With the advent of new technologies, companies are transforming their traditional ways of doing business into digitally advanced operations. New digital initiatives overtaken by the companies in the last five years are showing results today. Every small and big company has understood that either upgrade or die.
There are 3 major challenges in terms of adopting digital transformations:
- Culture Change: Study suggests 96% of the employees believe a culture change is required within their organization. Company culture is nothing but habitual behavior, shared norms, and values within the organization.
Most of the companies are ready to digitize their business but haven’t successfully transformed their culture to adopt new technologies.
- Lack of Data Storage Solutions: This is the era of data. The volume and the variety of data are increasing, but the storage as per consumption is a challenge. Big Data and Machine Learning are the future, and companies need to feed data every second. More data collection increases challenges in data storage.
Cheap storage could be the solution, but there is a high risk of data leakage. Many small companies cannot afford secured data storage solutions. Suppose they somehow manage, they need to budget down other business activities.
- Fear of Adopting AI: People, along with a few theorists, believe that Artificial Intelligence could take away jobs. With the integration of AI into operations, it is somehow going to impact the human workforce.
Irrespective of these challenges, business owners are analyzing their strengths, creating new strategies, and modifying their business plans to fit into the online world. With new technologies flowing into the ecosystem, they have started receiving multiple solutions over challenges.
So what are the new trends in digital transformations that we could witness in the year 2020?
- Transformation in Organizational Cultures: New business owners are successfully defining what is the objective of their business and how their employees could support organizational goals. The transformation is starting from scratch instead of introducing it later. They hire people who understand their role and learning and adopting new skills and technologies are the only way to success.
- Use of Cloud Storage: Instead of looking for hardware enhancements (which could cost a lot), companies are opting for cloud storage solutions.
There are multiple benefits of using Cloud storages:
- Cloud storage reduces the risk of data leakage and reduces of cost of storing the same.
- It helps to recover data in case of any emergency or accident. Data stored on the cloud have almost no chance of missing out in case of hardware failure.
- These are affordable and safest solutions existing today that could be utilized by big and small companies for storing their huge business data.
- Auto-backups and scheduling back-ups are easier on cloud storage mediums. With the help of this automation, important data remain forever with the company.
- It helps in establishing an all-round collaboration in the organization. Work assignment to progress tracking, anything could be accessed from anywhere at any time.
- Implementing AI into Business Operations: AI is nothing to be scared of. Instead, it’s a boon for organizations. AI is still evolving, and it is at an infant stage. AI-driven tools are designed to tackle day-to-day redundant activities.
With the help of AI tools, employees could complete their assigned work faster than ever and could also start multi-tasking. With automation in place, it creates opportunities to look beyond limitations and take the business in any direction.
Advantages of Artificial Intelligence in a business cannot be measured; however, below are a few of them to suggest what a company could achieve with the help of AI:
- High productivity from streamlined business activities
- Reduction of manual redundant and repetitive tasks
- Efficient ways of collecting and retrieving data
- Easier and transparent data metrics
- Data-driven decisions and strategy enhancements
- Predictions and forecasting of customer demand and supply
- Acquisition of IT Companies: Many non-technical companies are expected to either merge or acquire IT companies to support and expand their business operations. Without technological enhancements, it’s highly unlikely to win the battle. From marketing to providing customer support, a company needs all sorts of solutions to stay in the game. The IT solutions would help these companies by creating and developing new tools to take their products and services in those markets which were non-penetrable before.
Apart from these advancements, many business entrepreneurs are becoming part of the ONPASSIVE company that creates many other opportunities for new small scale companies. It is an upcoming artificial intelligence company that develops tools for automating entire business activities. These AI-driven tools are free for the founders of GoFounders, which is a back-office of ONPASSIVE company. Click here to understand the registration process of becoming a founder.