The future of business is digital, and technology has transformed workplaces around the world. Digital Transformation for 2020 and Beyond is set to take this transformation further, and new studies are predicting that the growth of technology will be bigger than ever before.
Insights for the Future of Business
EY performed a global telecommunications study “Digital Transformation for 2020 and Beyond”. A landmark report, it is based on interviews with 39 senior executives from the telecommunications industry and represents organisations that generate more than $420billion in turnover, with a combined market capitalisation of over $600billion. The aim was to explore what digital disruption will look like – and how companies can use it to flourish in a digitally-driven age.
One of the biggest takeaways from the study is that the top driver of innovation is analytics, while long-term operational excellence will be pushed forward by process automation. Companies who are still burdened by legacy IT services may have their transformation undermined, but those who adopt technologies such as 5G and The Internet of Things as part of a holistic digital overhaul will become dynamic, agile, and relevant in a modern market. Other key takeaways include:
- Disruptive competition is the number one challenge for participants with 74% reporting it as a primary issue.
- The second challenge, cited by 47% of respondents, was lack of organisational agility.
- Regulatory uncertainty is still perceived as an industry challenge but ranks lower than in previous studies.
- Customer experience improvements are listed as a driver for other corporate priorities, including IT system overalls and increased organisational agility.
- Process automation is listed as the key driver of long-term success, with 71% of respondents rating it as highly relevant.
- 5G is predicted to have a big impact on industry beyond 2020, followed by IoT.
- Automation, Machine Learning and Artificial Intelligence will reshape how work is done, with workplaces evolving to utilise these services.
The Breakdown for Future Business
While these statistics look impressive, many business leaders are left wondering what their applications are. How does Digital Transformation for 2020 and Beyond affect them? This can be broken up into three parts:
- Analytics are at the heart of Digital Transformation and Future Workplaces, giving businesses the ability to utilise and understand data quickly; analytics deliver faster, accurate, data-driven insights. This means companies are beginning to look for new ways to leverage data and presents an excellent opportunity for companies to establish data as a valuable currency and asset for years to come.
- Technology is evolving with customers. With assets like The Cloud, IoT, Blockchain, and 5G emerging, businesses can scale their infrastructure to keep up with the demands of their consumer – but only if they do so holistically, with the right strategy, and without the burden of irrelevant legacy IT. This does not mean throwing all old IT away but instead suggests that companies should be looking at what technologies are holding them back – and which ones can drive them forward.
- Automation is Coming. Digital Transformation for 2020 is driven by technology, and the Future of Work is being shaped dramatically by AI and Machine Learning. More jobs will be automated, and workplaces will evolve – with the type of role shifting so that business leaders can focus on operations, while menial tasks are completed with AI solutions.
Change is Here
Digital Transformation for 2020 and Beyond began years ago. Companies who can keep up with the evolution of technology will thrive in a modern marketplace, while those who aren’t making the most of their digital investments will struggle to get ahead.
If you are worried about how your business will grow in the face of ever-changing technology, get in touch with MOQdigital today. We can help you get on top of the changes that are relevant for your company, and support your secure success in a digital era.