OPINION: The Landscape Is Changing In Digital Evolution For Business

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  • By Rajesh Sinha

Digital transformation is the complete alteration of different operations under the management of an organization, in order to take advantage of opportunities created by digital technologies and data. We’ve come a long away from Web 1.0, which was the first phase of World Wide Web evolution, Web 2.0, emphasizing easy-to-use user-generated content, participatory culture and end-user interoperability, to Web 3.0, the 3rd generation of evolved web technologies.

Web 3.0 is nothing but the evolution of Web consumption and interaction, which involves transforming the web into a database with the integration of distributed ledger technology, where data helps in generating need based smart contracts. In simple terms, from a consumer standpoint, through Web 3.0 internet users will be able to experience the real world in a virtual iteration. 

Additionally, cutting-edge technologies are helping businesses migrate to the cloud, and capabilities such as artificial intelligence, big data/data science are transforming how we live and work. Digitization is the survival strategy for businesses to remain flexible, adaptable, and connected.

Building a ‘digital first enterprise’ that is capable of dealing with and pivoting in any situation is inevitable. Thus, digitizing businesses will broaden the scope of what’s possible in terms of new products, services, business models, and operations.  

The usage of traditional technology services has helped businesses grow. However, with next-gen technologies such as Web 3.0 coming into play, consumer experiences are going to change completely. They will now be able to experience the touch & feel sense, virtually. This will further result in the creation of better business value. Here are a few tech strategies that are a must for your digital journey! 

  • Data Science: From identifying IoT devices to predictive analytics, data science provides a unique perspective for all types of enterprises to create models that further characterize trends and use them as the foundation for transformative software. While many companies are looking to unlock the strength of business data that lacks the demanding proficiency and support, the market for Data Science and Digital engineering services is growing at the speed of light as it plays a crucial role in helping to transform businesses digitally. In the months to come, data science practices will benefit tremendously with the advancement of Web 3.0 as its evolution is going to be far more significant than just another technology iteration. Businesses will be able to analyze and optimize data and trends in a more efficient manner. This would help in the development of data-driven solutions that result in the adoption of data, further transforming these insights into product suggestions.
  • Cloud Computing: Choosing to move your organization to the cloud is a big decision that will affect every aspect of your business. Cloud computing enables businesses to expand effectively. Edge computing relocates storage and compute resources away from the central data centre and closer to the data source. Be it in a retail store, a workshop, manufacturing plant, or all over a smart city; rather than transferring raw data to a central data centre for processing and analysis, the operation is completed in the location where the data is created. Only the outcomes of that computing effort at the edge are sent directly to the central data centre for analysis and subsequent human interactions. These include actual business insights, equipment repair forecasts, or other actionable responses. As a result, edge computing is changing the face of IT and business computing. As the Web 3.0 era begins, cloudification of businesses will get smoother. With the integration of Web 3.0 decentralized cloud storage system, several distinctive storage solutions will compete with centralised hosts for marketshare across a range of various applications. The onset of blockchain will act as a bonus layer for decentralised storage markets.
  • Experiential Marketing: Experiential marketing allows customers to not only buy but also experience a brand’s products or services. It is an essential approach to emotionally connect with current and potential customers. Metaverse is a fantastic platform that can be used by any company to provide a user interface for any product. With virtual reality, you can provide your target audience an immersive experience of your products or services without them having to visit a physical store or showroom. Meanwhile, with AR, you may blend elements of the physical world with digital components, such as displaying digital things in a physical store. Make sure your objectives are clear, that you are constantly attempting to learn more about your clients, and also that you monitor your progress. When businesses emphasize on experiences rather than products, the company may grow into a brand that does much more than just sell things. The company will develop as a brand that attracts and retains loyal customers through building connection, creating emotion, and nurturing that connection. 
  • Language models: These are artificial intelligence systems that comprehend and generate text, and are the hottest new thing in business. According to a recent survey, 60% of tech executives expect their expenditure for AI language technology to increase by at least 10% in 2020, with 33% executives expecting a 30% increase. As researchers construct newer and larger architectures, the usage of large language models has increased considerably in recent years. However, despite recent architectural innovations, most organizations whether in the public, or corporate sectors, will find these language models impracticable.

In this ever-transforming digital age, every organization must make a 360-degree digital pivot to survive and prosper. Most importantly, businesses should utilize Web 3.0 in order to build transparent organizations with automated and decentralized decision-making capabilities, which will reduce human biases, further creating equal platforms for all stakeholders. Likewise, as artificial intelligence, machine learning, and natural language processing applications get more powerful, the future of Web 3.0 will include even more personalized human-like interactions with machines, taking hyper-personalization to the next level. Metaverse, augmented reality (AR), virtual reality (VR), and mixed reality (MR), etc. should be leveraged by businesses in order to get into the bandwagon. 

Even though the change should be more comprehensive than partial transformation, not many digital leaders are focusing on the above strategies. Hence, businesses should ensure that all these elements are in motion for a 360-degree digital transformation. 

(The author is Founder and Chairman, Fulcrum Digital Inc.)