Know about Digital Transformation In Different Sectors

Every problem is a gift—without problems, we would not grow.

Anthony Robbins.

Digital Transformation is the mode by which reputation & brand can be preserved in undetermined & complex surroundings. In today’s world, Digital transformation strikes each industry. But it also affects all divisions, operations, actions & processes of the organization. So, In this article, we are going to discuss the transformation in sectors in fast growing world.

Digital Transformation in all Sectors

Digital technology is the pedal of revolution. It can improve performance, power novel services & products, permit new business models and blur the borderline between industries. Furthermore, Digital technologies are enormously reforming industry after industry, numerous companies run after extensive change attempts to record the profit of these trends or just to keep pace with competitors.

Each & every victorious company will one day be a digital company. How are different industries driving this journey?

Digital Transformation in Fashion Industry

Fashion’s a fast-moving industry. But some brands are slow to realize the power of digitalization practices. But now most of the brands have understood that if they don’t switch with all things digital, they’ll miss out a fortune.

The elementary challenge for many fashion brands is that they hold back customers’ confidence. So, The role of the customer has now moved from one of unresisting inspection to authorized supremacy. They are no longer pleased with only buying fashion products; aggressive widening in the use of digital technologies has licensed them.

Now people want to interconnect, feel included, influence, and the brands from which they buy. Now, they care about how they look in public & on social media, and about the impression of the products they buy & own. A broad majority of customers now use digital channels before, during, or after making their purchases.

See Also: Top 5 S&OP Implementaion to Reap the Benefits in VUCA World

Here are some Digital Transformation Trends Transforming the Fashion Industry.

For a fashion brand, re-exploring how shopping in a digital world should run out, rather than solely digitizing the shopping process for a physical world.

1. Mobile Marketing:

• Most people use their mobiles to search online than any other device.
• And part of the attraction of fashion is instant fulfillment — so mobile marketing is the ideal match during the process of transformation.
• Digitization trends alone will not transform your business, people will.
• Take Perfect365’s Webby-winning mobile digital makeup app. It allows customers to try thousands of virtual makeup looks before they purchase, so there’s no need to shuffle to a store for the timely task of finding tester packs.

This is a good example of digital HR analytics for practical use.

2. Celebrity Influencers:

• Celebrity influencers & High-street fashion brands are a match made in heaven. These Celeb influencers are successful in making women’s fashion brands available to customers over their target markets.
• The social media reach of these celebrities is huge — providing vast ready-made viewers for paid posts.

3. Digital Clients:

• A lot of information is available about people’s behaviors, consumption habits, trends. However, investment in Big Data and analytics is wasted if decision-makers get incorrect intuition, or can’t transform solid understanding into business decisions. To Undo this information is key to grip what the mentality of the customer is now. And is going to be in the future for effective transformation.
• Driven by the merging of the Internet of Things, Big Data & data science, fashion brands will be able to know their consumers better, reply to market trends & customize their sales information & products.

4. Wider Social Media:

• Social media platforms like YouTube, Facebook & Instagram are becoming more valuable to fashion. Because they’re outstanding for making a family of online advocates that improves a brand’s reputation.
• Customization permits customers to have the goods they’ve left in shopping carts remarketed to them and facilitates apps that jump alive with good bespoke offers.

Hand Picked for you- Digital Transformation and Digital Marketing is a Killer Combination

Digital Transformation in Pharma Sector

Digital is modifying the process the world does business, & healthcare is no special case.  According to Learn Transformation, most US customers use an online channel to maintain health & wellness. And more than 50 % of US healthcare providers are digital customers using three or more connected devices professionally.

1 in 5 of the top pharma companies now has a chief digital officer or equivalent position, and many others are creating digital roles at a senior management level. 

1. The Shift in Patients’ Involvement-

• In a survey for Digital Transformation, more than 80% of patients told that they were confident in their capability to take control of their health and were aware of how to use online resources to help them do so.  In today’s world, the skill to involve with patients could be the answer to the success of a pharma company’s commercial model.
• Patients are now increasingly able and willing to take greater control of their health. They feel empowered by the huge sum of health information available online and on apps, and by some of health & fitness wearables such as the Apple Watch & Fitbit.

