Are you Late to Catch the Train of Digital Transformation?
Technologies, digital transformation in 2019
The perfect set up of digitization of businesses due to technologies like IoT, AI, cloud computing, blockchains is all set to raise its bar. In a market projected to expand up to $462 billion by 2023, According to Forbes, about 44% of the companies have already undergone a digital disruption. It is a perfect opportunity for the rest to align themselves with the upcoming challenges of throat-cutting competition of digital disruption and 360° digitalization of businesses. The times are changing very fast and the importance of a sustainable technological solution (for a business) is extremely important for a farsighted approach. There is a quickly changing scenario of technological intervention in all industries. It is simply because of an improving value proposition created by business models and technologies related to them.
Here are a bunch of hand-picked industries that are undergoing digital transformation in 2019
Fintech
The fintech industry is surely going to experience a substantial, sustainable shift in its usual process of business and profit-making. The newly rising technologies like IoT, robotics, analytics and cloud computing are revamping the face of fintech industry with better solutions to numerous problem propositions. The main reason behind the quicker digitalization of fintech has been the prime focus of all virgin technologies in business. These technologies are increasingly used in order to reach a higher degree of complete digitalization and problem-solving simultaneously.
These days, e-commerce has become an important entity in technology-related businesses. The business brings a vast requirement of seamless payment options integration in all apps across mobile and web. It has helped the fintech set fintech business grow and excel in an absolute fantastic fashion.
Top change: increased efficiency, see for payment gateways and new payment options like UPI
Growth stat: fintech statistics show, 12,000 major startups and companies with a business estimate of around $4.7 trillion.
Health & Pharmaceuticals
Healthcare and pharmaceutical industries were due for a major change-over over the last decade. Proper use of technologies and deep-rooted analytics have helped the healthcare industry reduce human intervention with improve customer experience. Rigorous use of technologies like cloud computing for data management and blockchains for record and identity management has led to a massive change, all across the industry.
Now it is the time of healthcare-related apps and pharmaceutical products, services available right at your fingertips. It is the major change that is green in the way healthcare & pharma industry has been working to make critical operations safer and increase the security with the help of digital systems.
The pharmaceutical industry has been cursed with the bane of drug counterfeiting. Newer, improved digital solutions for supply chain systems are reducing the loss of reputation and profit to all companies.
Top change: Healthcare service on mobiles, less paperwork and lower probability of drug counterfeiting
Growth stat: Expected to surpass $1.5 trillion by 2023
Aviation
Aviation is an industry always dealing with huge figures and requires a great deal of investment. Aircraft manufacturing is an extremely detailed and long process involving next level coordination and quality control of highly repetitive tasks. The industry is rapidly transforming because the newly developed application software and in-depth use of technologies like cloud computing for simulations, automation, additive manufacturing and analytics for optimization have rapidly transformed the aviation landscape.
For instance, a major American aircraft manufacturer Boeing has been leading the story of digital transformation. In their flagship 787 Dreamliner, they have started to use 3D printed structural titanium parts. Earlier this used to be a very costly but proper use of technologies and an absolute digital disruption has helped them reduce the cost of each airplane by about $3 million. Apart from this, automation is working at its best to make life easy for engineers, assembly line workers, and designers. It is a bulky manufacturing process that requires the finest of detailing is due to safety compliance and quality check. Technology is helping a great deal in helping companies to scale their airplane manufacturing business without compromising on safety compliance or quality control.
Top change: Extensive simulations, better designs, larger profit-making
Growth stat: Total revenue of $840 billion contributed by over 22,000 businesses
Manufacturing/ Assembly line
Manufacturing will never be the same again after the rise of artificial intelligence. One of the most common ways of achieving artificial intelligence is through machine learning. Super large-scale manufacturing set up and round the clock working assembly lines are extensively using machine learning for automating their repeated tasks. It is definitely decreasing the amount of human effort required and money made is multiplying at an exponential rate due to higher human efficiency.
Automation has been a gift to all extended assembly lines and that has helped them reduce costs. For a finer approach towards cost-cutting, manufacturing businesses are using machine learning to optimize their time material cost. For instance, if a screw driving arm was earlier rotating at 600 rpm and screwing up 100 screws per minute, analysis of the wait-time is now helping the workers to calibrate the screw driving arm at 620 rpm. Now, it is helping them save electricity and be more efficient by screwing up 115 screws per hour.
