Jasdeep Singh of CT is a business professional in the technology industry. In the following article, Jasdeep Singh, discusses how technologies are set to restructure how businesses operate in the coming years with the execution of cloud computing, artificial intelligence, digital twins, blockchain, and cybersecurity.
For decades, business leaders have embraced digital transformation as a key strategy for increasing productivity and driving growth. With incredible new technologies changing the world year after year, more businesses than ever must embrace the use of transformative technology to improve their business operations.
Jasdeep Singh of CT says that implementing these technologies can allow business to streamline operations and save money, provided businesses convince stakeholders to embrace new changes.
By looking at these technologies individually, business leaders, CIOs and entrepreneurs can determine which tech works best for them and how digital transformation can increase their company’s value.
Which Technologies Are Transforming Businesses
Jasdeep Singh of CT says that numerous technologies stand ready to begin restructuring how businesses work in the coming years, from those used in green initiatives to those that offer greater sustainability of digital devices. However, five technologies in particular stand above the rest as particularly relevant in 2023. These are:
- Artificial Intelligence (AI)
- Non-Fungible Tokens (NFTs)
- Cloud Computing
- Digital Twins
Artificial Intelligence (AI)
Jasdeep Singh, explains that plenty of companies already utilize AI in lieu of human-based customer service, albeit with varying degrees of complexity. For instance, Domino’s chat bot Dom understands very little. If a customer asks a question about money management, Dom simply pulls up a link to various coupon options. Pizza is the only life it knows.
However, Jasdeep Singh of CT says that AI serves far more purposes than simply building chat bots. A well-designed AI can automate routine processes and analyze customer trends, saving businesses valuable man hours. Noting the promise of AI to deliver high outcomes at reduced cost, 94% of business leaders deem artificial intelligence vital to corporate success. Examples of such technology applications include Microsoft’s now famous integration of OpenAI’s GPT-3.5 into Bing to improve internet search to internet answers and navigation systems from directions to more travel support and suggestion guides.
Non-Fungible Tokens (NFTs)
When even former United States presidents start releasing their own NFTs, it becomes clear that blockchain-based digital products are truly entering the mainstream explains Jasdeep Singh of CT. Businesses can use NFTs to provide better encrypted security on user certificates for various services and transactions, and it’s likely that more will begin doing so heading into 2023. An example of this technology integration can be seen in the world of fashion to uniquely identify rare items.
At the end of 2022, Gartner predicted that spending on cloud services would increase by about 20.7% over the course of the coming year. Businesses use cloud computing to not only reduce the cost of using their own servers, but also ensure ease of data accessibility between offices or individuals in other states or countries. The importance of cloud computing has driven Amazon, Google, Oracle, and Microsoft to create whole divisions centered on such services.
Jasdeep Singh of CT reports that as more businesses embrace digital transformation, the need for better cybersecurity will increase as well. Saving images and documents on the cloud can result in devastatingly public leaks, and putting too many transactions onto NFTs will prove controversial with consumers who associate NFTs with art theft and unfair game design.
Jasdeep Singh, explains that the need for better cybersecurity looms, however, as Cybercrime Magazine predicts $8 trillion worth of cybercrime-related damages in 2023 alone. If this prediction holds, businesses can be expected to spend more on adopting and improving cybersecurity methods than ever before.
While many hands-on companies use designs and prototypes to test a project before it goes to market, Jasdeep Singh of CT explains that this process takes time and money while limiting the type of tests a quality assurance team can reasonably perform. Digital twins allow companies to simulate products and services on their computers, broadening the array of simulations they can run. Healthcare companies are working to create digital twins of human bodies, allowing them to test how bodies react, predict future risks, and decide which interactions merit further investigation.
How Digital Transformation Increases Value
While the transformative technologies discussed may differ in many ways, their one common selling point is that they can all increase profit margins when properly utilized. Additionally, consumers and stakeholders may appreciate their use, giving the business a certain amount of social value as well. In general, digital transformation elevates businesses by:
- Allowing them to meet customer wants and needs more efficiently
- Streamlining in-house operations while reducing chances for human error
- Providing advanced analytics to help business leaders direct growth
- Improving customer experience based on said analytics
- Reducing costs in terms of prototypes, misleading hypotheses, and server maintenance
- Opening new opportunities for revenue in the form of digital products or services
The one drawback is simply that not all top managers and stakeholders may see these benefits immediately. Many will resist digital transformation, fearing the risk associated with change. Those who recognize the value of transformative technology, however, will reap incredible benefits before long according to Jasdeep Singh of CT.
Transformative technologies enhance a company’s value by streamlining business operations, reducing costs, and creating repeat consumers by providing them with an easier, more enjoyable experience. By taking advantage of trends such as AI and improved cybersecurity, businesses can beat competitors to the next trend while operating at the top of their game.