Emerging tech, from AI to extended reality, is radically reshaping today's busin...
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Emerging tech, from AI to extended reality, is radically reshaping today's business world — and leaders who don't get on board ASAP will be left in the dust
Digital transformation has become essential in business development as it reshapes sectors.
Technology such as AI and extended reality are prompting companies to rethink how they operate.
Insider spoke with five experts about tech's impact on digital strategies across organizations.
This article is part of "Build IT," a series about digital tech and innovation trends that are disrupting industries.
There's no denying that technology has drastically changed the way we live. Ideas that were once unfathomable are now a reality. Just look around: Drones are becoming important emergency-response tools amid natural disasters, driverless cars are hitting the roads, and 3D-printed houses are on the market.
Even tech for comparatively minor applications is inspiring notable change. More households have started using app-based grocery delivery services, and online shoppers are using augmented-reality features to visualize what products will look like in real life (turns out, the couch you've been eyeballing will, in fact, fit in your space, and it looks perfect with your coffee table — add it to your cart and complete your purchase).
As technology shapes customer habits, entire industries, and society at large, digital transformation has become a critical priority for every company.
Its impact on the business world is profound. A February report from Deloitte found effective digital transformation initiatives could increase market capitalization by a staggering $1.25 trillion. But done wrong, they could result in $1.5 trillion of lost value.
From artificial intelligence to extended reality, a variety of technologies are shaping digital transformation strategies. And they're helping companies across all industries streamline and optimize business models, improve processes, enter new markets by embracing domain changes, and reshape how their employees work.
Unlocking new business models
The rapid advancement of technology has led to major shifts in customer experiences and habits over the past decade or so. To survive the winds of digital change, many businesses have had to radically readjust their business models.
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