In the era of Industrial Revolution 4.0, several industries have shifted from analogue to digital solutions. The Digital transformation of any organization includes the process of integrating latest information technology trends into your business so as to create new business operations, customer experiences, and receive higher cost-effectiveness.
According to PwC, there are 8 primary game changing Technologies in the market driving the majority of digital transformation. They include
- Augmented Reality
- Artificial Intelligence
- Blockchain
- Internet Of Things
- Robotics
- Drones
- Virtual Reality
- 3D Printing
While keeping in mind that digital transformation is a relatively new concept in several industries, it is also important to understand that every industry has a different take on digital transformation according to their operations, capabilities, and culture.
In this article, we delve into the nitty gritty of three prominent industries that are successfully implementing digital transformation across their verticals and taking charge of going digital.
Technology
Technology companies tend to have the approach of digital first compared to other industries. Already equipped with the skills to digitize, they are leading the digital revolution in this era.
- Cloud Computing
The technology allows the user to manage data directories, process data, and store it across a network of remote servers. This allows for easier transformation of business models and operations. - Cognitive Computing
This technology uses computerized models to simulate human thought processes. It overlaps with artificial intelligence and empowers cognitive applications such as neural networks, robotics, and virtual reality. It effectively synthesizes data from various sources while balancing can text and conflicting evidence to give best possible results.
BFSI
The core industry of banking and Finance have been revamped using several Technologies such as robotics, cloud computing, big data analytics, and much more.
- Robotics
It is anticipated that robots are going to replace human staff to eliminate human error. An Accenture report illustrates that approximately 80% of bankers estimate that artificial intelligence has the potential to offer human leg customer experience while 76% believe that robots will replace customer interactions in the forthcoming years. - Big Data Analytics
Big data analytics enables bankers to recognize patterns and understand customer preferences. Moreover, this technology has been instrumental in identifying fraud, and making risk assessment.
Healthcare
Traditionally, the healthcare industry has been digital laggard with slow adoption to digital trends. Yet, several prominent and crucial innovations in technological utility have been witnessed in this industry.
- Electronic Health Records
Electronic health records are being utilized extensively for better data organization, streamlining, instant updates, security, and much more. This data also helps in research purposes to recognize symptom patterns inpatients. - Wearable Technology
Several wearable technologies allow remote healthcare monitoring by caregivers and eliminate the need to have multiple hospital visits. Many wearable devices also allow for reminders and status reports especially in patients with mobility issues.
Digital first approach provides ample opportunities for efficient problem solving, product delivery, efficient operations, and better business models. It is changing the core concept and practices enabling businesses in this highly competitive market.