2. Personalized Medicine and Preventive Therapy-

• Integrating the patient into the life sciences ecosystem as an active participant in an important step. Today, doctors can analyze and diagnose a patient to a level of detail that was not thought possible a few years ago. Data from medical examinations, as well as from preventive monitoring, can be used to adjust drugs and treatments precisely based on the condition and requirements of the patient.  It is already possible to use 3D printers for the production of prostheses. Potentially, we will be able to ‘print’ organs the same way. Any company engaging in these technologies can expect to enjoy a competitive advantage during the process of business transformation.
• Genetic testing, which is faster than today’s direct-to-consumer tests, is used to treat severe diseases such as cancer and can also be used for preventive purposes (for example by nudging people to maintain a healthier lifestyle). For example, the US-based company GRAIL is developing a blood test to detect cancer in its early stages. Diagnosing cancer earlier can translate into survival rates that are five to ten times higher. GRAIL combines leading approaches in computer and data sciences with population-scale clinical trials and ultra-broad and ultra-deep sequencing.

3. Digital Transformation of Health Care Has Just started-

• Pharma companies have realized that the digital Transformation practices present extensive opportunities to switch from being only product manufacturers to also being service companies to health care providers.
• The time has come for them to develop digital analytics potential, drive funding that is required to tackle the riches of data & connect to the fast-developing health care digital ecosystems that guarantee to adequately uplift the quality of care.

Digital Transformation In Automotive Sector

It is transparent that digital transformation will modify most industries, but several factors require our attention. According to Learn Transformation, these factors are the speed of changing consumer expectations, old-fashioned regulation, cultural transformation & recognizing and accessing the right skills.

A project was started by the World Economic Forum in 2015 as a fragment of the Future of the Internet Global Challenge Initiative, which is the Digital Transformation of Industries. According to an analysis done by Learn Transformation, it is found that 0.67 trillion dollars of value are at stake for automotive players & a further 3.1 trillion-dollar value of societal benefits as a result of the digital transformation of the industry by 2025.

The automobile is facing its greatest moment of customer change & this change is part of a digitally enables conjunction of stimulating social, technological & industry forces which will activate an outburst of revolution in global transportation. The automotive industry takes up its speedy digital growth, with a major switch in mobility technology on the horizon.

Fully electric vehicles, self-driving & new mobility business models could change how people go from one place to another. Those automakers who will take upon the latest technological advances will continue to lead the industry. The automotive industry has understood swiftly that they must meet customer demands for a digitally enhanced experience when they are purchasing, researching, and operating a car.

Digital Transformation Trends in the Automotive Industry

1. Digital Sources In The Car Buying Process-

Now, consumers research a car online before even talking to a dealer. Thanks to websites like Edmunds, all relevant buying information is available in a second & at the click of a button.

Even the actual showrooms are being converted into digital marketplaces furnished with virtual reality capabilities. A great example of this is the Audi virtual showrooms in London where only a few actual cars are on display, dominated by the giant video screens displaying to the point buying information. Virtual reality capabilities allow customers to open doors, steal a 360-degree peek inside and out & also hear genuine sound effects of their potential new model.

2. Autonomous Driving-

Elon Musk predicts the autonomous vehicle (AV) is “just going to become normal. Like an elevator. Firstly, they used to have elevator operators & then they developed simple integrated circuits to bring elevators to the floor, you just need to press a button. No one operates the elevator. The car is also going to be the same.”

AV will ultimately handle all situations & conditions from GPS to sensors to cameras to connectivity and algorithms. AV will reduce automotive accidents and deaths. Assisted driving, another facet of autonomous driving, is becoming more mainstream every day. The main goal is that this feature becomes available in the less expensive models in VUCA.

3. Predictive Maintenance-

Does a part need replacement? Do your tires need air? Now, there’s no more guesswork in car maintenance since today’s vehicles let us know when they need maintenance or replacement. Using advanced self-searching systems of digitalization strategies, drivers are immediately aware if there is a problem, allowing us to proactively service our vehicles, desperately lowering mechanical failures & recalls.

A great example of predictive maintenance at work is Michelin’s tire monitoring program. “By using predictive analysis, the service provides over-the-road tire monitoring. This Data is collected digitally & given to fleet’s asset monitoring system, giving companies real-time performance analysis”. Now we already know that there exists a problem even before occurring a problem.

This predictive capability isn’t just limited to cars and personal vehicles either. The trucking industry is already seeing a similar movement powered by sensor technologies and IoT that allows companies to monitor data proactively to ensure truck safety, fuel optimization, and even monitoring of cargo. SAS, one of the leaders in this type of analytics solution has already deployed this type of solution and seen strong results that included lean transformation improvements of more than 30% in truck uptime and the prediction of failures 30 days out at an accuracy rate of 90%.

4. Connected Supply Chain & Improved Manufacturing-

As we know in other industries, digital transformation trends are being used to customize a customer’s experience & customize it to his needs. The automotive industry is also the same. By digitizing the connected supply chain, drives cost down & more productively engages the consumer, and collects the data & use that data to better serve consumers.

