Every firm, irrespective of the industry it belongs to, needs to embrace the evolution of technology at an imperative pace. It needs to characterize itself as a chameleon, for adapting to the digital transformation solutions of the industry.
But what is this ‘digital transformation in industries’ or ‘industrial digital transformation’?
Digital transformation in industries is the integration of the organizational, operational, and cultural change across all the functions and levels of the company in a well-planned and technologically fuelled manner.
It encompasses all the innovations and transformations through artificial intelligence, machine learning, analytics, cloud storage, and IoT. Digital transformation solutions safeguard companies against sudden and future unforeseen challenges. And, COVID-19 pandemic is the most appropriate example to support this statement.
Do you know?
89% of the companies feel that COVID-19, made them realize the need for having scalable and agile IT solutions to combat the contingencies.
So, let’s learn about the industries which are ready to leverage the perks of digital transformation solutions.
1. Digital transformation in Fintech
Financial technologies or Fintech are amongst the booming industries of 2021. Mobile banking applications, automated centralized software systems of financial organizations, or cryptocurrency are the trending examples of digital transformation in Fintech. It embraces and exhibits the technologically supported process of developing financial products or services, and communicating the same to customers. Digital transformation in Fintech is not just limited to startups but also supports large-scale, well-funded, or middle-level enterprises. For a more elaborate understanding of the impact of digital transformation on the finance industry, refer to the link provided.
2. Digital transformation in healthcare
Treatment of patients with virtual reality, the rise of on-demand healthcare, the growth of wearable medical devices, predictive healthcare, artificial intelligence-powered healthcare tools, digital health records, and more are the trending examples of digital transformation in healthcare. As per the report of the US department of health and human services, the digital transformation in healthcare has seen a substantial rise in medicare primary care via telehealth. The percentage increase was from 0.1% to 43.5% post the pandemic.
3. Digital transformation in fitness
The digital transformation in fitness has existed for the past few years. But recently, it has experienced an era of digital transformations within a few months. When the doors of the gym and fitness clubs were locked, the fitness professionals paved their way into the house of the fitness enthusiasts via their smartphones and computer devices. Personal coaches, diet plans, routine monitoring, customized workout plans, and more were now available 24*7 at much competitive pricing. And with the real-time integration of multiple social media platforms with the preferred fitness applications, digital transformation in fitness expects no downfall. Instead, it will keep on reshaping the way you prefer to reshape your body.
4. Digital transformation in logistics
Digital transformation in the logistics industry is much needed to combat its manual inefficiencies and adverse environmental impact. The digitally enabled information services, digitally enabled logistic services, 3D printing and crowdsourcing, digital trucks and drones, circular economy for reducing carbon footprint, and shared logistics capabilities are the key digital transformation solutions of the logistics industry.
5. Digital transformation in hospitality
The smart guest room of a hotel enabled with the hotel’s mobile app or Amazon Alexa, or Google Home is an example of a digital transformation solution in hospitality. Such and more digital solutions are much needed to meet the expectations of the guests for customized services. Being a service industry, it is very much essential for the hotels to never miss an opportunity to elevate their customer relationship. For this, there are multiple digital solutions kicked with AR, VR, and AI.
6. Digital transformation in tourism
Digitization of the tourism industry is much needed to cater to the growing expectation of consumers for customized travel experience, quick travel bookings, beforehand knowledge of their accommodation with all the needed amenities, and more. For all these reasons, the tourism industry embraced digital transformation solutions like – mobile integrations, cognitive computing, AI, and optimization of daily operation with IoT.
7. Digital transformation in retail
The digitally equipped consumers have changed the traditional consumer behavior pattern to an extent that retailers today are forced to embrace digitization for their sustainability. The touch-free shopping experience, mobile apps driven omni-channel selling, mobile shopping applications, personalized and location-based marketing, social media marketing, IoT enabled retailing, voice recognition and VR enabled retailing are the digital transformation solutions swiping the retail industry like a storm.
8. Digital transformation in education
From primary school education to professional courses for skill up-gradation, digital transformations have reshaped the way of delivering education to every learning enthusiast. The technological solutions in the form of online video classes, special education apps, use of AR/VR enabled technology for history, geography, or even biology classes, gamified learning, intellectual examination portals, the LXP and LMP platform for remote education are the much needed and practiced digital transformation solutions of 2020-2021 in the education sector.
9. Digital transformation in media and entertainment
The media and entertainment industry has always been at the forefront of embracing digital transformation solutions. But, recently, with the strike of the pandemic, the digitization of media and entertainment saw another significant leap in the form of OTT or over-the-top streaming services. Direct-to-consumer (D2C) video streaming, the use of AI and machine learning algorithms to offer personalized content, ad-based business models, and ecosystem-based business models are few other digital solutions crowning the glory of the media and entertainment industry today.
10. Digital transformation in real estate
Use of AR and VR technology for improved customer experience, BIM or building information modeling for efficient planning, designing, construction, and management of buildings and infrastructure, use of drones for capturing the aerial image of the property, use of smart contracts and big data analytics are the digital transformation solutions being used by the players of the real estate, to embrace long-term success.
Digital transformation is undoubtedly the topmost priority of every industry today. But, not all industries function at the same level or cater to the same category of audience. Therefore, each industrial transformation must be in accordance to the industry’s state of existence, competitive strategies, and business processes. After all, the adoption of digital solutions is not child’s play. It requires a 360-degree transformation of the entire organization.
Also read about: How are Digital Technologies Fueling the Manufacturing Process?