Authored by Rajesh Sinha, Founder and Chairman, Fulcrum Digital Inc.
Digital transformation is the complete alteration of different operations under the management of an organization, in order to take advantage of opportunities created by digital technologies and data. We’ve come a long away from Web 1.0, which was the first phase of World Wide Web evolution, Web 2.0, emphasizing easy-to-use user-generated content, participatory culture and end-user interoperability, to Web 3.0, the 3rd generation of evolved web technologies. Web 3.0 is nothing but the evolution of Web consumption and interaction, which involves transforming the web into a database with the integration of distributed ledger technology, where data helps in generating need based smart contracts. In simple terms, from a consumer standpoint, through Web 3.0 internet users will be able to experience the real world in a virtual iteration.
Additionally, cutting-edge technologies are helping businesses migrate to the cloud, and capabilities such as artificial intelligence, big data/data science are transforming how we live and work. Digitization is the survival strategy for businesses to remain flexible, adaptable, and connected. Building a ‘digital first enterprise’ that is capable of dealing with and pivoting in any situation is inevitable. Thus, digitizing businesses will broaden the scope of what's possible in terms of new products, services, business models, and operations.
The usage of traditional technology services has helped businesses grow. However, with next-gen technologies such as Web 3.0 coming into play, consumer experiences are going to change completely. They will now be able to experience the touch & feel sense, virtually. This will further result in the creation of better business value. Here are a few tech strategies that are a must for your digital journey!
In this ever-transforming digital age, every organization must make a 360-degree digital pivot to survive and prosper. Most importantly, businesses should utilize Web 3.0 in order to build transparent organizations with automated and decentralized decision-making capabilities, which will reduce human biases, further creating equal platforms for all stakeholders. Likewise, as artificial intelligence, machine learning, and natural language processing applications get more powerful, the future of Web 3.0 will include even more personalized human-like interactions with machines, taking hyper-personalization to the next level. Metaverse, augmented reality (AR), virtual reality (VR), and mixed reality (MR), etc. should be leveraged by businesses in order to get into the bandwagon.
Even though the change should be more comprehensive than partial transformation, not many digital leaders are focusing on the above strategies. Hence, businesses should ensure that all these elements are in motion for a 360-degree digital transformation.