Digital transformation involves the altering of the business architecture and strategy so as to go digital. Such transformation may be contextualized from business to business and industry to industry. Each industry has different kinds of needs that can be catered through digital transformation.
Hence, because of these custom needs and circumstances, digital transformation may look different for each sector. How one industry adapts to digital transformation may differ from another. Let’s look into 5 industries that were transformed by digital transformation.
5 Industries that were revolutionized by digital transformation
As its name suggests, fintech involves the integration of both finance and technology. Hence, businesses in the fintech industry opt to maximize and automate their services and processes. Cryptocurrency, blockchain, trading platforms, mobile banking, and even personal finance apps are all financial services and products that integrate technology. These are all results of digital transformation.
The integration of technology in finance is not new. The use of credit cards, debit cards, and even ATM machines are not new. However, fintech has been rapidly progressing and evolving like never before, especially with the rise and normalization of smartphones and the internet. Modern technologies, such as blockchain and machine learning, have also been used to facilitate this. The trend of digital transformation in the fintech sector is steadily moving upwards.
In the past, education was boxed to a face-to-face and manual setup. Now, online courses, educational videos, and other educational materials are readily available. Education providers can now offer lessons to a wider audience in a way that is more efficient. Learners can also easily access education from around the globe by easily going through websites or using mobile apps. Schools can also opt to go for online classes or blended learning, which are delivery modes that were especially emphasized since 2020. These are all effects of digital transformation.
Other than learning, digital transformation has also helped schools in other kinds of processes. Admission procedures, communication, information dissemination, and even attendance monitoring have been digitized by many. Overall, digital transformation in the education sector has benefitted students, teachers, staff, and even alumni. It is, thus, a challenge for those who have not adapted to the trend to think twice about their current setup.
The help of telemedicine, AI medical devices, and even electronic health records are a few examples of how digital transformation has been reshaping the healthcare industry. Efficient interactions between medical professionals and patients, organized and secure record-keeping and data storage, efficient treatment monitoring, and even facilitated decision-making are all effects of digital transformation in the healthcare space.
Because digital transformation enables the optimization of systems, improvement of outcomes, reduction of human errors, and streamlining of doctors’ work, it has benefited many. Doctors, nurses, staff, and patients alike have benefited from the integration of technology into healthcare services..
Though the use of technology in healthcare and treatment is established around the globe, some locales and healthcare providers have yet to see what else digital transformation has to offer. Hence, there is still room for digital transformation in the healthcare sector to thrive even more.
4. Media and Entertainment
Technology has also redefined the media and entertainment industry. Streaming, AI, AR/VR technologies, and personalization are just some of the digital transformation trends in the media and entertainment industry. The traffic on streaming platforms has skyrocketed more than ever. The personalization of options has also become a rising trend that boosts the media and entertainment sector. The availability of AR/VR technologies for smartphone users have also added to the hype. These are all brought about by digital transformation.
The upward trend of digital transformation in the media and entertainment industry is far from over. Hence, it is key for those players in the industry to strategically think about how they could effectively and relevantly offer and deliver their services. Companies must leverage the right tools and technology in order to provide content that is premium and personalized. This is key for them to survive and thrive in this digital age.
The first industrial revolution largely evolved on the impact of technology, specifically machines, on manufacturing procedures. With the rapid evolution of technology, the manufacturing industry has continued to be revolutionized over time. IoT, Robotics, 3D printing, and autonomous systems are just some manufacturing services that were brought about by digital transformation.
In the manufacturing industry, digital transformation focuses on efficiency boosting, cost reduction, quality assurance, and response-time boosting. Additionally, the main drivers of digital transformation in this industry are growth in competition and expectations of customers. Hence, to stand out from the others, it is important for companies to leverage technologies in order to make the most out of the desired outcomes. This is vital for those catering to the wide-scale market in order for them to thrive in what they do.
Different industries have gone through digital transformation in different ways. The common ground that these industries share is that they all benefited from digital transformation in terms of how they operate and/or how they reach out to their target audience.
The overarching trend of digital transformation is still ongoing. More and more industries are being revolutionized. More businesses have seen the need to adapt with this digital age. Those who have yet to adapt need to see the great benefits they can reap when they go with the trend and not against it. The age of digitalization is a breeding ground for opportunity, and companies should capitalize on these opportunities in order to strategically move forward.
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