Top 10 Important Digital Transformation Trends in Australia

What is Digital Transformation?

Digital transformation leverages technology to create new customer experiences, cultural norms, and business practices. It involves using advanced technologies to adapt corporate strategies for the digital age.

The goal of digital transformation strategies is to prioritize actual customers over sales, marketing, and customer experience services, differing from traditional approaches. Over the past decade, customers have become central to corporate goal-setting, with businesses aligning their objectives to meet customer needs.

As part of the strategy to adapt to digital transformation trends, physical documents must be replaced with online and mobile apps. This approach results in a more organized, cleaner, sustainable, and environmentally friendly system.

Transitioning to digital requires data protection. For example, team members can securely organize everything in a cloud that is easily accessible, instead of sending spreadsheets or physical notes.

Why is the Digital Transformation Trends Essential?

Now that you know the purpose of digital transformation solutions, why should your company adopt digital transformation trends? Consider the following arguments to better appreciate why you should care about the digital transition:

• Modern Requirement: In today’s digital world, adapting to digital transformation trends is essential for staying competitive. Organizations must evolve with top trends in manufacturing and adopt the latest technology that best suits their needs.
• Enhancing Client Satisfaction: Digital transformation strategies enable more efficient operations and better service. By using technology to store customer data in the cloud, you can learn about your audience and tailor your products and services to meet their preferences.
• Facilitating Team Collaboration: Digital transformation improves internal and external communication and teamwork. AI and digital solutions help coordinate team members, improve productivity, foster collaboration, and streamline communication.

Watch more: 4 Types of Digital Transformation Projects

Top 10 Essential Digital Transformation Trends for 2024

AI for Cutting Down OPEX

A leading survey shows that the media and entertainment industry is experiencing high spending with declining profits. Operational Expenditure (OPEX) is surpassing profit margins, driven by efforts to achieve early profits and gain a competitive edge. At this critical point, the industry needs to rethink its strategy.

It’s time to reassess content management and spending practices. AI and Machine Learning (ML) offer the solution. These digital transformation trends enable smarter content use and spending.

The focus should shift to effectively utilizing content rather than creating it for its own sake. AI can ultimately help reduce OPEX.

Cyber security

In today’s landscape of persistent cyber threats, businesses must prioritize safeguarding sensitive information and ensuring secure operations. This requires implementing robust cyber security measures such as encryption, multi-factor authentication, and regular security audits. These measures are crucial for defending against data breaches and cyberattacks. 

By prioritizing cyber security, companies can achieve several vital objectives:

• Protecting Assets: Ensuring the security of data and critical infrastructure.
• Maintaining Customer Trust: Building confidence in data security practices and fostering trust with customers.
• Regulatory Compliance: Adhering to stringent data protection regulations and avoiding legal repercussions.

In an increasingly interconnected world, cyber security solutions are not merely the digital transformation trends; it is a fundamental necessity for any business undergoing digital transformation. SmartOSC, drawing on 18 years of experience in building and securing digital experiences for global retail enterprises, offers comprehensive cyber security solutions. These include mobile security, threat intelligence, application security, cloud security, network security, and endpoint security. 

SmartOSC is well-positioned to support businesses in achieving critical cyber security objectives, ensuring the protection of data and infrastructure while fostering trust and compliance in an increasingly digital world.

Enterprise Resource Planning (ERP)

When discussing successful digital transformation trends and digital transformation services, technology often comes to mind first. However, that’s not always the case.

Digital transformation service providers focus on implementing a new culture within an organization, combining people, processes, and technology. Instead of just building effective media channels to promote services, organizations should also focus on developing intelligent Enterprise Resource Planning (ERP) systems.

ERP can help reduce spending, improve resource efficiency, and enhance productivity. While investments in technology and tools are important, it’s crucial to refine back-office operations for continuous improvement, measurable results, and increased profitability.

XaaS (Everything as a Service)

XaaS (Everything as a Service) encompasses models like Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS).

XaaS provides businesses with a subscription-based model to access software, infrastructure, and platforms. This eliminates the need for substantial upfront investments, fostering flexibility and scalability. 

Its cost-effective and efficient approach makes XaaS a preferred option for businesses aiming to innovate and maintain agility in today’s dynamic market. Embracing XaaS allows businesses to align with digital transformation trends and leverage efficient solutions for a variety of business requirements.

Connected User Experience

The average number of applications used in organizations is increasing rapidly, and consumers expect consistency across multiple channels, such as messaging and mobile service portals.

Given these digital transformation trends, offering a connected experience is crucial for companies as part of their digital transformation consulting services. Omni-channel customers with better-connected experiences tend to stay online longer than single-channel customers.

