Digital Innovations – Accelerating opportunities for new services in Media, Automotive, Manufacturing, Healthcare, Financial Services, and Transportation Industry

Businesses have been undergoing digital transformations for the last 40 years by coordinating, automating, and outsourcing productive activity. Client-server architectures have largely replaced mainframes, reshaping supply chains and promoting decentralization. ERP (Enterprise Resource Planning) and CRM (Customer Relationship Management) systems, respectively, automate back-office and front-office processes. Cloud computing and Software as a Service (SaaS) have altered both the evolution of software and the economics of renting versus owning. Machine learning and artificial intelligence patterns are used to drive the development of new products and services. Virtual interactions replaced physical interactions as a matter of necessity during the Covid-19 pandemic.

Digital transformation allows for re-examination of the source of value creation as well as the structure of the organization’s business model. Some of these changes mean, businesses alter how they operate or what they do or simply changing processes from analog to digital. The emergence of digital innovations is hastening and interfering with existing business models run by major industry sectors, resulting in new service opportunities.

The media industry has always been quick to adopt new technologies, particularly in this age of digital transformation. The increase in the amount of content available on mobile devices is only the beginning. Data is being collected by media companies, and machine learning is being used to recommend personalized content to users. This includes commercials aimed at specific individuals. The media landscape is rapidly changing, thanks to the rise of potential AI news anchors.

Leading trends in the automotive industry, such as self-driving cars, connectivity, and car sharing, are spawning new business models. At the same time, these are giving rise to new market entrants who are beginning to transform the automotive industry.

The manufacturing industry as a whole is being transformed by cutting-edge digital technologies. Several factories have become “smart factories,” relying on new technologies to automate tasks such as artificial intelligence (AI). Robots on the assembly line work inside these “smart factories.” Internet of Things (IoT) devices collect data, which machine learning technologies analyze. This analysis shortens the manufacturing process and increases output.

Another industry that is leading the way in digital transformation is health care. AI is being used in new smart hospitals and medical facilities to diagnose conditions and assist with surgeries. Some facilities are incorporating blockchain technology to improve medical file access and security. Wearable devices with critical health apps, as well as the expansion of telehealth remote services, are altering the way patients receive care.

Mobile payments are only the tip of the iceberg when it comes to digital transformation in financial services. AI is being used to provide customer service, manage wealth, and detect fraud before it occurs. Blockchain technology is being used by some financial institutions to increase monetary security. The rise of the FinTech sector demonstrates that technology has taken control of the industry.

Data is critical to the transportation industry’s digital transformation. Data is being used by truckers to determine the most efficient shipping routes, and data is being used by trucking companies to monitor potential safety hazards. 3D scanners are being used by shipping companies to track packages in transit. With the development of self-driving cars and drone deliveries, the transportation sector will be unrecognizable within the next decade.

Conclusion

The definition of digital transformation is still widely debated, particularly within each industry. Depending on the industry, the term can mean a variety of things for a company. The way one industry adopts new technologies will be vastly different from the way another does. The common denominator, however, is that industries are open to change in terms of incorporating digital technology into all business areas. As a result, businesses’ operations and interactions with customers have changed fundamentally. It is a fundamental rethinking of how a company uses technology in conjunction with processes and people to improve business performance.