Digital transformation in different industries

08 OCT 2021

Digital technologies are dramatically reshaping business structures and models in all aspects to meet market change and business requirements, executives are now opened to adopt digitalization in respective industries either to keep up with the trend or for handling competition.

According to a survey from McKinney, 67% of different industries have accelerated the process of adopting digital products while 89% of them have already adopted and this shows the importance of digital transformation and continuing demand for it.

Digitalization across industries matters due to the increase in competition, to leverage powerful tools, harness automation, etc, below study from Harvard business reveals the percentage of industries adapted to digital technology in their routine work culture.

Adopting digital channels creates value for both industries and society, by centralizing digitalization to handle traditional challenges real values can be driven to fulfill the promises of transformation. Digital adoption across industries are as follows:

Digitally advanced industries or adoption of digital transformation in different industries are said to be:

1. Information technology followed by Media, finance, and professional services are said to be fully digitized in all directions
2. Real estate, traveling, B2B sectors, basic manufacturers are digitalized and expected to grow further with opportunities to digitize assets.
3. Education, retailers, entertainment, labor sectors, service sectors have minimal technology adoption with negligible digital tools.
4. And Health, hospitality, construction, agriculture are the sectors with the least technology adoption.

Values industries will get from digital transformation:

Healthcare: Even before the covid 19 pandemic healthcare providers were fascinated to adapt technology to reduce the time involved in patient report generation, risk analysis, etc., digital transformation in the healthcare industry benefits them with:

1. Patient assistance in daily medication processes
2. Reducing infrastructure cost
3. Enhanced patient care
4. Patient health analysis and alerts
5. Personalized care

Retailers: Retailers are willing to drive agility in their business process to deliver excellent customer digital experience and reduce operational costs, digital transformation in retail industries benefits them by:

1. Automating tedious tasks and error-prone processes
2. Improving customer buyer journey
3. Better supply chain management
4. Enterprise agility
5. Deliver omnichannel experience
6. AI implementation on approval tasks

Finance services: banking or financial service providers rapidly shifting towards technology adoption for their digital demanding customers to retain them because most of the payments happening through online channels and 53% of customers at all financial institutions have changed the financial providers due to a lack of digitalized services (from a study of Everfi).

And digital channels for banking will help you with:

1. Attracting more digital investors
2. RPA – process automation
3. Reduced paperwork
4. Improved security
5. Personalized offering

Hospitality: The industry with the least digital adoption but has the potential to create a benchmark only after implementing the right technology with the right strategy. the benefits a hospitality industry will get after implementing digital solutions are:

1. Virtual reality platform for 360 views.
2. Online bookings and seasonal offers
3. Smart rooms with technology
4. AI chatbots to engage customers
5. Real-time updates
6. Delivers luxury to users

Entertainment: Though the trends of online streaming in the media and entertainment industry have seen growth post-pandemic, entertainment companies need to embrace technological advancements to continue to entertain their audience in a whole new way with a whole new experience. Future technological trends for entertainers involves:

1. AR & VR for 3D entertainment
2. AI for a personalized experience
3. Wearable technology
4. IoT

Engineering: Digital engineering is progressively creating a buzz in the current world irrespective of the field, technology in engineering helps organizations to experience:

1. Data-driven decisions
2. Building information modeling
3. AR/VR for 3D models
4. Virtual communication and collaboration
5. Innovation

Oil and Gas: Evolving with business technology is projected to account for $15 trillion of value by 2030, adopting digital transformation in Oil and Gas industry will benefit with:

1. Increased cost saving
2. Roadblock analysis and finding solutions    
3. Gives digital maturity
4. Industry ecosystem for business management

Telecom: Telecom industry is on the move towards cloud solutions by transforming hardware to digital solutions due to improved security and ease of cloud management.

1. enables customer self-servicing
2. omnichannel customer experience
3. Easy Digital Identity and access management
4. Brings agility to business models.

Manufacturing: Increased customer expectations, the need for connectivity, technological improvements, and the disruption that made each industry adopt digitalization – even manufacturing with some minor technological updates. There are several opportunities to get benefited from embracing technology at the manufacturing industries like:

1. Decreasing operational costs
2. Enhanced work efficiency or quality of work
3. IIOT
4. Smart manufacturing
5. Data-driven risk analysis and decision making
6. Brings more safety to the workplace

There are advantages over risks in implementing digital technologies to the business models, the right technology will clear all your roadblocks and help you get solutions meant to reduce your efforts in day-to-day tasks. Looking for the right digital vendors? Contact us for technology adoption guidelines and tailor-made digital solutions.