IoT is Driving Digital Transformation for Companies

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IoT is Driving Digital Transformation for Compnies ITSW

As per the report from Frost & Sullivan, 65% of organizations using are using IoT or digital transformation, making it the most popular technology for this disruption

Also Read: Customer Driven Digital Transformation – The Mantra to Success

The latest report from Frost & Sullivan reveals that IoT is the driving force for digital transformation, focused on enhancing customer experience and digital presence for enterprises. The report titled ‘Top End User Priorities in Digital Transformation’ stated that improving operational efficiencies was the top priority in digital transformation initiatives in Latin America and Asia-Pacific. Meanwhile, in Europe and North America, upgrading customer experience and satisfaction was most important, the report found. The report surveyed 1,636 IT decision-makers globally and evaluated top trends in enterprise digital transformation implementation concerning to AI, the Internet of Things, and Blockchain.

IoT has been capable of driving digital transformation, mainly due to the valuable insights generated by sensors and devices that leverage the tech. IoT devices have provided organizations to use data in real-time to allow companies from several industries to make crucial business decisions.

Over 66% of enterprises said that its sales and marketing department would be most impacted by digital transformation. Along with enhancing customer experience and digital presence, sales and marketing effectiveness are also a significant contributing factor driving digital transformation, the report found. The report also found that communications, finance, banking, and insurance are some of the industries that are implementing AI and IoT for their digital initiatives.  Validating AI as another contender for this transformation, a report by IDC, worldwide spending on AI systems is expected to hit $97.9 billion in 2023.

Also Read: 5 Challenges Associated with a rise in ML usage in 2020

Although digital transformation initiatives can help prevent cybersecurity issues, they can also be vulnerable to them. According to the report, the malware was the most significant security threat for organizations, followed by security misconfiguration, and hacking. A new generation of security leadership is required as cyber threats are becoming more sophisticated. Digital transformation creates new capabilities at work; however, it also creates new opportunities for risks that appear due to a  gap between literacy, cybersecurity, and employee practices. The report also found that in addition to security issues, companies struggle with the cost of digital transformation.

Digital transformation initiatives can be expensive, which is why companies must be pragmatic and have a planned budget for each of the initiatives while implementing new technologies.

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