Why has digital transformation become a priority for most organizations today?
Pathbreaking technological advancements and positive ROI causing adoption across industries
The last few years have seen several pathbreaking and disruptive technological advancements, not limited to the Internet of Things (IoT), Artificial Intelligence (AI), Augmented reality and virtual reality, 3D Printing, Blockchain, Big Data and cloud technologies. Combinatorial effects of these technologies are powering new business models that are challenging traditional ones.
The World Economic Forum’s DTI notes that “Return on investments in new technologies is positive overall, with a 3X productivity increase realized when technologies are deployed in combination.”
Evolution of standardized frameworks, open source solutions and multiple cloud-based service offerings from tech giants like Amazon and Google have made advancements across multiple technologies easily accessible to enterprises of all sizes. In addition, the opening-up of data or ‘data democratization’ means that everyone has access to large sets of data and tools to analyse this data . Falling costs of these technologies and data is accelerating adoption across industries.
Examples of this can be seen in firms-small and big-across all industries and markets. AgroTools, a world leader in agricultural intelligence, helps makes the entire agribusiness supply chain more efficient by providing insights and intelligence through geospatial technology solutions. Sergio Rocha, Chairman of AgroTools, notes that “The only way to assess the integrity of territories as large as those in the tropical agribusiness at a distance is through the use of satellite data. Cross-referencing these data with different types of information is complex and requires a robust infrastructure like Google‘s. It is digital transformation that drives the future of agribusiness.”
London’s Heathrow airport has been utilizing Google’s suite of services including cloud storage, App Engine and BigQuery to collect and analyse real-time passenger information to help streamline and optimize passenger flow. It also enables their mobile application to provide real-time travel and retail information for passengers, flight updates and other interactive tools.
Hence, various reasons contribute to digital transformation slowly becoming a priority for most organizations.