Digital transformation: A 360-degree pivot needed for survival

Utilising Web 3.0 will help organisations enjoy the benefits of automated and decentralised decision-making

Digital transformation: A 360-degree pivot needed for survival
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.

By Rajesh Sinha

Digital transformation is the complete alteration of operations under the management of an organisation, in order to take advantage of the opportunities created by digital technologies and data. We’ve come a long way from Web 1.0, the first phase of the World Wide Web’s evolution, and Web 2.0, which stressed easy-to-use user-generated content, participatory culture and end-user interoperability, and moved to Web 3.0. 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.

Digitisation is essential to businesses remaining flexible, adaptable, and connected. Building a ‘digital first enterprise’ that is capable of dealing with and pivoting in any situation is thus inevitable. Here are a few tech strategies that are a must for your digital journey!

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Data science: From identifying IoT devices to predictive analytics, data science provides a unique perspective for all types of enterprises to create models that characterise trends and use them as the foundation for transformative software. In the months to come, data science practices will benefit tremendously from Web 3.0, which is going to witness significant advancements.

Cloud computing: Cloud computing enables businesses to expand effectively. Edge computing relocates storage and compute resources away from the central data centre and closer to the data source. Only the outcomes of the computing effort at the edge are sent directly to the central data centre for analysis and human interactions. Thus, edge computing is changing the face of IT and business computing. As the Web 3.0 era begins, cloudification of businesses will get smoother.

Experiential marketing: Experiential marketing allows customers to not only buy but also experience a brand’s products or services. Metaverse is a fantastic platform that can be used to provide a user interface for any product. With virtual reality, you can provide your target audience an immersive experience of your products or services without them having to visit a physical store or showroom. Meanwhile, with AR, you may blend elements of the physical world with digital components, such as displaying digital things in a physical store. When businesses emphasise experiences rather than products, they will develop as brands that attract and retain customers.

Language models: These are artificial intelligence systems that comprehend and generate text, and are the hottest new thing in business. As researchers construct newer and larger architectures, the usage of large language models has increased considerably in recent years. However, despite recent architectural innovations, most organisations will find these language models impracticable.

In this ever-transforming digital age, every organisation must make a 360-degree digital pivot to survive and prosper. Most importantly, businesses should utilise Web 3.0 in order to build transparent organisations with automated and decentralised decision-making capabilities, which will reduce human biases, further creating equal platforms for all stakeholders.

The writer is founder and chairman, Fulcrum Digital Inc.

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