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Keeping up with the most recent technical developments has become essential for organisations to remain successful in today's quickly changing business climate. The MBA programme is aware of this requirement and attempts to provide students with the information and abilities they need to successfully traverse the digital world. In specifically, this project is designed to assist MBA students in investigating the most recent IT developments and their effects on Digital Transformation (DT).
Students must do a detailed study of current IT developments and their possible effects on DT initiatives within organisations for this project. The assignment demands students to locate at least two organisations using these patterns in their operations, in addition to just recognising IT trends. Students will be able to comprehend how these businesses are applying IT trends to support their goals for digital transformation and how this adoption is affecting their entire company strategy thanks to this study.
Several IT trends have become very popular in the modern world, including Artificial Intelligence, the Internet of Things, Cloud Computing, Blockchain, and many others. By offering them cutting-edge answers to difficult challenges, these trends have the ability to alter enterprises. As a result, it is crucial for MBA students to keep up with the most recent IT advancements and comprehend how they could affect DT projects inside organisations. Students will learn more about how businesses may take advantage of IT developments to stay on top of the digital game with this assignment.
Digital technology must be incorporated into every facet of a business as part of the complicated process known as "digital transformation." Today's corporate climate places a growing emphasis on technology use, making it crucial for businesses to stay current with emerging IT trends. The purpose of this project is to assist MBA students in investigating current IT developments and how they affect organisational activities for digital transformation (Granito, F., 2022).
The corporate sector is embracing a number of IT innovations, including the use of blockchain technology, machine learning, cloud computing, and the Internet of Things. Companies are using these technologies to improve customer experiences, streamline operations, and spur innovation (Zhou & Zhou, 2013).
A McKinsey & Company analysis claims that digital transformation may result in increased operational efficiency, improved customer satisfaction, and revenue growth. According to the survey, businesses who do not adapt to the digital environment run the danger of losing customers and going out of business (Gillpatrick, 2019).
To stay competitive, organisations across a wide range of sectors are implementing these IT trends. For instance, Amazon uses artificial intelligence to improve consumer satisfaction by offering tailored suggestions and quicker delivery. Walmart is tracking inventory levels and streamlining its supply chain processes using the Internet of Things.
According to a research by the International Data Corporation, 85% of businesses rank digital transformation as a high priority. This emphasises the need of keeping up with the most recent IT developments to support organisational aspirations for digital transformation.
Overall, this literature analysis highlights the crucial part that IT trends play in organisational strategies for digital transformation. MBA students who do research analyses of these trends can learn how organisations are implementing them and the possible effects they may have on their entire company plans.
Latest IT Trends
Keeping up with the most recent IT developments is crucial for organisations to remain competitive in the current business climate. Several IT trends are currently gaining ground and may have an impact on corporate digital transformation programmes. In this research, we'll look at four important IT developments and speculate on how they can affect DT endeavours.
- Cloud- Computing- First, cloud computing With the rise in popularity of cloud computing, organisations now have a flexible and affordable option to store, handle, and retrieve data. Organisations may simply grow their operations, spend less money up front, and improve data security using cloud-based solutions. By enabling businesses to swiftly adopt new apps and services, improve collaboration, and optimise business processes, cloud computing may have an influence on digital transformation.
- Artificial Intelligence (AI): Over the past decade, AI technology has advanced dramatically, offering businesses a variety of options to improve their operations. AI can enhance client experiences, automate procedures, and offer insightful data for strategic decision-making. Including AI in efforts to transform digitally has the potential to boost productivity, cut costs, and boost customer engagement.
- Internet of Things (IoT): IoT refers to the usage of networked devices for data collection and sharing. Businesses may now gather real-time data, optimise their processes, and improve consumer experiences thanks to technology. Companies may automate operations, enhance consumer interaction, and boost operational efficiency by integrating IoT into digital transformation programmes.
- Blockchain Technology: Blockchain technology is gaining popularity across a range of sectors by giving companies transparent, safe solutions to manage data and transactions. By strengthening data security, increasing transparency, and boosting confidence in business transactions, technological innovation has the potential to have an influence on digital transformation (Minovski et al., 2020).
Overall, the implementation of these IT trends may have a substantial influence on organisational digital transformation activities, resulting in enhanced productivity, lower costs, and better customer experiences. Businesses must stay current with IT developments and incorporate them into their digital transformation initiatives if they want to remain competitive.
Some of the most recent IT developments have been adopted by Wealthsimple and Hootsuite:
Artificial intelligence (AI): Wealthsimple makes use of AI to customise investing advise and to enhance client investment portfolios. For the purpose of locating investment possibilities and making wise investment decisions, the company's AI algorithms analyse data from multiple sources.
Blockchain technology is used by Wealthsimple's freshly established cryptocurrency trading platform to provide safe and open trading of digital currencies. Users may purchase, trade, and keep cryptocurrencies like Bitcoin and Ethereum on the site.
Cloud computing- Hootsuite may be accessible from any location with an internet connection because it is a cloud-based social media management software. Users are able to do this from any gadget, anywhere in the globe, and manage their social media accounts and campaigns.
