The technological advancements that gained significant momentum in 2023 will continue in 2024. Businesses are striving to keep up with these developments to secure their place in the future. One of the most important advantages for companies that determine their digital transformation processes according to new trends is their competitiveness. Those businesses that quickly adapt to technological innovations can produce solutions to needs more rapidly and elevate the employee and customer experience.

In this article, we discussed the digital transformation trends that started to rise in 2023 and will continue to transform in 2024.

What were the emerging digital transformation trends in 2023 and 2024?

It can be argued that 2023 was marked by advancements in data science, automation, and artificial intelligence. Businesses concentrated on improving process efficiency and automating tasks to enhance their competitive edge. This momentum carried into 2024, with digital transformation gaining even more prominence among businesses. Global research suggests that around $3.4 trillion will be invested worldwide in digital transformation by 2026. Some of the digital transformation trends that companies will prioritize in 2024 include:

Artificial Intelligence (AI) and Machine Learning (ML)

AI was pervasive across all aspects of businesses in 2023, from raw material procurement to waste management, enhancing employee experience and customer satisfaction. This trend is set to continue in 2024, with AI maintaining its strong presence. Since 2023, new applications of this technology have continued to emerge, evolving with each passing day. In addition to well-known applications such as image and speech generation, navigation, and voice assistants, AI's data processing capabilities have also significantly improved. Organizations can leverage AI to process big data, enhancing efficiency and gaining valuable insights. Machine learning technology allows for the swift and easy execution of laborious and time-consuming tasks, potentially boosting a company's profitability based on the insights gained. AI, equipped with features like machine learning and natural language processing, remains crucial for businesses, driving developments that enhance competitiveness in customer experience and process improvement through the analysis of big data.

Robotic Process Automation (RPA)

Utilizing automation involves the automation of various business processes. Robotic process automation (RPA) specifically refers to the automation of repetitive tasks within business processes using software robots. These robots are capable of mimicking the actions typically performed by employees on digital applications. They can access enterprise applications, open and manipulate files, classify emails, and process and analyze data to generate reports.

Virtual Reality (VR) and Augmented Reality (AR)

The evolution of virtual reality (VR) technology, originating in the 1960s, saw significant growth in 2023, especially with the introduction of the metaverse concept. Progress in screen technology led to the creation of lighter and more portable VR headsets. VR, offering users a unique experience in the digital realm, facilitated the development of various applications such as VR games, educational tools, architectural simulations, and healthcare solutions. It is expected that VR will continue to be a prominent technology trend in 2024. In 2024, the combination of VR technology with the advancing visualization capabilities of AI could broaden its applications. This advancement may allow for experiences beyond games and simulations, offering more realistic experiences. For example, businesses could provide customers with more immersive experiences, potentially boosting customer satisfaction and significantly enhancing the company's competitive edge.

Internet of Things (IoT)

The Internet of Things (IoT) involves linking various devices and sensors to the internet or to each other using a dedicated network. These devices can perform a range of functions through the connections they establish. IoT technology is instrumental in creating innovative solutions such as smart home systems, wearable technologies, and smart vehicles. Moreover, it benefits businesses by enhancing efficiency, improving customer experience, and providing data analytics and decision-making support. This technology is expected to continue being a key trend in digital transformation in 2024. According to Machina Research's global market forecasts, approximately 25 billion connections will be established through the Internet of Things by the end of 2024. Additionally, more real-time data can be generated regarding the environments where connected devices and equipment are located.

5G Technology

5G technology emerged as a significant technological trend in 2023. With its ability to boost connection speeds, 5G has the potential to transform user experiences by integrating VR technology and cloud-based applications. It can facilitate the monitoring and management of operations in factories and businesses. Moreover, it offers advantages in critical processes such as enhancing security through high-resolution cameras and smart grid control.

“Digital transformation is on the rise within businesses, with global research forecasting that around $3.4 trillion will be invested worldwide in digital transformation by 2026.”

Cybersecurity

The advancements in artificial intelligence call for increased caution in the cybersecurity sector, for both individuals and organizations. Consequently, the importance of cybersecurity technologies is growing. There may be a need to develop more effective protection methods against various data breaches and significant losses that could result from cyberattacks. Each new attack can prompt the development of a new protection method. In this regard, the ability of artificial intelligence to quickly detect threats and intervene in a timely manner is crucial.

Eco-Friendly Technologies

The harmful impacts of climate change are becoming more evident. Governments and organizations are developing climate action plans to meet the goal of limiting global warming to 1.5 degrees Celsius. Decisions made at the 28th Conference of the Parties (COP28) to reduce emissions and phase out fossil fuels gradually are driving the adoption of environmentally friendly technologies. Integrating these technologies into processes may facilitate achieving these decisions. As businesses improve their efficiency, the demand for energy may decrease, increasing their environmental sensitivity. This can enhance stakeholder and customer satisfaction, thus bolstering the company's competitive edge.

We endorse digital transformation across all domains

At SOCAR Türkiye, we strive to be an integrated energy company that adds value to all stakeholders while fulfilling our economic and social responsibilities. As a pioneering organization committed to leveraging advanced technologies for sustainable living, we actively support digital transformation across all areas. We prioritize digital-driven business transformation throughout our corporate and production processes. In this context, we conduct project studies, particularly focusing on Video/Image/Sound Processing, Process Mining, Chatbot, IoT (Internet of Things), GIS (Geographic Information System), Self-Service Analytics, and Drone (Unmanned Aerial Vehicles) technologies.

We are working for tomorrow with today's energy.