Top 7 Digital Transformation Trends to Drive Effective Growth in 2023

Top 7 Digital Transformation Trends to Drive Effective Growth in 2023

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A few years ago, the pandemic led to an urgent acceleration of digital transformation initiatives. This has driven businesses (of all sizes) to invest in cutting-edge technologies to survive in the new normal. However, these investments were not just a few echoes on the radar. The resulting economic uncertainty, combined with changing customer needs, has led companies to redouble their efforts, with a renewed focus on operational efficiency, productivity and resilience.

As this trend continues, Salesforce-owned Mulesoft has identified seven aspects of digital transformation that will be critical to overcoming operational pressures and driving effective and sustainable growth in 2023.

Automation for efficiency

While companies have already embraced automation, Mulesoft suggests that in 2023, investment in technology will go beyond isolated cases. The goal will be to help business leaders do more with less. This will ultimately help them generate efficient growth, improve productivity and generate cost savings in an environment of business uncertainty caused by soaring inflation, rising energy costs, growing scarcity labor and geopolitical conflicts.

According to a Deloitte survey, 53% of organizations have already started implementing robotic process automation (RPA). Meanwhile, Gartner predicts that, by 2024, hyper-automation will enable organizations to reduce operational costs by 30%. By 2025, the hyper-automation software market will reach nearly $860 billion.

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“Everyone wants to automate the work they do; meanwhile, we are in an economic situation where companies must prioritize profitability. Automation is about creating ways of working that save time while still generating efficient growth and simply doing more with less,” said Brent Hayward, CEO of MuleSoft.

Composability for agility

Agility is the need of the hour, but most businesses fail to achieve it due to legacy technologies and data silos. According to Mulesoft, in 2023, companies will tackle this problem by widely adopting a composable business strategy. This will allow teams to reuse their existing capabilities to adapt to changing market needs, helping them build customer loyalty and grow profitably and strategically.

Gartner predicts that, by 2023, 60% of consumer organizations will list becoming a composable enterprise as a strategic goal, and those that take this approach will outpace their competitors by 80% in the speed of implementing new features.

IT teams are under constant pressure to meet digital transformation needs. But the talent needed to drive these initiatives is scarcer than ever. This, Mulesoft suggested, will be solved in 2023 with the widespread adoption of low-code/no-code tools.

With these tools, we’ll see more organizations create merger teams that combine business and technology experts, empowered to accelerate transformation projects to meet tight deadlines. In fact, according to Gartner, IT departments that empower their business users in this way are 2.6 times more likely to accelerate their digital transformation projects.

Total Experience (TX) for customer and employee support

Companies have long focused on improving the customer experience (CX) to drive growth, protect revenue, and ensure loyalty. However, they have now realized that improving the employee experience (EX) is just as critical to success.

Thus, Mulesoft estimates that in 2023, a growing number of leading organizations will consider Total Experience (TX) as a way to improve customer and employee journeys, especially in areas where they intersect. This will create superior shared experiences and drive additional business value by reusing existing technology investments that underpin core customer and employee experience initiatives.

According to Gartner forecasts, by 2026, 60% of large enterprises will use TX to transform their business models to achieve “world-class levels of customer and employee defense.” Additionally, by 2024, total experience organizations will outperform competitors by 25% in satisfaction metrics for CX and EX.

Automated Data Intelligence

As organizations focus on managing data, most of the data assets needed to generate actionable insights remain siled and locked in systems. In 2023, Mulesoft said, enterprises will address this problem with a modern, composable approach to integration. This will pave the way for creating a data structure that connects data between platforms and between business users. By embedding real-time analytics into this data structure, organizations will be able to automate decision-making, dynamically improve data utilization, and reduce data management efforts by 70%.

More multi-layered and integrated cyber defenses

According to Mulesoft, growing investments in distributed architectures and advanced technologies will lead to increased security risks in 2023. In response, the company said, organizations will adopt the cybersecurity mesh approach, where “a flexible and composable architecture integrates widely distributed and disparate security services”. .” According to Gartner, by 2024, organizations that adopt this architecture will reduce the financial impact of security incidents by an average of 90%. However, to be successful, they will need to manage connections, APIs, compositions, and automation bots from a single admin interface.

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Sustainability will be the focus

CXOs have been extremely vocal on environmental sustainability, given its benefits to the planet as well as its potential to differentiate a company as “green cruising”.

According to Mulesoft, in 2023, companies will seek to drive sustainability into their operations by using a composable enterprise strategy to unlock and integrate data and applications, and applying automation and analytics to derive insights.

Currently, approximately 90% of technology leaders recognize sustainability as a key IT goal in their organization and expect related budgets to increase by 10-20% over the next three years.

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