Digital Transformation: 360 Degree Pivot Essential for Survival
By Rajesh Sinha
Digital transformation is the complete change of operations led by an organization to take advantage of the opportunities created by digital technologies and data. We’ve come a long way from Web 1.0, the first phase of the development of the World Wide Web, and Web 2.0, which emphasized user-friendly, user-generated content, participatory culture, and end-user interoperability, to Web 3.0. Web 3.0 is nothing but the evolution of web consumption and interaction, in which the integration of distributed ledger technology transforms the web into a database where data contributes to the generation of on-demand smart contracts.
Digitization is essential for companies to remain flexible, adaptable and connected. Building a “Digital First Enterprise” capable of handling and navigating any situation is therefore inevitable. Here are a few tech strategies that are must-haves for your digital journey!
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Data Science: From identifying IoT devices to predictive analytics, data science offers a unique perspective for all types of businesses to build models that characterize trends and use them as the foundation for transformative software. In the coming months, data science practices will benefit enormously from Web 3.0, which will see significant advances.
Cloud Computing: Cloud computing enables companies to expand effectively. Edge computing moves storage and compute resources away from the central data center and closer to the data source. Only the results of the computational effort at the edge are sent directly to the central data center for analysis and human interaction. Edge computing is thus changing the face of IT and business computing. With the advent of the Web 3.0 era, enterprise cloudification is becoming smoother.
Experiential Marketing: Experiential marketing allows customers not only to buy a brand’s products or services, but also to experience them. Metaverse is a fantastic platform that can be used to provide a user interface for any product. With Virtual Reality you can offer your target audience an immersive experience of your products or services without them having to visit a physical store or showroom. Meanwhile, AR allows you to mix elements of the physical world with digital components, e.g. B. Presenting digital things in a physical store. When companies prioritize experiences over products, they become brands that attract and retain customers.
Language Models: These are artificial intelligence systems that understand and generate text and are the hottest new things in business. As researchers construct newer and larger architectures, the use of large language models has increased significantly in recent years. However, despite recent architectural innovations, most organizations will find these language models impractical.
In this ever-changing digital age, every organization must create a 360-degree digital pivot to survive and thrive. Most importantly, companies are using Web 3.0 to build transparent organizations with automated and decentralized decision-making capabilities that reduce human bias and create more equal platforms for all stakeholders.
The author is the founder and chairman of Fulcrum Digital Inc.