This sort of performance, output analysis is extremely important to optimize profits and make more stable businesses with the help of increasing technologies. Manufacturing lines are also blessed with large interconnected networks of highly efficient IoT devices. The IoT devices have geographical, temporal, proximity sensors that record and analyze all major factors like productivity, output, temperature, weight load and help you perform more sensible data-driven decision making during the manufacturing process.
Top change: Extensive automation, focus on optimization and increasing profits with the use of AI
Growth Stat: New jobs due to scalability
Transportation & Logistics
The transportation industry is one of the best-benefited sectors under the influence of digital transformation. The core business process involving all stakeholders like travel operators, agents, intermediaries and most importantly the customers have been brought to digital platforms that offer seamless workflow. It is important to note that, earlier, the transportation industry was confusing between electronic data that is scanned copy of tickets, paperless transactions and much more. As the tech world is maturing, the transport industry is slowly coming towards a complete digitalization of business. Now, the database is maintained across cloud computing infrastructure, customers are analyzed for their behavior through analytics. Most importantly, there are chatbots that exponentially enrich the customer experience for all customers.
The main difference between electronic data and digitalization is dynamicity. For instance, if an air ticket is scanned and used as PDF or any other format for convenience, it is non-dynamic electronic data. When digital air tickets are created with live bar codes, they can be scanned for dynamic information like changing flight time, boarding time, change of terminals for that matter.
The logistics industry is experiencing an even greater impact compared to the transportation industry. There is approximately eight times higher productivity in logistics operations despite mobility and critical nature. Earlier, the communication and consignment tracking was a big task that always left the stakeholders like the recipient, sender including the third-party vendors highly dissatisfied because of no common communication channel. Now, there are blockchain-based solutions that help you track consignments in the form of smart contracts. It is completely secured and those data pieces are 99.9% immutable.
Now, a virtual digital pathway created across digital platforms that help every concerned stakeholder track packages at each point in time. Moreover, the complete integration of platforms has also enabled real-time location data services with the help of IoT-enabled sensors. Some major logistics giants are also looking to incorporate proximity sensors, weight load sensors for better decision-making of warehousing and transporting.
Top Change: Comprehensive digital travel platforms, dynamic digital data streams, chatbots for customer engagement
Growth Stat: From 2012, the global smart transport industry is expected to grow 400% by 2020 evaluating around $5.5bn
Problems & Challenges
Technologies in business seem like a beautiful story that is helping businesses improve the stability in the market; and be more profitable. But, there is another side of the story as well. Any industry or sector that is incorporating artificial intelligence, automation or even simple digitalization, there are bottlenecks and trade-offs that are there to bet. For instance, the airplane manufacturing industry is now aggressively adopting additive manufacturing ways through 3D printing. But, there have been a series of simulations designs and project initiative that has gone into it.
Transforming the business into a completely new age digital enterprise is commonly heard around but it is very tricky. For every two companies having a similar nature of the business, the business propositions remain different, the segment of clients targeted are separate and the possibilities of achieving higher profits remain distinct. In such a situation, you require a true digital transformation leader with an impeccable track record of achieving 360° digitalization that leads to an enormous digital disruption.
Hire the best digital transformation experts who have completely changed the face of numerous businesses and have experience with proven expertise in all major technologies, web and mobile development. Plan your next success story with the best web and mobile application development company for better ROI and a consistent growth rate.
Conclusion
Digital transformation has been the story of the decade with a preset milestone of the year 2020. It is a general notion that the business sector aims to pin the year 2020 with a mature phase of digital transformation. Major driving forces are like to increase profitability, the sustainability of a business, richer customer experience and the zeal to automate businesses has led to the gradual digitalization of businesses to the core. It is mainly due to the great impact of massive technologies in business like artificial intelligence and machine learning that real transformation is happening at a faster pace.
According to sparkwork survey, 92% of leftover businesses aim for intelligent automation within the period of the next 12 months. Intelligent automation is a term coined for the combined use of artificial intelligence and automation that is helping businesses scale at a faster rate. The business world is enthusiastically seeking change for a greener, more profitable and larger commercial space under the lights of technology.
