Digital transformation has been a red-hot topic in the enterprise space for many years. This transformation concept revolves around the adoption and integration of disruptive data-driven technologies into organizations that fundamentally alter how business is performed and what value is delivered to customers. Some technologies that come in digital transformation projects are the internet of things (IoT), AI, machine learning, big data, cloud computing, and blockchain.
Digital transformation is more than a buzz for the enterprise as the concept behind it is how to leverage technology to reshape a process so that it becomes more efficient or effective. In a recent survey on the State of Enterprise Digital Transformation, 93 percent of enterprises are undergoing some digital transformation, where 77 percent of enterprises seek to cut costs, while 71 percent want to enhance the customer experience. The survey further reveals 42 percent of enterprises are struggling to accomplish success as their efforts fall behind schedule.
When it comes to drive digital transformation in an organization, the human workforce plays a significant role. In this context, an IDC research found that the contribution of software robots, or digital workers, to the global workforce will increase by over 50 percent in the next two years. The research firm also predicts that the market of intelligent process automation software, which consists of content intelligence and RPA, will worth from US$13.1 billion in 2019 to US$20.7 billion in 2023.
Sponsored by ABBYY and surveyed of 500 senior decision-makers from large enterprises in the U.S., Canada, the U.K., Germany, France, and Australia, the IDC report unveils that more than 40 percent of respondents have experienced a notable surge in customer satisfaction and employee productivity by implementing content intelligence technologies into their digital transformation strategy. Conversely, over one-third saw an improvement in receptiveness to customers, new product or revenue opportunities, as well as improved visibility, accountability, and customer engagement.
However, the machine-human collaboration to improve customer experience is already making its presence as CVS, for instance, is aimed to connect the physical and digital experience in healthcare. This will make the act of staying healthy easier for every customer. In one another instance, Airbnb, an online marketplace for offering lodging, primarily homestays, or tourism experiences, doesn’t want to vie with the hotel industry merely on price. The company has invested heavily in machine learning to develop a personalized recommendation process. And with this investment, it has been able to augment its conversion rate.
The Dawn of 5G
Rapid advancements in bandwidth have enabled mobile service providers to deliver greater end-user experiences, and the emergence of 5G promises to stimulate this further. This fifth-generation wireless network services will enable fast data transmission, reception, and continuous connectivity. It will ensure remarkable growth and transformation opportunities in almost every industry.
5G has immense attributes such as low latency, high data rates, lessened energy use and cost savings and is capable to bring a digital revolution across diverse industries. As digital transformation has become prevalent in enterprises across distinct sectors, this fifth-generation of bandwidth connectivity is now among the list of technologies that enterprises are considering in their success roadmaps. 5G will also impact the business and technology landscape around the world, and not only will bring about a transformation in industries, but also impact businesses significantly.
Since the first commercial launch of 5G took place in late 2018, South Korea, the UK, Germany, and the U.S. have emerged as leaders as many companies in these regions have deployed networks and are selling compatible devices. Now industries have seen the first wave of commercialized fifth-generation networks with the tier-one operators launching 5G, providing untainted standalone 5G networks in 2020.