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A couple of years ago, the pandemic prompted an urgent acceleration of digital transformation initiatives. It pushed companies (of all sizes) to invest in advanced technologies to survive in the new normal. Those investments weren’t just a few blips on the radar, though. 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 key to overcoming operational pressures and driving efficient and sustainable growth in 2023.
Automation for efficiency
While companies have already been embracing automation, Mulesoft suggests that by 2023, investment in technology will go beyond the isolated cases. The goal will be to help business leaders do more with less. Eventually, this will help them drive efficient growth, improve productivity, and generate cost savings amid business uncertainty caused by rising inflation, rising energy costs, growing labor shortages, and geopolitical conflicts.
According to a Deloitte survey, 53% of organizations have already started implementing robotic process automation (RPA). Meanwhile, Gartner forecasts that by 2024, hyperautomation will enable organizations to reduce operating costs by 30%. By 2025, the hyperautomation 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 in which companies must prioritize profitability. Automation is about creating ways of working that can save time while continuing to drive 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 companies are not achieving it due to legacy technologies and data silos. According to Mulesoft, by 2023, companies will address this issue by broadly adopting an enterprise composable strategy. This will allow teams to reuse their existing capabilities to adapt to changing market needs, helping them gain customer loyalty and growth in a profitable and strategic way.
Gartner predicts that by 2023, 60% of top organizations will include becoming a composable enterprise as a strategic goal, and those that adopt this approach will outperform their competition by 80% in the speed of deploying 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 resolved in 2023 with the widespread adoption of low-code/no-code tools.
With these tools, we will see more organizations build fusion 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
Businesses have long focused on improving the customer experience (CX) to drive growth, safeguard revenue, and ensure loyalty. However, they have now realized that improving the employee experience (EX) is just as critical to success.
As such, Mulesoft estimates that by 2023, an increasing number of leading organizations will be looking to the total experience (TX) as a means of improving customer and employee journeys, particularly in areas where they intersect. This will create superior shared experiences and drive additional business value by repurposing existing technology investments that are critical to key customer and employee experience initiatives.
According to Gartner predictions, by 2026, 60% of large enterprises will use TX to transform their business models and achieve “world-class levels of customer and employee advocacy.” Additionally, by 2024, organizations that focus on the total experience will outperform the competition by 25% in satisfaction metrics for both CX and EX.
Automated data intelligence
While organizations focus on being data driven, most of the data assets needed to generate actionable intelligence remain siled and locked across systems. In 2023, Mulesoft said, enterprises will address this problem with a modern, composable integration approach. This will pave the way for creating a data fabric that connects data across platforms and between business users. By embedding real-time analytics into this data fabric, organizations will be able to automate decision making, dynamically improve data usage, and reduce data management efforts by 70%.
More integrated and layered cyber defenses
According to Mulesoft, increasing investments in distributed architectures and cutting-edge technologies will result in increased security risks in 2023. In response, the company said, organizations will adopt the cybersecurity mesh approach, where “a flexible and composable architecture integrates security services disparate and widely distributed security .” Gartner says that 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 management interface.
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Sustainability will be a focus point
CXOs have talked a lot about environmental sustainability, given its benefit to the planet and its potential to differentiate a company as a “green crusader.”
According to Mulesoft, by 2023, companies will look to drive sustainability in their operations by using a composable business strategy to unlock and integrate data and applications, and apply automation and analytics to gain insights.
Currently, around 90% of technology leaders recognize sustainability as a key IT objective in their organization and expect budgets to increase by 10-20% in the next three years.
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