Information Technology

How Has The Technology Transformation Evolved Over The Years?

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<p>The dot-com bubble burst in 2000 drastically transformed the technology fraternity and opened millions of hidden opportunities. Just two decades have gone by, and technology has radically made its way in every aspect of our lives.</p><p>Witnessing the incessant growth of the internet and information technologies is overwhelming and privileging at the same time. And coming from a period of wired and hefty instruments, it&rsquo;s interesting to see how information technologies evolved businesses and our own daily lives.</p><p>In fact, the solution providers for digital transformation have gained massive momentum in their reach and acceptability over the years. And the upward growth doesn&rsquo;t seem to decline to go ahead.</p><p><img style="display: block; margin-left: auto; margin-right: auto;" src="https://kradminasset.s3.ap-south-1.amazonaws.com/ExpertViews/vikas+kant1.PNG" /></p><p>Right from a fan to a phone, we have stepped into an era of personal, portable, and pocket-sized everything.</p><p>Although technology has disrupted significant sectors in the last two decades, the growth has been gradual and in phases.</p><p>So, without going too deep in technology memory lane, here are the three phases that categorically paved the way to technology transformation:</p><p><strong>Phase 1 - Digitization</strong></p><p>The revolution started with getting rid of paper-based processes.&nbsp;</p><p>The drive behind the first phase of information technology was to digitize the existing processes and reduce the dependency on paper, consequently reducing labour, errors, and duplicate entries.</p><p>Clearly, IT guys encouraged the idea of bringing paper-form content on the same screen and workflow processes.</p><p>Also, this phase witnessed the birth of stand-alone systems, functioning separately without any interconnection.</p><p>This phase resulted in significant gains owing to reduced physical paper movement.</p><p><strong>Phase 2 - IT Transformation</strong></p><p>Then came when all official information started getting stored in digital form, which automatically improved organizations&rsquo; overall operations. &nbsp;</p><p>Further gains and significant changes were realized by reengineering processes in digital form. Systems started talking to each other, appropriate handshaking protocols were chalked out, and seamless interconnection between disparate processes became a reality.</p><p>This phase saw massive adoption of Enterprise Integration &amp; Workflow Solution in large-scale enterprises.&nbsp;</p><p><strong>Phase 3 - Digital Transformation</strong></p><p>Digital transformation is the status quo of most organizations today.</p><p>As per studies conducted by IDC, as of 2019,&nbsp;<a href="https://www.idc.com/getdoc.jsp?containerId=US45569118"><strong>direct digital transformation investment was anticipated to increase</strong></a>&nbsp;at a compound annual growth rate (CAGR) of 18% from 2020 to 2023. The study also showed the number to be approaching $7 trillion by 2023. Organizations leveraging such strategies are on their path to becoming the next big digital-at-scale enterprises.</p><p>Digital transformation is that phase where enterprises reimagine and automate their processes and systems. Systems functioning in silos are connected across the organizations at a massive scale, building an interconnected ecosystem and enabling data and process availability from all locations.</p><p>Despite or rather due to the pandemic, you would be surprised to know that&nbsp;<a href="https://www.idc.com/getdoc.jsp?containerId=prUS46377220"><strong>global spending on digital transformation&nbsp;technologies</strong></a>&nbsp;and services is estimated to have grown significantly in 2020.</p><p>From close observation, one can identify that this phase is dominated by Big Tech and new-age start-ups, gradually disrupting established businesses and operating models.</p><p>It&rsquo;s expected that digital transformation would yield disproportionate benefits due to massive automation and based on recent trends, technologies like APIs, microservices, cloud &amp; AI are driving this change.</p><p><strong>What next?</strong></p><p>This is anybody&rsquo;s guess. In my opinion, the next big innovation will transform the current methods of human interaction with digital devices. Who knows, maybe Neuralink is an early indicator of this change?</p><p>So, what do you think is the next paradigm shift in technology, any guesses?</p><p>&nbsp;</p>
KR Expert - Vivek Kant