Digital transformation is indispensable for businesses that intend to remain relevant in the near future. Given the prevailing macroeconomic conditions, businesses will likely continue facing unique challenges and opportunities to evolve in 2023. Amidst inflation, geopolitical tensions and economic uncertainty, they can expect to tackle issues on multiple fronts, including the supply chain, increasing customer expectations and sustainability, to name a few.
The fact that digital transformation will help businesses maintain their competitive edge and sustained revenue models is not debatable. What they need to prioritize stepping into 2023 is focusing on digital technologies to build speed, innovation and agility across functions. Time is of the essence, and as customer demands change rapidly, so must the ability to drive growth and navigate the disruption. Having said that, digital transformation is about more than just technology—it’s about the shift in mindset that enables organizations to reimagine their business models and processes to take advantage of the opportunities created by emerging technologies.
A strategic approach to digital transformation is, therefore, key. While every business has specific needs and every journey to a digital future is unique, certain aspects of digital transformation are likely to see more traction in 2023.
An approach that takes a deep dive into the very core of business operations, composability is largely perceived as one of the “core pillars of business strategy.” Why? Because a composable business encompasses mindset, processes, and technology. It is based on the idea that “interchangeable building blocks” instill the business agility necessary for adapting to a rapidly changing market.