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Businesses worldwide are expected to spend well over $1 trillion this year on digital transformation, and more than twice that amount by 2025. It’s not just digitizing brick-and-mortar and analog processes these days but adopting cloud native architecture and microservices. None of it comes cheap, and it has definitely never been easy, but it is necessary for any business looking to thrive in today’s global and volatile market.
Where some tech-focused organizations are leading the charge, others — for example, the healthcare industry and government agencies — are still lagging in digital transformation.
Companies’ adoption of new technologies went into overdrive in the past two years as public health guidelines forced businesses to find new ways to buy, sell, and interact with customers and colleagues. But the digitization of major industries began years before. As consumer preferences and expectations changed, a company like Spotify, for example, was able to disrupt the old model of delivering music, leaving hundreds of radio stations scrambling to remain relevant. Airbnb used software to change the hospitality industry, and Uber’s technology forever changed the transportation business.
We are in another period of fundamental change, one where technology is enabling brand-new business models and making older ones obsolete. In response, companies need to adapt and put technology at the forefront so they can stay competitive and grow. Software can no longer be treated as an afterthought. Whatever line of work you are in, if you have an eye toward the future, it’s time to start thinking of yourself as a software company.
Today, technology is just as important to a retailer or a restaurant chain as it is to a software company. All businesses need to be prioritizing digital transformation and even though the software may not be a physical, tangible project, companies need to invest in their tech like they would any other product.
One way to do so is by invest …