay competitive.
Top technology trends fueling digital transformation
- Cloud computing
- Internet of Things (IoT)
- Artificial Intelligence (AI)
- Robotic Process Automation (RPA)
- Cybersecurity solutions
- 5G technology
- Blockchain
- Augmented Reality (AR) and Virtual Reality (VR)
- Big data analytics
The adoption of cloud computing continues to grow significantly as the cloud infrastructure supports big data analytics, artificial intelligence (AI) and machine learning (ML) models, IoT and Business Intelligence (BI). According to Precedence Research, the cloud computing market will exceed $1 trillion by 2028.
IoT sensors provide real-time data to operations across sectors. This data helps optimise processes for better outcomes. Data indicates that the number of connected devices related to IoT is expected to reach approximately 17.08 billion by 2024.
AI has emerged as a transformative force that has, and continues to, revolutionise the industry and reshape our lives. Industry reports indicate that the worth of AI is forecast to increase by 13x in the next seven years. This includes AI technologies like ML, Natural Language Processing (NLP), Computer Vision, Generative AI, and more.
RPA bots take over repetitive tasks, boost their speed and reduce errors, thereby enhancing efficiency.
The rise of technological innovation brings in increased cyber risks. Hence, businesses are focusing on cybersecurity solutions to protect sensitive data.
5G technology promises faster download and upload speeds, lower latency and unparalleled connectivity. This technology is expected to significantly enhance the performance of AI bots by enabling faster data transfer rates and real-time remote control.
Blockchain technology addresses the rising demand for security and transparency in digital systems. The industry is likely to see a more widespread adoption of blockchain and supply chain finance.
As customers demand more personalized experiences, businesses across sectors are deploying AR and VR technologies to provide immersive experiences to customers. Hence it comes as no surprise that the AR and VR market is expected to nearly double between 2024 and 2028.
Data is at the core of all automation technologies. Hence big data analytics will grow significantly in 2024, especially with 5G powering quick data transfers.
Digital transformation is the way of the future
Digital transformation empowers businesses to optimize operations, engage with customers more effectively, drive efficiency and foster innovation. It not only ensures business growth in the short term but also fosters long-term sustainability by optimizing resource utilization, minimizing waste and reducing environmental impact. As we move forward in an increasingly digital world, businesses that embrace digital transformation are poised to thrive and lead in their respective industries.
How can Infosys BPM help?
The Infosys Business Transformation Services offer customized digital transformation solutions. Our experts identify cost-effective digital solutions and deploy them seamlessly to your existing systems to affect an all-around enterprise level transformation.
