Emerging digital transformation tools such as AI, ML, Humanized AI-Chatbot, AR/VR, Robotics, IOT and cloud-based platforms will shape the future of digital transformation. Already around 44% of companies have moved to a digital first approach for a good customer experience and it is anticipated that 20.4 billion devices will be connected to IOT in the near future.

Digital transformation trends like AI, ML and Cloud-based platforms are expected to reshape the future of businesses in 2023. Hybrid Work Models, increased investments in AI/ML technologies, privacy transparency, and Blockchain technology are expected to transform the digital landscape. NFTs will become more popular for digital art, games, stocks, bonds, real estate, and data ownership rights.

Digital transformation can make life better as it improves customer engagement and satisfaction by using meaningful data-driven insights to provide a better customer experience. It also increases revenue through effective collaboration across all business departments and improved agility and innovation for stakeholders, the company, and employees.

Life in the Digital Age has both positive and negative impacts on well-being, from productivity gains to cyber-bullying, as well as data limitations. Recommendations are provided to assess digital transformation effects in the future. However, a digital divide remains, as some people are more capable of leveraging digital technologies to improve their lives. Digital skills, along with emotional and social skills, are necessary to maximize the benefits of digital technology. A safe digital environment is essential to ensure people are not exposed to mental health risks from excessive usage.

There are two key dimensions that should be considered in any successful digital transformation vision : the “What” and the “How.” The “What” represents digital intensity, a measure of the strength of digital activities of an organization. The “How” represents transformation management intensity, a measure of an organization’s vision, governance, and skills. The vision of digital transformation is to use technology to create value and enable positive change, ultimately reshaping the way organizations conduct business and enabling them to better compete in a digital world.