These are peculiar times wherein enterprises are swaying between uncertain growth and failures. Be it various external circumstances or a paradigm shift in technology advancement, software solution services in Toronto want to experiment with the latest tech without affecting their existing systems landscape.
It is also special for increasing end-user adoption of digital technologies and new technologies finding their place. However, the fact that 70% of digital transformation projects fail is an alarming time for organizations at risk. Largely because, this time, the aftermath of failure could cause a total collapse.
If you are planning new digital transformation initiatives in 2024, here are the top trends you must consider.
#1 Build for both Web2 and Web3
While Web 2.0 was instrumental in boosting user-generated content, web3 is taking a step ahead and inspiring many software solution services in Toronto. Most of these leading companies have already begun exploring blockchains for dapp building.
The network of decentralized control of information & transactions for individual, institutional, and enterprise processes will require in-the-moment and immersive CX. As a result, your center of excellence should include expertise in blockchain, AI, IoT, and other technologies.
If your users are unable to extract these values, then most likely, your efforts to transform into an end-to-end digital service are insufficient. So does that mean enterprises should ignore web2? Absolutely not! Web3 will take some time to become completely functional.
How to start?
Start small! Start with replacing manual & repetitive processes with AI modules. Even if an organization is struggling with chatbots, they are still on the right path.
Next, move selective processes over the blockchain. Understand the impact of decentralization and then further expand it to more processes. While we are at it, the scope of Web 3.0 is huge.
At the current pace, the market could by 2030. Imagine the ocean of opportunity you are ignoring!
#2 Implement an Advanced Data Management Model
Data is the new gold. An accomplished enterprise vision requires data-informed decisions. Despite education about the impact of big data, most organizations have not been able to deploy a management system to put it to analytical use. There’s no point in collecting large volumes of data if it isn’t put to analytical use. And this is indeed one of the major reasons that harms digital transformation initiatives.
That is exactly why leading software solution services in toronto have started integrating analytics to build smarter apps. For example, Milliondev is a pioneering agency that specializes in developing future-ready applications. By integrating AI, the team is enabling enterprises to stay ahead of the pack and utilize the power of predictive analytics.
How to start?
It is imperative to optimize business processes that are inefficient and becoming a liability. With a standard data management model, you can prioritize things as per customer behavior. Subsequently, that leads to a chain reaction of better product designs, optimized services, and thus more meaningful business outcomes.
#3 Upskill your resources
So far, from the discussion, it is clear that the impact of advanced tech is inevitable, and organizations should embrace it first. In the pursuit of the same, it is also important to identify where exactly in the organizational hierarchy that change should begin. Business analytics (BA), as we all know, is the iterative studying of business outcomes in the past, learning from the insights, and improving plans for the future.
However, organizations tend to stick to traditional BA, don’t upskill their teams, and ultimately limit their growth prospects ahead.
Project-specific BA is a thing of the past. In the post-COVID era, companies need to prepare a BA team that addresses the problem statement with contemporary tools. Needless to say, they need thorough training in all the technologies discussed earlier.
How to start?
Partner with a professional app development training provider that covers the latest, including AI and business analytics. While most leading software solution services in Toronto have in-house training programs for apps and other technologies, it is business analytics (BA) that requires additional training.
Hire a training partner that provides a comprehensive curriculum that emphasizes additional roles such as process improvement, product management, agile product development, and others.
The training partner’s BA course should be curated around IIBA’s standards. Moreover, they must provide preparation courses for multiple certifications such as CCBA and others.
In addition to it, you must also focus on leadership training. This would help in producing subject matter advisors and thought-leaders for your enterprise.
Why Partner with Milliondev?
For organizations, the impact of digital transformation is inevitable. They should embrace advanced tech and stay, if not ahead, then at least in line with the trends.
Milliondev is a pioneering app development company in Toronto that specializes in providing end-to-end product consulting for different sectors. Over the years, the technology enterprise has scaled its expertise and provided services to a variety of sectors, including banking, retail, automotive, healthcare, and others. The company is also one of the fastest adopters of all the trends discussed so far.
What digital transformation blueprint do you have? Were you aware of the above pitfalls? Share in the comments.