Mobile devices ushered in the consumerization of IT, but newer technology trends, such as the Internet of Things (IoT), are becoming part of the conversation surrounding business transformation. At the recent Gartner Symposium/ITxpo in Orlando, which outlined the firm’s digital transformation predictions for 2017, Gartner said the IoT has the potential to create $1 trillion in savings a year in maintenance, services and consumables by 2022.

Businesses Should Embrace Digital Transformation

To engage customers, organizations will have to think outside the confines of the smartphone screen or the browser interface. By 2020, Gartner predicts that 30 percent of all interactions over the internet will be done via voice interaction. Businesses on the cutting edge of digital transformation will build this into their plans for actively engaging the new age of customers.

This business transformation will also see some businesses moving away from mobile apps that are specifically designed with a narrow purpose in mind. According to Gartner, the update and maintenance efforts that mobile apps require will be too high for some businesses to keep up with. By 2019, Gartner says, 20 percent of organizations will abandon their apps, because the return on investment won’t justify the time and money spent on maintenance.

Augmented Reality Will Be the Norm

Gartner sees augmented reality, in which information becomes interactive and digitally manipulable, as the way of the future. According to Gartner’s predictions, machine learning via advanced algorithms will transform the way that information is made available and consumed, both for consumers and the workforce, potentially altering the way that one billion workers go about their work. Those algorithms will help augment their intelligence through the building of a massive collective memory bank containing tried and tested information that all can access. This has the potential to transform nearly every industrial sector, providing just-in-time knowledge for better informed decision-making — just as automation enabled just-in-time inventory in manufacturing and ushered in a new era of efficiency.

Blockchain to Bring Revolution in Financial Transactions

Gartner predicts that by 2022, a blockchain-based business worth $10 billion will have emerged. The blockchain ledger provides a secure, shared view of all transactions that gives engaging parties the certainty and immediate visibility to accelerate business decisions. While still an immature market, Gartner expects Blockchain to draw significant investment and associated product development efforts.

Business transformation is inevitable given the pace of change we’re seeing in technology, and it will only accelerate. While advanced automation will result in increased savings and improved efficiency, businesses must continue to invest in innovation to remain competitive. According to Gartner, the challenge for businesses will be staying ahead of the curve without incurring huge management overhead. Enterprises that rise to this challenge will reap manifold benefits.

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