Big data analytics- Hootsuite employs big data analytics to assist organisations make data-driven choices and to offer insights into the success of social media channels. The platform gathers and examines a substantial quantity of social media data to offer insightful information on audience demographics, engagement rates, and other topics.
Challenges & Opportunities
The adoption of IT trends may enhance digital transformation programmes significantly, but it also brings possibilities and problems for organisations. We will examine the potential and difficulties of adopting four important IT trends for DT projects in this analysis.
- Cloud Computing- Although cloud computing has many advantages, including scalability, affordability, and flexibility, it also raises security issues. When storing data in the cloud, organisations must guarantee the integrity and privacy of that data. A difficult process needing much preparation and resources is the migration to cloud-based systems.
- Artificial Intelligence (AI): The adoption of AI necessitates a large investment in infrastructure, handling data, and recruiting employees. Additionally, organisations need to address issues with bias and privacy while ensuring the ethical and responsible use of AI technology. However, the effective implementation of AI can bring about a number of advantages, such as increased productivity, better decision-making, and enhanced client engagement.
- Internet of Things (IoT): As linked devices collect and send sensitive data, the IoT poses problems for data security and privacy. A major investment in personnel, infrastructure, and innovative company model creation are also necessary for IoT integration. IoT, however, can offer chances for businesses to streamline processes, cut costs, and improve customer experiences.
- Blockchain Technology: Scalability, interoperability, and regulatory compliance are issues that blockchain technology faces. Blockchain technology application necessitates a large investment in infrastructure, expertise, and regulatory compliance. However, it offers opportunities for organisations to strengthen data security, boost transparency, and boost customer confidence in commercial dealings (Shahidi, 2007).
Implementing IT trends for DT initiatives presents both significant opportunities and challenges. Each trend's potential advantages and disadvantages must be carefully considered by organisations, and they must also create plans to deal with the difficulties of adoption. While successfully implementing IT trends can have a positive impact, it also necessitates a significant investment in planning, talent acquisition, and resources.
Initiatives for digital change (DT) are crucial for organisations to maintain their competitiveness in the quickly evolving business environment. However, DT implementation can also pose a number of difficulties for businesses, including those in the manufacturing sector.
The requirement for considerable investment in IT infrastructure, software, and expertise is one of the biggest obstacles to DT implementation. Companies' resources may be put under pressure as a result, especially those with tight budgets. Employee resistance to new technologies can also result from their adoption, and these workers may need assistance in learning new procedures and systems.
On the plus side, DT implementation may have a big influence on the whole business, including the manufacturing division. For instance, businesses may streamline their production procedures, cut waste, and enhance product quality by utilising data analytics and automation. DT may also help businesses respond more quickly to consumer requests, which boosts client happiness and retention.
On the downside, adopting DT may result in job losses as automation and robots take the place of workers, especially in the manufacturing industry. Companies must take into account the ethical ramifications of automation and make sure they are giving displaced people enough assistance and retraining options.
Both Hootsuite and Wealthsimple have used digital transformation in various ways to advance their companies. To develop a more streamlined and effective platform for managing social media, Hootsuite has incorporated cloud computing, big data analytics, and social media automation. This has made it possible for companies to manage their social media presence from any location and to take performance-enhancing data-driven decisions.
Contrarily, Wealthsimple has embraced digital change by utilising blockchain and AI technologies to build a more safe and open cryptocurrency trading platform, offer individualised financial advice, and supply it. As a result, Wealthsimple has been able to broaden its service offerings, connect with a larger clientele, and offer investment management solutions that are both more effective and efficient.
In conclusion, organisations, particularly those in the manufacturing sector, might experience both opportunities and obstacles while adopting DT efforts. Businesses must thoroughly assess the possible effects of DT on their operations and make plans to reduce any negative effects. However, when properly implemented, DT can bring about a variety of advantages, such as increased productivity, lower costs, and greater client satisfaction (Sullivan, 2021).
Best Practices & Success factors
The process of implementing IT trends for digital transformation (DT) can be difficult and complex. To guarantee the effective adoption of IT trends for DT, organisations can adhere to a number of best practises and success criteria.
One of the most important best practises is to establish a defined plan of action for DT. This entails determining the initiative's precise business goals and objectives as well as the IT trends that are most crucial to accomplishing those objectives. In order to monitor progress and success, it is crucial to establish a well-defined implementation strategy with specific dates, checkpoints, and metrics.
A heavy emphasis on change management and staff involvement is another great practise. In order for workers to be familiar with the new systems and procedures and be able to use the new technologies to efficiently accomplish the required business goals, it is necessary to provide them with the necessary training and assistance.
Partnering with technology suppliers and service providers who have experience adopting IT trends for DT can be advantageous for organisations as well. This may guarantee that the newest technology are being used efficiently and give access to specialised knowledge and skills.
