4 Digital Trends Making Businesses More Competitive in 2023

The Digital Trends to Be Aware of in 2023

The following trends in digital transformation can greatly influence digital engagement within your company, improvements in customer experiences, and return on investment.

Enterprise-Wide RPA Implementation

Robotic Process Automation (RPA) implementation has become a top priority in many organizations. For example, a recent study by Gartner revealed that around 80% of finance leaders have implemented RPA or are planning RPA initiatives. But so far, many businesses have taken an isolated or limited approach to RPA implementation. This measured approach has limited scalability and inherent governance issues. For these reasons, many corporate strategies in 2023 will continue the shift from focused automation strategies to enterprise-wide automation initiatives.

Enterprise-wide automation, or hyper-automation,  is a business-driven approach that concentrates on automating as many IT processes as possible. It involves integrating and synchronizing multiple technologies, platforms, and tools, such as artificial intelligence (AI), machine learning (ML), and iPaaS solutions like Lumino.

Artificial Intelligence (AI) and Machine Learning (ML) Becoming the Norm

The wow factor has worn off from the customer perception of AI and ML. Instead, the precision and processing speed they produce have become integral to enhancing customer experiences. And as AI and ML become more prominent, human teams alone will not be able to achieve higher performance standards without these technologies empowering their efforts. Since an AI system can automate repetitive, manual tasks and retrieve information laser fast, it gives your employees more time to focus on advancing business impact.  

A  Composability-Orient Business Strategy

As your business grows, the vast accumulation of unconnected data settles into data silos. This process can hinder your business's growth by limiting access to critical information. It also results in lost time and slow processing.

Many organizations deal with connectivity issues by adopting a composable approach to conquer interaction issues and gain a competitive advantage. As a result, the global composable infrastructure market has obtained a compound annual growth rate (CAGR) of 43.85% over the past two years. 

The Growth of Cloud and Software as a Service (SaaS)

2023 will undoubtedly be another year of exciting growth and evolution in cloud technology. Many organizations are fully transitioning to the cloud for better data asset management (DAM). Also, the cloud is an essential component in establishing enterprise-wide automation.

Along with joining the widespread user adoption of cloud-based hyper-automation initiatives, many companies are investing in software as a service (SaaS) to enhance scalability and meet business objectives. SaaS includes all products and services available to you through cloud-based subscription services.

Despite being value-added products, most SaaS solutions will not fulfill their potential unless they have a satisfactory level of connectivity with your other systems. You can ensure constant connectivity between systems with a good integration platform (iPaaS) like Lumino. It has a large bundle of iPaaS integration features that boost automation and communication between systems.

Taking Advantage of These Digital Trends

As you prepare your organization for the near future, these four trends in digital transformation will help you advance your business strategy to provide extraordinary customer experiences, more productive team members, and increased profitability. Also, being aware of these digital trends can help you make more focused decisions when investing in SaaS and subscribing to the best service for iPaaS integration to meet elevated customer expectations. You can learn more about our iPaaS solutions by visiting our Lumino page.