Across most industries, there has been a change in how much the digital economy has been embraced. This has created efficiency and a way to keep current with consumers and competitors.
As the world evolves into the digital future, more businesses are adopting digital solutions as it will impact the lives of all citizens. Here are a few industries that are implementing disruptive digital opportunities and are transforming the way businesses will interact with their consumers:
The healthcare industry is always evolving and trying to find new ways to stop diseases and inefficiencies in the health system. Artificial intelligence (AI) is one implementation that can accelerate medical breakthroughs and the storage of big data analytics.
There is a major opportunity for the healthcare industry to address the problems of their old system and create solutions to enhance the lives of healthcare workers and patients. There have been apps that have been developed to help doctors seamlessly cross-reference information on treatment guidelines and medication dosages to help reduce errors.
Companies are now more dependent on data and machines are helping with real-time decision-making. The manufacturing industry is incorporating digital transformation to reap the benefits of the fourth industrial revolution.
Cloud-based infrastructure is being used to advance product development, production and supply chain management in the manufacturing sector. For example, the Swedish car manufacturer, Volvo, has partnered with a company called Waymo to implement self-driving technology in their new vehicles.
The majority of banks use fintech to open their offerings and provide new financial services. Mobile banking is a modern concept that will be used in the long-term, but data mining and AI have helped banks process the valuable data of users too.
Virtual assistants, blockchain technology, hybrid banks and behavioral banking are all examples of cutting-edge technology emerging from this sector. Essentially, digital technologies lay the groundwork for the transition to a virtual and cashless economy.
Digital transformation is nothing new, but the way industries are optimising their systems and creating new opportunities is leading to new interconnectivity of operations around the globe. Transforming industries is a must if they are to adapt and create a strong digital economy.
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