Insights
There is no doubt that today’s crisis has shifted the attention of companies towards digitization, which came as an obvious answer to the need for digital connectivity in this period of social distancing. According to a survey conducted by DMEXCO, over 70% out of the 528 companies interviewed in the DACH region (Austria, Germany, Switzerland), announced that digitalization represents a challenge for them.
25% of the participants in the study agreed that companies that wouldn’t be able to adapt to this new situation will face the risk of extinction.
There is a recognized fact that digital transformation is a must and a priority for any business that wants to thrive in today’s highly competitive business environment. Most experts claim that digital transformation focuses on 7 big technological areas:
- Internet of Things (IoT)
- Artificial Intelligence (AI)
- Machine Learning (ML)
- Software-Defined Networking (SDN)
- Robotic Process Automation (RPA)
- Security
- Software-Defined Storage (SDS)
One of the most important traits of a successful company in 2020 is flexibility and adaptability. Tremend’s point of view here is that digital transformation offers organizations the option to attract buyers and deliver superior experiences. Using the Agile model of the digital transformation of a business, we first focus on creating value with low risk, then on setting up a flexible IT environment using cloud solutions that enable companies to quickly answer the requests of their clients.
The wide-ranging impact of Digital Transformation in different areas
eCommerce is one of the industries with the most rapid growth during the coronavirus crisis. After the quarantine period will be over, a part of the consumers will go back to offline buying. However, a growing number of people will decide to continue shopping online, because they would have realized that online shopping is cost-effective, time-saving, and reliable.
The positive experience people have during the process of online buying will be decisive in the long run and will continue to influence the acquisition of products. From needs identification and risk evaluation to the total integration of systems, online stores can fully leverage Agile Enterprise Transformation to integrate new technology in order to keep their own competitive edge.
Cutting-edge technologies available in the eCommerce market will produce major contrasts between retailers. The best companies out there will be able to implement advanced solutions that will streamline and improve the experience of savvy users. The difference between good and the best will be given by scalable marketplace platforms that come with the utmost level of security.
These platforms need to use advanced technologies in order to solve complex integration issues so that they can tackle a growing number of on-site customers. Following the projects we have implemented at Tremend, we observed that online stores that integrate Machine Learning & Big Data with mobile and web apps will be able to offer their customers a 360-degree buying experience, foresee trends, and also pinpoint the behavior and preferences of customers for a better business strategy.
The Financial Sector – Digital Transformation early adopters
Banks and fintechs are experts at using digital documents, automating money transfers, implementing APIs (Application program interfaces), leveraging BPMs (business process management), and using RPAs in the financial industry. Most financial institutions have already implemented digital onboarding.
The need of consumers for digital services has never been greater. Digitalization in banking answers the needs of customers in regards to the speed of accessing financial data on any platform, including tablets and mobile devices. With just a few clicks, customers can capitalize on user-friendly, scalable platforms to gain access to their favorite services from anywhere, on any device.
The digital onboarding solutions, which include a biometric signature, video electronic identification, eKYC (electronic Know Your Customer), or AML (Anti-Money Laundering), are already integrated into the latest platforms used by key financial players all across Europe and the USA.
The Growth of IoMT, AI, and ML
Today, there are many instruments that enable doctors to diagnose and treat their patients from a distance. There are also cloud systems that enable medical staff to store patients’ information and communicate with them on a regular basis. The growth of the Internet of Medical Things (IoMT), Artificial Intelligence, and Machine Learning is as real as it gets.
There are many clinics in countries all over the globe that have launched advanced apps that allow patients to schedule their own meetings from the comfort of their homes. They can download these apps on both mobiles and desktops and can access their data in real-time. We will continue to see global market growth in the number of apps that will be used to supervise patients and streamline communication processes.
Recruiting employees at a safe distance
Due to COVID-19, we’ll continue to see a surge in distance recruiting. Remote interviews and the option to fill in application papers virtually will enable employees to find their jobs remotely, while hiring managers will save time by spending less following HR processes. The technology already allows for video interviews, remote employee onboarding, and secure data sharing, streamlining the hiring processes.
The companies developing these apps are making sure that, whatever tool they create, they are able to cover the specific necessities of modern businesses. By using dedicated programs for HR, companies can reduce costs associated with employee onboarding and save precious time. AI continues to grow in this field, offering systems for evaluating candidates’ resumes and their skills, coupled with software for automating time-consuming processes.
The bottom line
The challenges we experience in Q2 2020 triggered by the COVID-19 crisis will only encourage companies to invest more in the digital transformation of their processes. Digitalization has found its true meaning and will continue spreading and touching new areas. This new trend will make our lives easier and will revolutionize the way companies do business. Starting from this new reality, companies that think and act agile will not just survive, but also grow and expand.
