There is no doubt that we are experiencing large-scale and sweeping transformations throughout multiple aspects of businesses that are creating unparalleled opportunities for value creation and capture. Digitization is the harbinger of this revolution. Business leaders and industry experts from all sectors are combating with the strategic implications of these transformations.
Considering the dichotomy that exists in every aspect of our lives, even though digital technology will transform most industries, there are a number of challenges that need to be understood. There are factors like the pace of changing customer expectations, cultural transformation, outdated regulation, and identifying and accessing the right skills. Industry and government leaders need to address these challenges in order to completely unlock the substantial benefits and underlying benefits.
How is digital transformation affecting various industries
Each industry experiences different changes through the filters of digital transformation. Every industry reacts and generates a different outcome. Let us look at a few industries where digital transformation has enhanced the various sectors of industry.
Looking through the periscope of digital transformation, the vast plethora of automotive industry reveals connected traveller, autonomous driving, and digitizing the enterprise and ecosystem spread voluminously. With initiatives such as channel migration to virtual purchases, value-added subscriptions, and next-generation servicing, the automotive industry is expected to grow by large.
As far as Logistics go, one of the largest impacts on this industry will come from crowdsourcing allowing relatively new entrants to get a share of the market from the current existing players. For society, the largest improvement will come through better utilization rates
Talking about the media and entertainment industry, the major points that underpin digital transformation are personalization and contextualization, content fragmentation, and partnerships and industrialization. Compared to other industries, the media and entertainment industry is more inclined towards being digital.
Right from desktop internet to mobile, social and now, the Internet of Things, the era of digitalization and the rise of digital transformation consulting services has unearthed never-before-seen content fragmented across multiple channels and platforms.
Healthcare and medical industry are increasingly becoming more digitized. For them to deliver continued improvements to the world’s health, the healthcare industry needs a transformation from the core. There were a few regulatory barriers, economic hurdles, and difficulties in effectively digitizing patient data.
However, medical professionals have come a long way and embraced the change. Digital themes in the forefront of medical care are – smart care, care anywhere, empowered care and intelligent healthcare enterprise.
Consumer-based industries have the ability to touch people’s lives immensely. More than a third of the world’s population use the products of just one global consumer products company. Consumer industries have one of the largest market shares.
The role of digital transformation in consumer-based industries will yield consumer data flow and value capture, experience economy, omnichannel retail and digital operating model. This will mean that time-savings from shopping online and a few numbers of single-driver cars on the road, bundled with alternative last-mile delivery options consisting of drones, etc.
Digital transformation poses a vast and multidimensional future for the leaders. Once you identify where customer expectations and technology, which are both advancing at breakneck speed, will go next, riding the tides of digital transformation becomes a breeze. One should also be aware of the radically and rapidly reshaping large enterprises which are cannibalizing its existing business.