Achieving digital transformation — making better use of digital technology and improving outreach to mobile consumers — has become a budgeting priority for competitive companies. Spending on hardware, software and services that support these priorities will reach $1.3 trillion in 2018 and increase to $2.1 trillion by 2021, International Data Corporation projects. Cloud, mobility and big data analytics technologies are three of the top priorities for companies investing in digital transformation technology, IDC’s research shows. Here’s a look at how these three categories of tech upgrades can help grow your company and generate higher profits.
Moving to the Cloud
Cloud adoption and migration are key digital transformation strategies for companies seeking to make better use of today’s technology. As cloud infrastructures become more popular, more companies are using multiple cloud platforms instead of just one, recognizing that different platforms can be better suited for different business functions.
Amazon Web Services currently holds a sizeable lead as today’s most popular cloud infrastructure solution, Tech Crunch says, while Microsoft Azure and Google Cloud are gaining market share, and IBM Cloud occupies a strong niche position. Meanwhile, cloud software applications are helping companies streamline the efficiency of their operations, as Intuit’s QuickBooks Online replicates its dominance of the desktop accounting space with a 90 percent share of new cloud accounting business in the U.S. Cloud contact center solutions are also coming to occupy a prominent place in today’s workplace, with the market expanding at a compound annual growth rate of 23.6 percent, as companies increasingly turn to virtual contact centers to deliver omnichannel support to mobile customers, says Markets and Markets.
Mobile first is another vital component of companies’ digital transformation strategies. An estimated 75 percent of internet traffic is now mobile, media buying agency Zenith estimates. Facebook now makes 84 percent of its advertising revenue from mobile ads, the company’s recent earnings reports show. Meanwhile over six in 10 companies have policies friendly toward employees who bring their own devices, Syntonic data indicates.
In light of these trends, companies are prioritizing deployment of mobile marketing to reach smartphone users and mobile apps to increase workplace efficiency. One place enterprises are still lagging behind is the development of mobile apps, with over a quarter of global companies reporting that they did not develop a mobile app over the past year, according to Gartner. Companies that implement mobile apps have an opportunity to gain an advantage on competitors.
Harnessing Big Data Analytics
Big data analytics is a third pillar of today’s digital transformation strategy. Companies are using business intelligence tools to make data-driven predictions and decisions about market trends and internal operations, giving them an advantage on competitors who rely on intuition or guesswork. The predictive analytics market is currently growing at a compound annual growth rate of 22.1 percent, on track to expand from $3.85 billion in 2016 to $12.41 billion by 2022, Markets and Markets projects.
As analytics becomes more popular, business intelligence (BI) tools are becoming more user-friendly, with interfaces geared towards managers and front-line employees instead of just IT specialists. Today’s leading BI tools including user-friendly interfaces such as Microsoft Power BI, designed to interface with Microsoft’s popular office software suite. Specialized BI tools for specific business functions are also increasingly available, such as Salesforce’s Einstein platform for sales managers and representatives.
Cloud infrastructure and app tools, mobile marketing and app initiatives, and big data analytics are three tech upgrades that can help increase your company’s productivity and profitability. Deploying these tools as part of a digital transformation strategy can help your business cut your operational expenses, increase your outreach to digital customers, and expand your profit margins.
Author: Andy Quayle
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