Besides lowering the costs, this has allowed for more transparency in the supply chain, accelerating design, delivery & manufacturing. Communication made possible by social media and the Internet of Things provides instant feedback. 

Learn Transformation has collected together a set of best practices & recommendations focused around four areas: employees, customers & partners, finance and operations, and community.

Digital Transformation in Energy & Utility Sector

Learn Transformation sees emerging opportunities for the power & utility industry as it drives the economy-wide clean energy transition. The digital transformation is coming to the power industry.

For the utility firms, the challenge is not only to optimize but also to review & transform existing processes & business models in organization transformation. It is to find all the new ways to conduct their business. There are so many players in the utility chain that’s why the technologies, challenges, evolutions & transformations are not the same for all components of that chain.

At first, the utility industry was slow in adopting the technology, but now it is seen to be a fast transfer when it comes down to digital transformation & the acceptance of particular technologies to qualify the smart infrastructure, processes & data it needs to be future-proof as competition increases, customer demands change, and the industry is fully variable.

Utility & Power Companies Likely to Raise the Standard on Climate Change Goals In 2020

Xcel Energy became the first US utility to perform 100 % carbon-free by 2050 & 80 % by 2030.  And it’s likely to continue in 2020. Why is it so? It is due to technological improvements, customer demand for cleaner energy sources, and a commitment to keep customer bills low.

But that’s not all. Markets are assembling around climate change issues. Consider:

• Investors are regularly asking companies to examine the effect on their business of policies compatible with limiting the global average temperature rise to no more than 2 degrees Celsius.
• Investors progressively view companies’ response to climate change as important in deciding which shares to buy, especially in VUCA environment.
• Credit rating agencies are warning that they may progressively incorporate climate risk into credit assessments.
• US insurer will no longer underwrite the construction of coal-fired power plants and is terminating existing reporting for companies that generate more than 30 % of their revenue from coal mining or production.

Power Companies are Exploring Growth Through New Business Models

• New technologies, evolving customer preferences, and the changing competitive landscape are driving many power companies to find new business models. These models may help utilities to qualify for the clean energy transition.
• For example, Sacramento Municipal Utility District (SMUD) is offering program design and implementation for Community Choice Aggregation (CCA) programs. These programs permit communities to select their electricity & natural gas sources & collect procurement. So, The SMUD services include design research, energy acquisition, data, transportation, customer service, billing, and assistance with contracting. It is a way to help its consumer to save money & reduce carbon emissions.
• Some utilities are exploring transitive energy models using digital transformation technologies such as block chain to allow consumers to make value through storage, rooftop solar, managed EV charging. It can be seen as a key to the industry’s future as it can encourage customer participation.
• Developers are building a micro grid that includes solar panels, super capacitors for long-term battery storage, smart inverters which permit neighbors to sell power peer-to-peer & participate in a demand response program.

Utilities are Grabbing Opportunities to Help, Build Cleaner, Smarter Cities

• Most large US cities & more than 35 % of midsize cities surveyed are applying smart city projects. We will not shock to see utilities boost their engagement in smart cities for the following reasons.
• Utilities are a foundational player with connections to every home and business; their equipment and devices can geared for purposes, such as detecting water leaks, hosting air quality sensors or security cameras, or powering smart streetlight systems.
• Utilities have broad databases of energy customer data, and also they understand the potential costs & benefits of many smart city decisions that affect lean transformation.
• Utilities can help cities integrate their clean energy goals into smart city plans.
• Utilities can also help cities boost resiliency to natural and manmade disasters through digitization & automation deploying backup power sources, battery storage, and more.
• Cities may not be able to achieve their goals without collaborating with their utilities.

Final Thoughts

As businesses prepare and position themselves for the digital transformation, they will have to address some overarching questions:

1. Which business challenges can be addressed and which business opportunities realize through digitization strategies? 
2. What capabilities, investments, and partnerships are needed to achieve the organization’s ‘digital ambition’? 
3. What risk factors can crash the organization’s digital ambition? How can we manage these risks in the best way possible?

According to Learn Transformation, Successful platforms in consumer industries will need to find ways to nurture the ecosystem around them. This includes advantages such as collaborating with other industries, innovators, the government, and companies from more sectors; raising digital capabilities; doing investment in advanced transport infrastructure; & also enlarging cutting-edge technologies to lead distinction.

FAQs

Key Takeaways

• Adopt innovation: To stay ahead, adopt new technologies, investigate digital prospects, and constantly improve.
• Invest in personnel and skills to support transformational efforts. Create a workforce that is digitally savvy.
• Put the requirements of the consumer first: Recognize their wants, cater to them personally, and use data to inform your decisions.