A year and a half in the pandemic have set a timer for companies to go digitally themselves and survive. With digital transformation in industry & New technology was entering the workplace rapidly also 2020 made it imperative for industries to make it happen within months.
Many companies lost to the crisis at hand while some survived and some thrived. The key indicator to this survival was digital transformation. Industries that adapted immediately and implemented digital transformation solutions into their business process were the ones to continue thriving while others ceased to exist.
Let’s understand digital transformation before we get into the details of why industries should kick into high gear for it.
To put it simply, digital transformation is defined as the use of digital technology, data, network and the internet for doing business. This transformation is aimed at creating better and efficient ways of doing business, finding new capabilities, reducing operational and capital costs and developing new processes streamlining the entire business function.
Not just this, it is also aimed at empowering the employees and enabling the management to take data-based informed decisions while ensuring customer satisfaction.
It is more about the process it develops, that enables a better human approach than just a technology shift.
How do digital transformation solutions impact an industry?
Digital transformation in industry brings a giant leap towards an effective and intelligent business process. Along with streamlining the business, it also enables deeper insights into customer behavior and new business models. Here are few reasons why digital transformation in industries is inevitable.
1. On-demand expectation
Consumers are smart when it comes to technology and their buying experience which makes competition bigger for companies. The increasing demand and quick service requests require agile networking capabilities and excellent IT services. Digital transformation solutions improve this entire process by bringing digital solutions to a lot of mundane tasks and operations.
2. Empowering employees
Digital transformation helps employees to improve work efficiency by providing an opportunity to develop expertise in different domains of business. Digital transformation brings revolutionary change not just in core business functions but also in departments like HR, finance, customer service, IT, etc.
3. Strengthening partnerships
Business partnerships require a documented communication and digital transformation in industry helps to simplify this process and create a workflow that is transparent, accurate and timely. Building a digital process and integrating it into the organization helps in future partnerships through efficient resource utilization and time saving automated mechanisms that enables companies to focus on strategic development.
4. Better management decisions
Digital transformation puts data at the center of business which allows management to take data-based decisions. Digital transformation enables the use of the right analytical tools that provide deeper business insights into these data sets and make analytical forecasts. Eliminating human errors from the process, it provides critical analysis of the data.
What kind of digital technologies can industries use?
Digital transformation is a cultural shift that requires constant experimenting, challenging the status quo, embracing change.
These below mentioned technologies when rightly used empower digital transformation in industry.
– Industrial Internet of Things (IIOT)
– Artificial intelligence (AI)
– Machine Learning
– Virtual Reality
– Augmented Reality
– Digital Thread
– Advanced Robotics
– 3D printing
– Radio Frequency Identification
– Manufacturing Execution system
– Cloud and Edge Computing, etc.
These are some of the common technologies that are suggested by digital transformation key success factors to embed digitization trends in all the business functions. Apart from these, Blockchains, greater IoT and many other technologies are there that fuel the digital transformation.
How to get digital transformation in your industry?
Digital transformation in industry might seem intimidating and overwhelming with no one to guide through the transition. Helping in the end-to-end implementation and transformation beyond simple technology, consulting companies help in a complete cultural transformation.
Paving the technology roadmap for the business, digital transformation key success factors help in upskilling employees, adopt agile delivery methods and shift towards a modern technology environment.
Industries must move fast to plan their digital transformation and implement it to capture the market before it stagnates and find a business model that offers seamless business experience. Adopting new technology architectures is the way to meet the new business challenges and changing demography.