A connected experience means providing customers with improved and easy accessibility anywhere and anytime. Surveys indicate that while enterprises use an average of 900 applications, only 29% of them can offer a connected experience.

Digital Banking

Digital Banking is undergoing a transformative shift driven by cutting-edge technologies such as artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT), aligning with digital transformation trends. Online banking has become ubiquitous, with services like instant loan approvals replacing traditional weeks-long processes. This digital revolution is projected to reach 2.5 billion users by 2024.

The COVID-19 pandemic accelerated this evolution towards digital banking. According to Deloitte’s Digital Banking Maturity report, banks swiftly implemented key functions:

• Contactless Payments: 18% of banks introduced contactless options, and 41% raised transaction limits.
• Digital Onboarding: 34% of banks implemented fully digital onboarding processes.
• Branch Efficiency: 25% of banks adopted appointment booking systems to streamline in-person visits.
• Digital Identity Verification: 23% of banks integrated digital ID verification methods.
• Online Loan and Credit Card Applications: Many institutions now offer these services entirely online, complete with digital document verification.

At SmartOSC, we provide a comprehensive suite of digital banking solutions designed to elevate digital banking experiences, covering seamless onboarding and advanced core banking capabilities. Leveraging partnerships with global leaders like Backbase, Temenos, Thought Machine, Facetec, CRIF, and others, SmartOSC delivers tailored solutions that meet the specific requirements of each local market and banking institution.

Multi-cloud Utilization

Many enterprises today operate within multi-cloud environments which are key digital transformation trends. However, managing these environments, particularly when moving workloads between clouds, poses significant challenges. API-led development and containerization offer effective solutions to address these issues.

APIs play a crucial role in unlocking the unique functionalities of applications across multi-cloud environments. Meanwhile, containerization has proven to be a reliable method for managing and deploying applications in diverse cloud infrastructures.

Implementing a multi-cloud strategy can greatly enhance your digital transformation journey, ensuring better outcomes and improved management of services.

Watch more: What are the best digital transformation technologies in 2024

Low-Code 

In 2023, businesses are set to adopt low-code and no-code software at a rapid pace, marking significant digital transformation trends. These tools empower developers by freeing them from repetitive tasks, allowing focus on innovative projects. They also enable non-technical professionals to create modern applications, automate processes, and make data-driven decisions effortlessly.

This shift promises several benefits: enhanced agility to adapt to market changes, increased productivity with streamlined workflows, cost savings through simplified app development, faster deployment for improved customer experiences, accelerated digital transformation, and effective risk management with streamlined governance. 

Embracing low-code/no-code development simplifies custom application building, fosters rapid innovation, and prepares businesses to thrive in dynamic business environments.

Customer Data Platforms

Customer Data Platforms (CDPs) are pivotal in digital transformation trends, enabling businesses to consolidate customer data from multiple sources into a unified platform. This unified view of customers brings forth several advantages:

• Personalized Marketing: Businesses can create targeted campaigns that cater to individual customer needs and preferences.
• Enhanced Customer Service: Utilizing insights from customer data, businesses can offer proactive and personalized support.
• Data-Driven Decision Making: Real-time analysis of customer data empowers businesses to make informed decisions and optimize strategies.

By gaining deeper insights into customer behaviors, preferences, and trends through CDPs, businesses can develop more effective engagement strategies. This capability enables highly personalized experiences that foster customer loyalty and satisfaction, driving overall business success in the digital age.

IoT and 5G

5G, the fifth generation of mobile network technology, offers multi-gigabit data speeds, minimal latency, enhanced user experience, improved connectivity and availability, and increased network bandwidth. That is one of the standout digital transformation trends businesses should focus on.

The combination of edge computing and 5G promises significant advancements. For example, IBM is collaborating with Verizon and Telefonica to deliver cloud services that power 5G networks.

Furthermore, automation of routines using technologies such as artificial intelligence (AI), drone-initiated inspections, and video inspections will help preempt network issues.

• Remote Healthcare: 5G facilitates continuous remote patient monitoring and enables health professionals to assist patients from anywhere.
• Connected Automobiles: Vehicles can benefit from high bandwidth and low latency for bi-directional communication.
• Shipping and Logistics: 5G simplifies precise tracking of shipped items, improving delivery timeframe updates and enhancing the client experience.

Conclusion

Digital business transformation involves adopting digital technology within a company, leading to disruption and increased revenue. Each year, new digital transformation trends emerge in digital business transformation that accelerate business growth. Successful digital transformation brings benefits such as software monetization, data-driven insights, improved customer satisfaction, enhanced agility, and more.

Whether you are embarking on your corporate digital transformation journey or seeking guidance, SmartOSC stands ready to lead your business through the effective implementation of digital transformation strategies. Contact us now!