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The role of digital transformation in industry is to develop strategies for addressing challenges and grabbing opportunities. Every company needs digital transformation solutions for ensuring growth in this troubled time.
Innovation and disruption are two pillars of digital transformation in the industry, and companies need to remain attentive to the ever-changing business scenario. Let’s go through the importance and benefits of industrial digital transformation.
Importance of Digital Transformation in Industry
On one hand, digital transformation solutions can enhance the digital capabilities of processes, and on the other hand, they can manage risks while driving growth.
Entrepreneurs can utilize digital technologies for both internal and external operations across different departments including marketing, sales, and customer support.
All they need to accept cultural change and change the way of work to leverage the benefits of digital transformation.
Digital capabilities are key to the transformation of modern enterprises. Every industry, irrespective of the size and model, embraces digital transformation while keeping the client at the core.
Personalized approach can play a big role in driving businesses and generating more revenue. Talking about the post-pandemic situation, it is necessary to embrace digital transformation in industry to leverage the benefits of emerging technologies including AI, AR, and Big data.
Here are the top benefits of industrial digital transformation.
Top Benefits of Digital Transformation Solutions for Industries
Industrial IoT solutions and other advanced software can offer modern industries new ways and techniques for the improving processes and increasing revenue. Some of the key benefits of digital transformation include-
- It saves time in processes thereby reducing the cost
- It facilitates mobility and offers remote communication
- It enhances operational efficiency and overall productivity
- It increases the response speed in line with the market demand
- It enables entrepreneurs to grab new business opportunities
- It drives innovation and creativity while preparing your enterprise to anticipate any disruption
- It empowers decision making with the help of big data analytics
- It improves coordination and internal collaboration
- It attracts new talent and fostering the system’s recognition
Let’s dig deep into the significance of digital transformation in healthcare, fitness, and fintech sectors.
Impact of Digital Transformation Solutions on Major Industry Sectors
Though digital transformation has a significant impact on every industry, but here we will keep the discussion limited to fintech, fitness, and healthcare sectors.
Accelerating Growth in the Fintech Sector
Digital transformation in the fintech industry increases growth and makes the sector capable of meeting the challenges of the pandemic and post-pandemic times. As per IDG’s Digital Business research, financial services remain one of the top industry sectors that have adopted digital-first business strategies with a 93% rate.
Digital transformation streamlines processes and brings automation to various operations of the thriving BFSI sector. With greater lending flexibility and challelizing of digital fintech offerings, the finance sector can thrive with the help of digital transformation.
The fintech sector is one of the biggest beneficiaries of digital transformation solutions. Be it open banking, automated process, analytics, or compliance, digital transformation in the fintech industry works wonders.
These days, people tend to make transactions through mobile devices. A FIS (Fidelity National Information Services) report has revealed that banks have witnessed a 200% rise in new registrations for mobile banking in April 2020.
Digital transformation facilitates banks and financial institutions to make the most of mobility and improve collaboration.
Strengthening Position of Fitness Sector
Digital transformation in the fitness sector can take the fitness clubs and gyms to a new level. During the COVID-19 pandemic, digital transformation has made it possible for users or fitness freaks to accomplish fitness sessions at home.
In this unprecedented time, it is necessary for most sectors to make strategic decisions instantly, and the fitness sector is no exception.
With the help of digital transformation in the fitness sector, gyms can easily leverage the benefits of emerging technologies like AI, IoT, and ML to give personalized trainer experience and make a planner for individual users.
Digital transformation can enable fitness clubs to facilitate their users manage workouts efficiently, and as a result, clubs can attract more people online. Though people tend to avoid going outside in this pandemic age, digital transformation solutions can assist gyms to get new customers and retain the existing ones by offering excellent experience in customized, dedicated apps.
Also Read- Top Industry Sectors that can Benefit from Mobile Apps in 2021
Treating Issues of Healthcare Sector
Concepts like mHealth and telemedicine are powered by digital transformation. Though the sector is known for a slower adoption compared to other sectors, the recent outbreak of the COVID-19 pandemic has accelerated the adoption rate of digital transformation in the healthcare sector.
Technologies like Big Data, IoT, Virtual Reality (VR), AI (Artificial Intelligence), and Alexa can facilitate the thriving healthcare sector in various processes including patient monitoring, health prediction, personalized patient care services, etc.
When industrial IoT solutions are implemented in the healthcare sector, physicians can get actionable insights about the patient’s vitals for accurate diagnosis and proper medication. Big Data analytics is useful for drug and vaccine research and reduce waiting time for the drug’s approval.
Remote patient monitoring and pain reduction are other useful trends for the healthcare sector, and digital transformation solutions can help the sector implement these trends. The biggest advantage of digital transformation is it can significantly reduce the chances of human errors.
Digital transformation in industry can reinvent the way we are doing business while offering a competitive advantage. Still, many entrepreneurs tend to hold back when the time comes to integrate digital transformation solutions in their business models.
A Gartner study has revealed that 79% of strategists claim to be digitizing their businesses to create new revenue streams. We can certainly expect that many companies will integrate digital transformation in the coming time to stay competitive and thrive amid challenges.
Solution Analysts is a leading mobile app development company. Our experienced developers assist you to bring digital transformation to your company through customized, feature-rich digital transformation solutions. We make a complete transformation roadmap for various industry sectors irrespective of their business models and scales.
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