Experts fear lack of investment in digital technology
The new challenges faced by businesses stem from disruption and the need to invest in digital technology. In the future, companies will be more digital than physical. By the end of 2024, over 50% of Latin American GDP will be digitalized. 29% of the business sector in the region already focuses its priorities and commercial strategies on digital
Innovative and disruptive technologies have been drastically transforming the way companies develop their processes and interact with their customers, especially in this post-Covid era. Cloud computing, artificial intelligence (AI), the Internet of Things (IoT), and big data analysis enable task automation, streamline processes, reduce errors, improve accuracy, and free up time for other actions.
With substantial improvements in communication processes, information sharing, collaboration on projects, and effective response to customer needs, these tools and platforms offer additional benefits. Additionally, through data analysis, companies gain a better understanding of their customers’ preferences and behaviors, leading to more accurate decision-making.
According to the results of a panel discussion on investment in digital technologies and the economic outlook, organized by TD Synnex and IDC (International Data Corporation), 69% of global leaders in digital technologies express strong concern about the need for increased investment in these technologies to ensure companies can remain competitive.
Inevitably, organizations in Latin America want to accelerate their digital plans. This conclusion arises from a survey conducted by IDC called the Future Enterprise Resiliency and Spending Survey. The figures show that only 19% of companies are beginning to implement a digital strategy for the first time. A very positive percentage of 49% states that they are rapidly transitioning and expanding into these technologies, while 29% has already shifted their priorities and commercial strategies towards digital.
It is expected that in Latin America, business spending on digital technologies will grow 32 times more than GDP in 2023. In the case of Colombia, the figure is 9.4%, surpassing the expected GDP growth rate. Digitalized companies are already investing between 11% and 15% of their revenues in technology, and it is expected that at least 65% of companies will have a strong competitive advantage in their resilience capacity next year.
Hardware, software, training
Investing in digital technologies and strategies is one of the best ways for companies to become more agile, competitive, efficient, and increase their productivity. Initially, investing in these digital tools allows for the automation of many processes that were previously manual, saving time and reducing the risk of errors. Examples of improved productivity and efficiency through automation include data management, document management, and inventory tracking.
Investing in newer and more efficient hardware and software is a way to make activities in a company faster and more effective. Newer technology enables more collaborative work, faster task completion, and easier access to data and applications. There is no doubt that updated technological elements reduce the risks of system crashes, errors, and failures associated with outdated equipment.
Therefore, accessing these new technologies requires providing adequate training to employees to ensure effective use. This maximizes employees’ potential to carry out more efficient and optimized processes. Investing in training also strengthens employees’ morale and increases their confidence in their work.
By investing in information technology (IT), especially in Internet of Things (IoT) tools, productivity can be increased. Effective utilization of technology allows organizations to be more agile, efficient, and competitive
These technology investments become collaboration tools. Messaging applications, project management software, and video conferencing platforms, among others, efficiently support communication processes and collaborative work. Developing projects, sharing documents and data, and achieving real-time communication reduce time and costs associated with physical meetings and optimize workflow.
One of the most important aspects of investing in these digital tools is data analysis. Data-driven decision-making is synonymous with better operations. It is the most optimal way to obtain information about an organization’s performance and identify areas for improvement. Good information derived from data is vital in decision-making. These decisions are associated with productivity, efficiency, identifying workflow obstructions, highlighting areas where resources are underutilized, and providing substantial information about customer behavior and preferences.
The path of the Internet of Things
One of the significant issues in the business and industrial world is downtime and loss of productivity caused by cyber-attacks. Investing in technology is essential for preventing and blocking these threats. Implementing robust cybersecurity measures protects data and systems, and employees should also receive training on best cybersecurity practices.
Finally, it is worth noting that currently, the most important investment in digital technology is associated with the Internet of Things (IoT). Tools associated with IoT technologies are essential for process automation, real-time data collection, and obtaining information about operational performance. The role of the Internet of Things (IoT) is crucial in transforming how companies operate worldwide, enabling improvements in efficiency, cost reduction, product quality, supply chain optimization, energy consumption management, asset tracking, and worker safety.
One of the conclusions from the TD Synnex and IDC panel discussion is that organizations must be able to respond quickly and adapt to changes, and technology is an essential component of their strategies. Therefore, investing in technology and digital strategies offers options provided by AZLOGICA®, a leading IoT solutions company in Latin America, offering a range of digital tools based on 4.0 technology, tailored to your organization’s needs.
With various solutions through its Ecodrive®, Things Manager®, Evolucion®, and Team Manager® platforms, AZLOGICA® ensures that your company benefits from effective management, optimization, and control of variables, real-time information for early alerts, business intelligence reports, and predictions using machine learning and artificial intelligence.
This deployment of 5G technology, IoT benefits, and Logistics 4.0, offered in AZLOGICA®’s service portfolio, guarantees a high return on investment, undeniable social impact, and contribution to sustainable development.