Digital Transformation is underway in tons of organizations as they exploit the opportunities presented by digital technology to build their name, connect with customers and ramp up sales models. However, for every industry, digital transformation solutions affects differently.
The systems, the culture, the processes, and even the scope of each industry all come into the picture when embarking upon digital transformation. The pace at which industries are changing is different for all. In this article, we take a closer look at the top 4 industries that are doing real good with digital transformation and taking charge of this transformation to lead business success and also consider what challenges and opportunities the longer term holds for each.
1. Health and Pharma
This industry has been a little slow to react and adapt. According to McKinsey, almost 40% of pharma companies are unsure about aligning digital strategy with their customers’ pathway while only 10% based strategic decisions on a detailed understanding of how digital affects their business sector and competitive environment compared with 22% across all industries. As we all see on a daily basis, the internet offers people information at the click of a button. Nearly half of people diagnose themselves prior to speaking to healthcare professionals.
Major hospitality players across the USA have already employed the latest technological tools to map consumer behavior and provide highly personalized services to their patients. Mobile check-ins, biometrics identification, automated kiosk machines, and many more advancements are becoming increasingly common within this industry.
The sheer amount of digital information accessible to the patients online makes them comfortable in knowing what kind of treatment they need and develops a better relationship with their health and also evaluates the cost of products and services they need.
Wearable technology devices like Fitbit give patients more responsibility in looking out for their own health with real-time monitoring of symptoms and vitals, reminders, and reports. It is imminent that in the coming years, more and more companies will choose a digital transformation solutions, especially in the hospitality industry, to better the customer experience and boost retention rates.
2. Finance
The advancements in technology are changing the finance industry in many ways. Cloud computing, analytics, and robotics are the most innovative digital tools revolutionizing the core of banking and finance. There is no place for human error nowadays as machine learning and robots take over.
Also Read : 4 Things to Keep in Mind while Driving Digital Transformation in An Enterprise
Mobile banking apps and smart ATMs to virtual assistants and chatbots on websites, the future of finance is quickly taking shape already. Human staff will be reduced to a minimum in the banking sector soon. Not only can the robots do the job quicker, but it is also a fact that they offer a much better user experience. Here are some real-world scenarios where finance transformation provides a significant value over traditional ways:
– A logistics firm with international business can use powerful analytics to identify changes in foreign currency patterns and budget these changes for the entire year at the very beginning. This allows companies to account for these fluctuations and predict financials accordingly.
– AI provides predictive analysis that uses patterns and algorithms to identify outliers. With machine learning, can help catch and eliminate nonpayers or frauds, be it for customers of an online retail website or for some unsavory elements trying to open up a fraudulent bank account.
It all comes down to adopting a digital finance transformation process wholeheartedly. That first step and embracement of the process without reservations is crucial. Only then will this digital transformation be successful and show true effectiveness.
3. Technology
With the words ‘digital’ and ‘technology’ being so intertwined, it is obvious that the most prepared industry for adopting digital transformation solutions is Technology. Tech companies are more likely to class themselves as digital-first compared to others in various industries, research by eConsultancy indicates. For users to have better communication and transactions, these companies excel at user experience (UX) which is well-designed.
The tech industry has been using tools like the following for them to grow:
– Cloud Computing – This helps companies transform business models and operations and put analytical insights to better use.
– Cognitive Computing – The potential of machine learning is realized with this innovative digital tool. While it is still a work in progress, it improves businesses in various ways like improving products, streamlining services, and allowing companies to make more informed decisions.
The way Intel has brought predictive analytics and machine learning into the heart of their digital transformation strategy and used it to design products to accelerate production time indicates the benefits of investing in these methods.
– Flexible consumption – allows for “pay as you go” models. This way consumers can pay for only specific services at the beginning while also having the chance to cut down or subscribe to others in the future. It enhances customer relationships.
4. Telecommunications
Less than half a billion global smartphone users existed just nine years ago. This exact parameter figure is close to 3 billion today. The telecoms industry is transforming at an incredible pace and businesses around the globe know it.
We have been seeing the rise of mobile-first tech, messaging apps and how it is changing the way people communicate and access information. To stay competitive, companies have been upscaling IT services and overhauling methods to address the customer’s desire for more digital touchpoints.
For example, Sprint, which recently merged with T-Mobile in a $24 billion merger, invested a lot in modern tech such as AI. Recognizing the power of these tools, they made it their mission to lead the way in the same within the telecoms industry. We are a mobile-first world now. Telecom companies have to switch their practices to be more customer-centric.
With technology evolving faster than we could ever imagine, the need for professionals skilled enough to develop Digital Transformation in Industry 4.0 has also skyrocketed. A digital ecosystem with efficient procedures and fruitful results is all we need.
