Digitalisation, also known as the process of using digital technology to provide new opportunities for revenue and growth, continues to remain a top priority for many organisations in 2021.
In fact, IDC predicts that by 2024, “over 50% of all IT spending will be directly for digital transformation and innovation (up from 31% in 2018).”1 By combining data and analytics, companies can make better and more instant decisions, meet customer expectations, and automate for greater efficiency.
Advances in AI and machine learning are just a few areas where companies are shifting their spend.
These trends will include:
- Increased digitalisation – Data is a company’s most valuable asset. Companies will continue utilising the information derived from data to make better data-driven decisions.
- AI for credit decisioning and personalised banking – Artificial intelligence will play a bigger role in the world of lending and financial services. By using AI and custom machine learning models, lending institutions will be able to create new opportunities for a wider range of consumers.
- Chatbots and virtual assistants – Because customers have come to expect excellent customer services, companies will increase their usage of chatbots and virtual assistants to facilitate conversations.
- Cloud computing – Flexible, scalable, and cost-effective. Many organisations have already seen the benefits of migrating to the cloud – and will continue their transition in the next few years.
- Biometrics – Physical and behavioral biometrics have been identified as the next big step for cybersecurity. By investing in these new technologies, companies can create seamless interactions with their consumers.
1Gens, F., Whalen, M., Carnelley, P., Carvalho, L., Chen, G., Yesner, R., . . . Wester, J. (2019, October). IDC FutureScape: Worldwide IT Industry 2020 Predictions. Retrieved January 08, 2021, from https://www.idc.com/getdoc.jsp?containerId=US45599219
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