Digitalization, 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 2022. 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). 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 digitalization – Data is a company’s most valuable asset. Companies will continue utilizing the information derived from data to make better data-driven decisions.
AI for credit decisioning and personalized 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.