Feb 2021 | Data Insights | Digitalisation, Report

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 organizations 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 organizations 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.

1 Gens, 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