For many industries, the phrase “digital transformation” was lightly used to describe the implementation of certain technologies into the business model.
Now, digital transformation has a different meaning.
It has become a full-fledged industry itself. And it collaboratively works with multiple other industries to bring businesses to a modernised economy.
We’ll take a look at the growth of the digital transformation industry and how it’s affecting industries across Ireland and the globe:
What is Digital Transformation?
Most think of the digital transformation industry as simply adding in new technology here and there. But digital transformation is much more in-depth.
It involves the complete overhaul of a business. Within the overhaul, all business facets are updated to reflect the current technology available.
What Does it Mean for Businesses?
Digital transformation for businesses in any industry means the ability to keep up with competitive markets.
As more companies “go digital,” competition rates are skyrocketing. For businesses to keep up with one another and keep their doors open, they need to be flexible with digital technology. They need to adopt technology that can help them with internal and external processes.
Why is Digital Transformation Important for Businesses?
The digital transformation industry is important for businesses because of the many benefits from it. Companies reap the rewards of minimised costs, employee productivity, employee satisfaction, better customer experiences, among other things.
The 4 Main Areas of Digital Transformation
Within any digital transformation project, there are 4 main areas a digital transformation specialist focuses on.
- Core Business Procedures: Updating internal software for business processes and employees helps with improved productivity.
- Client / Customer Experiences: Adopting better digital technology for client or customer-facing processes aids in better customer experiences.
- Data Analytics and Management: Using data analytics to make data-driven business decisions is crucial to finding more success within a company.
- IT Infrastructure: Implementing digital technologies like cloud services allow for more flexibility in the workplace.
What Does a Digital Transformation Strategy Look Like?
Every digital transformation strategy differs due to the unique needs of individual businesses. Ultimately, a digital transformation strategy is an aligned plan of action that walks a company through repositioning itself to meet the digital world.
Most digital transformation strategies involve the following:
Taking small, effective steps. Overhauling a business model overnight is a way for staff to become overwhelmed. It’s also a way for businesses to lose track of what’s working and what isn’t. Taking small, effective steps ensures the digital transformation stays on track.
Digital Transformation in Different Industries
Collaboration in the digital transformation industry is not limited to just the technology industry. Instead, digital transformation spans almost every single industry that exists.
That’s because the entire globe is turning towards digital technologies. And the only way for businesses to keep up is by adapting. Check out our digital transformation industry guide to know more.
Here’s what digital transformation looks like in several different industries:
Digital Transformation in the Telecoms Industry
As the world finds new ways to connect with everyone, the telecoms industry is tasked with keeping up. That’s where digital transformation in the telecoms industry takes place.
From improved phone services to more robust internet services, the telecoms industry is meeting high standards for excellent customer satisfaction. More and more of the world wants faster, better connections, and the telecommunications companies are making it happen. With things like the use of 5G, telecoms are using digital transformation to their advantage.
Not to mention, cloud computing is a growing market, and it’s expected to reach $125 billion by 2030. Digital transformation in the telecoms industry is a large part of it.
Digital Transformation in the Banking Industry
People aren’t often reaching into their wallets to pull out cash. Instead, they’re pulling out credit and debit cards. And they’re using them in locations that offer contactless or digital payments.
When it comes to digital transformation in the banking industry, businesses know that people want instant access to their own money. With mobile apps, online portals and digital banks, financial indtitutions can now provide access to private banking information and people can use their hard-earned dollars at a moment’s notice.
That’s all because the banking industry understood the need to keep up with a rapidly changing, digital world.
Digital Transformation in the Construction Industry
Digital transformation in the construction industry is keeping projects on track and budget. By implementing automation and using tools for real-time communication and collaboration, the construction industry is seeing improved efficiency and safety.
Construction processes that include digital technology improve employee productivity and reduce the risk of human error. Those mistakes are often known to keep construction companies from scaling to their full potential, too.
Even digital tools like safety surveys, safety videos, and the ability to report hazard issues are products of digital transformation in the industry.
Digital Transformation in the Finance Industry
Digital banks are opening the doors to efficient and seamless customer experiences. Plus, they’re doing away with outdated methods such as paper systems. Through digital transformation, the finance industry is also able to keep up with the high competition rates.
Not to mention, the finance industry is home to one of the largest trends in the digital world – cryptocurrency and blockchain. Not only are these two possibly the future of currency, but blockchain is also the future of cybersecurity surrounding money. And digital transformation in the finance industry is at the heart of it.
Digital Transformation in the Travel Industry
Digital transformation has even reached the travel, tourism, and hospitality industries. The spread of industry 4.0 and the innovation of technologies like AI, internet of things, and big data are improving those who benefit from tourists in their area.
One of the biggest ways digital transformation is showing up in the travel industry is through the ease of tourists and guests booking their lodgings, flights, and accommodations. Companies who adopt new age technologies can build an online presence, which is crucial in the industry for bringing in new customers. Travel agencies are also using the rise in digital transformation in the travel and tourism industry to boost their businesses.
Digital Transformation in the Healthcare Industry
In the healthcare industry, digital transformation is crucial to improving patient care. This includes updated technologies that provide the most accurate screenings and diagnostics. It also includes patient-facing technology, such as patient portals, to improve their experience.
Digital Transformation in the Pharma and MedTech Industries
Digital transformation is affecting the pharmaceutical and MedTech industries, just as much as other industries. From improved patient care, like in the healthcare industry, to improving drug development, pharmaceutical and MedTech companies are seeing benefits from digital transformation.
Plus, digital transformation includes the ability to connect with pharmaceutical companies across the globe and access to scholarly journals on the internet. Both are changing the way research and development is conducted for medications and medical devices.
Digital Transformation in the Food Science Industry
Food science is set to become one of the most important industries of the 21st century and digital transformation was already in the works. But because of the pandemic, and the challenges the food supply chains saw, digital transformation became more of a priority.
And that’s what the majority of food industry companies focused on. They optimized their processing and supply chains to create more efficient results for the public. Artificial intelligence is one of the larger focuses to accomplish more efficient and resilient production.
Which Industry is Leading in Digital Transformation?
The technology, telecommunications, and financial services industries are considered the most “digitally mature.” According to BCG, they’re also known as the most successful after undergoing a digital transformation.
This doesn’t come as quite a surprise for the technology industry and the telecoms industry. Since they’re digital in nature, adopting the leading technologies is a bit easier.
Banks, financial institutions, and telecoms often deal with customers who are now looking for more digitally mature solutions. So, these industries are not far behind.
What Does a Career in Digital Transformation Look Like?
The digital transformation industry is growing rapidly as more businesses and industries understand the importance of adapting technology to their business models. According to Statista, budgets for digital transformation are expected to reach $1.8 trillion by the end of 2020. And that number is expected to continue increasing over the next several years.
Plus, digital transformation knowledge and experience is one of the most sought-after skills in
Ireland’s job market.
As a digital transformation specialist, your main responsibilities are to assist companies in overhauling their business models to include up-to-date technology. That may look like sitting with them and discussing a new business plan. It may look like providing consultation services to help them implement the new digital transformation strategy and framework.
It may also involve doing the groundwork and making the transition for these companies.
Get Started in the Digital Transformation Industry
If you’re ready to take part in the lucrative digital transformation industry, then Innopharma can help you get started. With multiple course offerings, you can earn a certification or even a master’s degree in the digital transformation field.
And, if you meet eligibility requirements, you can take select Innopharma programmes through the Springboard+ initiative.
Springboard courses are a great way to continue your education at a free or heavily-reduced rate.
Get started with Innopharma’s digital transformation programmes to begin a career in the digital transformation industry!