Technology plays an integral role in product research, business operations, customer engagement, and marketing campaigns in the digital age. Because of the advancement of modern technology, many companies leverage solutions that can help automate business processes, boost employee productivity, and add more value to customers and other stakeholders.
Statista forecasted total spending of US$1.6 trillion on digital transformation (DX) in 2022, which will reach US$3.4 trillion by 2026. Digital technology is now being embraced, such as cloud migration and using tech tools for communication and collaboration. The recent pandemic increased digital transformation growth, making organizations more agile to respond to the changing customer needs and market demands of faster business transactions and innovation.
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Let’s find out the top digital transformation predictions in 2023 according to industry experts:
The Rise of Business Marketplaces
Dov Breuer, the Chief Operating Officer of Fixlers, shared his expert insights about business marketplaces. He said, “Marketplaces aren’t only for business-to-customer or B2C companies. Many business-to-business or B2B companies are now more open to this business tech concept. In virtual marketplaces, a business can showcase its products, services, or solutions like retailers or the e-commerce industry do. You create a go-to or one-stop shop for your target audience so they won’t go to your competitors. People can choose their desired solution and pay via a subscription or on-demand service.”
He added, “People are loyal to brands that provide them with the utmost convenience and great services. And that’s when web and mobile app design and development come into play. Creating a marketplace for your business entails considering security and user experience, which includes ease of navigation, loading speed, and accessibility.”
The Battle Against Digital Carbon Footprint
Sam Tabak, a Board Member of Rabbi Meir Baal Haness Charities, pointed out the effects of digital transformation on carbon emissions. He explained, “Data centers have physical servers and computer systems that require power to run. Therefore, data transmission through the Internet can cause greenhouse gas emissions.”
People can minimize their digital carbon footprint by turning off computers, mobile devices, and appliances when not in use. Repair malfunctioning electronic devices instead of purchasing new ones. Furthermore, tracking digital carbon footprints can help increase awareness to implement ways to reduce emissions.
Tabak added, “Carbon offset is an excellent way to compensate for digital gas emissions. Businesses can partner with carbon offsetting companies, funding specific environmental projects that reduce carbon dioxide emissions. Other digital carbon footprint reduction examples include availing insurance from a company that allocates a percentage of the sale to tree-planting activities and procuring raw supplies from a supplier supporting local organic produce farmers.”
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The Peak of DX Stock Investment
Digital transformation opens many investment and business opportunities. Tech companies continuously research and develop software, applications, tools, platforms, and devices because of huge digital demand. For this reason, digital transformation will be an ever-growing bullish market.
Polaris Market Research expects the digital transformation market to reach a compounded annual growth rate (CAGR) of 23.6 percent or US$3.7 trillion by 2030. It’s not surprising to know that many investors are interested in DX stocks. The top digital transformation companies in the United States are Microsoft Corporation, Alphabet Incorporated, and Broadcom Incorporated.
Adam Garcia, the founder of Stock Dork, shared his predictions about the peak of DX stock investments in 2023. “The digital transformation market is very promising in 2023. We can expect an outpouring of capital into technological innovations, particularly in healthcare, e-commerce, and finance. Because of this trend, stock resource web and mobile app platforms remain relevant tools for investors.”
The Blockchain Integration to Businesses
Blockchain technology is known for its decentralization security. This advanced database mechanism enables transparent and secure information sharing in business networks. For this reason, many companies integrate blockchain technology to strengthen cybersecurity and business processes.
Jonathan Merry, the Co-founder and CEO of Crypto Monday, highlighted how businesses could use blockchain to achieve their goals. He said, “Cryptocurrencies are the future’s money, and blockchain technology is the future’s security. This distributed ledger technology gives permission to authorized users to access information simultaneously, improving efficiency in modern workplaces. Blockchain technology digitizes and automates paperwork, helping stakeholders manage documents in real-time without friction and error.”
Last year was challenging for the crypto market, losing US$2 trillion since 2021. But Merry remains positive. He said, “While cryptocurrencies suffered big blows last year, I believe in the market’s gradual recovery as many crypto investors won’t allow total collapse. Blockchain and cryptocurrency will always be a part of many companies’ plans in 2023 and the succeeding years, evolving and transforming how we do business.”
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The Role of the Digital Nomad Workforce
Digital transformation opens many job opportunities for freelancers or digital nomads. Many of them are web designers, digital marketers, virtual assistants, and writers. The top freelancing countries include the United States (US$1.2 trillion earnings), the United Kingdom (159% increase in freelance beauticians), and Asian countries (online entrepreneurs and digital workers).
Freelancers are in demand because of their expertise and productivity benefits to companies. Milo Cruz, the Chief Marketing Officer of FreelanceWritingJobs, explained, “There’s a rising demand for digital technology, but not all companies are prepared to spend on adopting every solution that comes out from the market. Many companies prefer to outsource customer service, data entry, and other admin tasks to freelancers. As the business world is more open to hiring freelancers, companies can focus more on the most important business aspects and save money from overhead costs.”
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Digital transformation is here to stay, and it is rapidly evolving and accelerating. Industry experts have shared their predictions, which highlight how businesses can use them as helpful guides to make better decisions when adopting technological solutions. Staying updated with the latest tech trends can help organizations formulate innovative strategies to thrive, create better stakeholder relations, and be at par with their competitors.