Digital Transformation Trends in 2022

Considering inflation, a shrinking labor market and supply chain disruptions, it can be challenging for businesses to keep up with the rapid changes.

Through research, we will look at trends that will shape technological and business decisions in the coming year.

What are Digital Transformation Technologies?

Among the different types of digital transformation, a mega trend aims to speed up change by assisting businesses in leveraging technology. Research shows that the cloud, artificial intelligence (AI) and other technologies like the Internet of Things (IoT) will continue driving rapid digital transformation.

This doesn't imply that we're stuck in a permanent pandemic crisis. Instead, the changes to technology that were made in response to COVID are now permanent, and for businesses to be successful, they should adopt digital transformation.

60% of firms increased their investments in digital technology in response to COVID-19, and more than half made permanent course corrections to their organizational strategies in 2020, according to the findings of a recent study. Business leaders that emphasize operational agility and flexibility can achieve growth by successfully adopting and implementing technologies like cloud and AI.

To automate and update systems effectively while forecasting the future, businesses will need to review how they manage their resources, infrastructure and talent. Leaders who can think holistically by combining wise leadership, collaboration, an inclusive system and the correct tools will be the victors.

How Embracing Failure may Contribute to Business Success in Digital Transformation Strategies

Business operations are complicated, so a few minor changes here and there won't be enough to ensure that modernization becomes a success. Research shows that many businesses are aware of this. CIOs have reported astonishing growth in hybrid cloud operations since 2019, with an increase of 700% and a nearly similar increase of 560% in intelligent workflows.

For business leaders to successfully negotiate change, they require an increased risk tolerance. Demanding an instant return on the invention can lead to a fear of failure, ultimately inhibiting innovation. According to statistics, firms that do not punish failure see a 10% increase in revenue regarding technology adoption and digital change.

Businesses Need to Adopt a Zero-Trust Security Policy

Innovative opportunities arise from cloud-based ecosystems and platforms, but these systems also present additional risks. Concerningly, 92% of firms cannot enable and extend new cloud-native technologies to their external and internal partners securely, according to research. COVID-19 has also compelled many businesses to allow employees to work from home, raising concern about their cybersecurity vulnerabilities.

A zero-trust security approach, which considers that malicious actors are all over, is needed now rather than the obsolete approach that relies on detection and response systems. After all, according to the report, companies that purposefully combine their cloud and security strategies outperform rivals by more than double in terms of sales profitability and growth.

Given its fragility, a zero-trust approach should prioritize multi-factor authentication (MFA) over the traditional username and password authentication. MFA helps prevent unauthorized access to the organization's resources by using multiple forms of authentication besides passwords.
Strong but user-friendly authentication is essential when your employees are working remotely. Users who work from home will appreciate the ease and security of modern multi-factor authentication methods like one-time password tokens (OTP) and push notifications.

Digitalization Equates to Societal Change

Businesses need to think about how their actions affect society more than ever before. Consumers are placing a greater emphasis on sustainability, and data shows that 54 percent of consumers are willing to pay greater prices for a sustainable future. Data indicates that nine out of ten organizations intend to implement enterprise-wide sustainability programs, but just one-third of consumer companies measure their performance.

In this case, digital transformation is essential. Higher measurement, data collection, carbon accounting, better predictiveness and supply chain robustness brought by the adoption of AI can all help businesses meet sustainability goals.

Cultural Shifts in the Workplace are Also Necessary

Lastly, there is the human dimension to take into account. According to a recent article by organizational psychologist Tomas Chamorro-Premuzic in Harvard Business Review: he states that our world has dramatically changed, and fitting in your organization to these shifts can't be accomplished immediately by simply purchasing new technologies or gathering additional data. He recommends a shift in thinking, talent and culture, including reskilling and upskilling your team to be ready for the future.

"The Great Resignation" was widely discussed last year, and data shows that although 30% of employees expect to leave jobs before the end of 2021, another 15% plan on doing so in 2022.

Companies now have better access to global talent because of the virtualization of work, but they will need to cultivate cultures that value people to retain this talent.

Digital transformation must be coupled with cultural change for genuine success.

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