The following are the best practises and success criteria for implementing IT trends and digitization in Hootsuite and Wealthsimple:
- Adopting a customer-centric strategy and placing an emphasis on enhancing the customer experience.
- Investing in cutting-edge technology to increase productivity, security, and scalability, such as blockchain, AI, and cloud computing.
- Fostering an innovative, adaptable, and continuous improvement-focused culture.
- Adopting methods of agile development to facilitate quicker development of products and services and delivery.
- Fostering creativity by promoting cooperation and cross-functional teamwork to dismantle silos.
- Utilising data analytics to understand consumer behaviour and make informed decisions.
- Assessing and updating digital transformation initiatives often to make sure they are still applicable and efficient.
Hootsuite and Wealthsimple were able to effectively undertake IT and digital transformation because to these best practises. (Andriole, 2022).
To develop a thorough grasp of the issue, it is crucial to take into account several analytical frameworks while doing research on the implementation of IT trends in organisations. Three frameworks, including Porter's Value Chain, PESTEL analysis, and SWOT analysis, may be utilised to gain understanding of the internal and external elements influencing an organization's capacity to successfully integrate IT trends.
Value Chain Analysis by Porter
Porter's Value Chain may be used to pinpoint the main tasks and auxiliary tasks that a company carries out to provide value for its clients. By segmenting the organization's operations into various functions, it is possible to find areas where IT may be used to boost productivity, save costs, and increase customer value.
PESTEL study aids in comprehending the external macroenvironmental elements that may have an impact on an organization's operational processes. It takes into account the legal, political, economic, social, technological, environmental, and environmental aspects that might affect the organization's capacity to effectively implement IT trends.
The goal of a SWOT analysis is to pinpoint an organization's advantages, disadvantages, opportunities, and threats. Organisations may analyse these variables to determine where they need to make improvements and where they can best use their existing resources to adopt IT trends (Kansongue et al., 2023).
These frameworks, for instance, might be used by a firm that wants to employ artificial intelligence (AI) to enhance its customer service operations to acquire insights about its existing operations and the external variables impacting its business. While a SWOT analysis may show that the business has strong statistical capabilities that can be used to implement AI effectively, a PESTEL analysis may show that there are regulatory issues related to the use of AI in customer service. The key customer service tasks that can profit from AI, including chatbots and voice assistants, can be found using Porter's Value Chain.
Porter's Value Chain, PESTEL, and SWOT analysis may all be used together to offer a thorough knowledge of the variables influencing an organization's capacity to successfully integrate IT trends. These frameworks can assist in identifying potential possibilities and dangers as well as areas where IT can be used to boost business productivity and add value for customers.
Benefits to Organization
Sustainable development (SD) and digital transformation (DT) are two interrelated ideas that may help businesses, especially small and medium-sized ones (SMEs). Companies may improve their sustainability efforts and find long-term success by using the newest IT developments. For instance, the use of digital tools and technology may help businesses use energy more efficiently, cut their carbon footprints, and improve their environmental performance as a whole.
Companies should have a comprehensive strategy to DT and sustainability, concentrating on the integration of digital tools and technology into their current business processes, in order to maximise the advantages from both developments. This might entail investing in sustainable technology, creating a complete digital strategy that is in line with the organization's sustainability objectives, and using data analytics to increase resource efficiency (Andriole, 2016).
Improvements & Recommendations
Businesses should put a priority on cooperation and partnerships with stakeholders, including consumers, suppliers, and governmental organisations, to enhance the adoption of IT trends for DT and sustainability. This may help businesses share best practises and expertise and provide them access to new technology, information, and resources.
In order to grow employees' digital and sustainability-related skills and competencies, firms should also think about funding employee training and development. This might improve the organization's capacity for successfully implementing and utilising new IT trends for DT and sustainability (Andriole, 2022).
Overall, organisations and SMEs may profit much from the effective application of IT trends for DT and long-term viability including improved environmental performance, increased resource efficiency, and longevity. To successfully reap these benefits, businesses should adopt a systematic and all-encompassing approach to digital transformation and sustainability, putting a special emphasis on investment, cooperation, and staff development.
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Gillpatrick, T. (2019). The digital transformation of marketing: Impact on marketing practice & markets. ECONOMICS, 7(2), 139–156.
Granito, F. (2022). Digital Transformation Readiness. Digital Transformation: Accelerating Organizational Intelligence, 223–245.
Kansongue, N., Njuguna, J., & Vertigans, S. (2023). A Pestel and SWOT impact analysis on renewable energy development in Togo. Frontiers in Sustainability, 3.
Minovski, Z., Malchev, B., & Tocev, T. (2020). New Paradigm in Accounting Information Systems – the role of the latest Information Technology Trends. Proceedings of the International Conference “Economic and Business Trends Shaping the Future.”
Shahidi, G. (2007). CMOS technology nodes: Trends, challenges, opportunities? 2007 IEEE Hot Chips 19 Symposium (HCS).
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Zhou, L., & Zhou, D. (2013). A review of new trends for Country of Origin Research. Information Technology Journal, 12(18), 4476–4479.