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Business leaders are still challenged by digital transformation in 2020. Here are four top trends that will enable the adoption of the right technologies.
Digital transformation is still the bane of existence for business leaders in 2020.
In KPMG Australia’s Keeping Us Up At Night 2020 survey of C-suite executives, digital transformation once again topped the list of concerns for business leaders.
As more businesses adopt new processes and tools for the digital era, there is a growing sense of urgency to keep up with competitors who have already integrated new technologies and upgraded outdated processes.
But many business leaders are challenged by questions concerning the effectiveness of the digital transformation, employee pushback from the changes and budget constraints.
The lack of knowledge to complete digitalization projects is also of concern, especially when it comes to underlining technologies.
Here are the important trends that business leaders undergoing digital transformation should keep an eye on.
Artificial intelligence (AI) has permeated every facet of the enterprise, with varying levels of adoption throughout different industries.
Between 2015 and 2019, AI adoption increased by 270%, proving that the technology is here to stay.
From detecting fraud and improving the customer experience to data generation and forecasting the future, there are numerous applications of AI in the enterprise.
For business leaders considering AI as part of a digital transformation, it is critical to get data updated first – which includes removing inaccurate internal data and ensuring that data processes are compliant with all regulations.
Cloud computing is still a major part of digital transformation, with many businesses migrating important applications to the cloud.
Despite the wide adoption, many organizations struggle to migrate due to a lack of internal skills and other compliance issues.
Once a business decides to move to the cloud, there are some important considerations, including the integration of a hybrid cloud, which is a combination of a public cloud and a private cloud.
Determining which workloads should go to each cloud depends on the industry and sensitivity of the data.
An investment in the Internet of Things (IoT) has proven to be very popular, with 94% of businesses projected to adopt this technology by the end of 2021.
From smart cities and manufacturing to hospitals and hotels, IoT devices are being enabled across many sectors.
Despite the adoption, there is still a host of challenges. IoT devices need to be secured and managed just like mobile devices, which requires a system that can manage these new endpoints.
Getting IoT devices to work with current legacy systems has challenged businesses, and it will require an overhaul of data systems.
Finally, cybersecurity is a big challenge when adopting any of these technologies.
Among IT leaders in the midst of digital transformation, 53% say that cybersecurity is the biggest concern. What’s even more alarming is that only 34% say that security was considered during the development stages.
In order to fulfill expectations of digital transformations, business leaders must ensure that all technological projects are cybersecurity compliant.
Once that is achieved, digital transformation will no longer be the bane of existence for business leaders.