Digital innovation refers to the use of technology to create new products, services, or processes that improve efficiency, effectiveness, and customer satisfaction. This can include the use of software applications, cloud computing, emerging technologies such as artificial intelligence, blockchain, augmented and virtual realities, and the internet of things. The use of digital innovation can help businesses reach and engage customers in new ways, streamline processes, and gain insights into customer behavior, enabling them to transform several industries, such as healthcare, finance, and retail.
One of the key benefits of digital innovation is its ability to help businesses reduce operational costs. For example, by using cloud-based software and mobile apps, businesses can reduce the need for expensive hardware and IT infrastructure. This can help them save money on maintenance and support costs, as well as reduce the need for IT staff. Also, digital innovation can help businesses streamline processes, such as supply chain management and inventory control, which can help them reduce costs and increase efficiency.
Digital innovation can help businesses grow revenue by providing new ways to reach and engage customers such as mobile apps, metaverse, and augmented reality to connect with customers and promote their products and services. Another key benefit of digital innovation is its ability to help businesses gain insights into customer behavior. By using NLP, data analytics, and artificial intelligence, businesses can gain a better understanding of customer preferences, needs, and behaviors. This can help them create more personalized products and services, which can lead to increased customer satisfaction and loyalty.
It is expected that there will be a significant increase in the number of cloud-native applications available globally by 2025 as businesses adopt these technologies to achieve strategic goals. The use of cloud-native applications allows businesses to easily scale. Additionally, cloud-native applications are typically more secure and reliable than traditional on-premises software, which can help businesses reduce the risk of data breaches and other security threats.
Retail is experiencing a major upheaval driven by the digital revolution and the rise of new technologies. With e-stores and virtual shopping becoming the norm, traditional retailers are facing the challenge of integrating their online and offline channels to provide a seamless experience to their customers. Moreover, with AR, VR, and AI becoming more and more mainstream, keeping up with the pace of change has emerged as another challenge. Yet, there are some best practices and strategies that can help retailers stay relevant and competitive.
Nothing and no one can be trusted for data and privacy. A single leak can be catastrophic. Security and anonymity are of paramount importance and must be guaranteed. The stakes are high and so is the need for a Zero Trust Architecture.
Every time a new technology enters our lives and advances enough to automate tasks, there is a hue and cry about humans losing their jobs to machines. But we forget we are the ones making technology work for us. Just like how newspapers might’ve got digitized but ‘news’ isn’t a yesteryear concept, Chat GPT hasn’t replaced writers instead helps them fight writer’s block, movie theaters aren’t dead just because the OTT says ‘Tudum!’, Manual Testing isn’t going anywhere either, as simple as that!
If you are on the fence about cloud migration and planning to present a business case to your board, then calculating cloud ROI can be the factor that influences your decision. Shifting to the cloud is a complex process, which needs us to justify the costs that come with its setup. Along with measuring the risks and intangible benefits, measuring cloud ROI can be a deciding factor for the C-suite, while migrating to the cloud. For those already on the cloud, assessing the ROI is integral to keep a track of your journey.
Cloud is aiding more and more companies in digital transformation and illustrating good ROI. But all that can change if you have a messy, mismanaged, and disorganized cloud infrastructure which will increase expenses and hamper the ROI. Every business picks a different path when it comes to cloud adoption. Some are novices, learning the gears while some of them are at the advanced stage, utilizing the power of the cloud to the max.
Cloud services have proven their merit in the market, especially after the pandemic, when everything went digital. But a lot of CXOs are worried about cloud cost management, which is what stops them from committing to the cloud. If you’re already on the cloud, it can seem like you’re leaking money, but it’s often because of unutilized resources. According to Fortune business insights, cloud computing is a half a trillion dollar industry, the market was worth $480 billion.
Introduction: Data is ruling our lives, from what we wear to how we travel, everything is influenced by data. This new era of data is redefining consumer behavior and business practices. Companies are using data to analyze user habits, predict sales trends, and develop new products and services. Today, data-driven organizations are outperforming their peers in terms of revenue, customer loyalty, and market share. They are more confident about their chosen strategies, as they use evidence-based data to decide.
Successful data-driven businesses recognize the value of their data as a strategic asset and employ sophisticated data strategies to fully tap into its potential.
As President of a Digital Transformation Service Provider, every year presents new challenges for my team and me to re-imagine clients' business models, optimize their IT investments, or elevate their customer experience using our solution-driven thinking. 2020 started on the same note of helping clients achieve their business transformation goals. But it turned out to be a different year for everyone. As this year is coming to a close, I decided to share what it's like to be leading from the front.
The cloud transformation landscape is continuously changing. So, it can be difficult to keep up with everything that’s happening in this field and how it might affect your business. Cloud transformation is one of the most crucial initiatives your business takes on as it can help you uncover untapped growth potential by letting you scale to meet the needs of your customers. This article outlines some important considerations that will help you know what to consider before moving forward with any Cloud Transformation strategy.