Digital transformation is the latest trend in creating game changing business innovations by either disrupting old methods or creating new ones. Digital technology is not only used to help enable this, but it is also an integral part of the transformation.
No one wants to go and stand in lines and do things the old fashioned way anymore. They want quick service, which they receive with just a few taps of a button, sitting in their own living room. Since the first wave of digital transformation hit the markets, it affected economics and the industries in radical ways.
Digital Transformation and Retail
Retail is all about transferring possession of physical goods between a store and a consumer. When digital transformation is mentioned in such a scenario, goods cannot be digitally transmitted to the consumer but the entire process of browsing, selecting or discarding, paying and tracking the order can all be completed online. In Canada alone, about 22. 5 million people shopped online in 2018.
Many years ago, people had to call to take a doctor’s appointment only to go to the clinic and wait for hours. Any tests done would require the wait for a few more days to get the results. And finally, the wait at the doctor’s office again to discuss the results.
Luckily, now the waiting period has been cut down, making people’s lives easier and better. The quality of life matters and healthcare professionals need to focus on giving judicious and precise care to their patients.
Relying on technology helps make the healthcare process smoother, faster and more efficient. Technology can save lives and the scope of technology and its benefits in healthcare are increasing daily. The need for a more satisfactory customer experience, in healthcare, has caused a surge and allowed digital transformation to take place rapidly in this industry.
For example, electronic medical records (EMR) were barely used sometime back and now there is a significant increase. In Canada, EMR usage by the primary care physicians alone has increased from 16% in 2004 to almost 85% in 2018.
Imagine sitting and waiting for an order to arrive. An order placed weeks ago. Still there is no available information when the same can be expected. The details mentioned simply state “delivery in 6 to 8 weeks”. Thankfully this is no longer the case.
Today we live in a time where digital business is a reality. Digital technologies have changed and disrupted most sectors and logistics companies are no exception. The old rules of logistics still apply but the stakes are higher now more than ever.
The digital wave sweeping the world has made it possible to transform businesses, their organizational processes, activities, systems and models to fully leverage the change and opportunities of a mix of digital technologies and their impact across society.
Digital transformation is not necessarily about digital technology, but about the fact that this technology allows people to solve traditional problems digitally. Whether it is a distributor, customer, firms, retailer and even a middle man in the supply chain, everyone is waiting for something.
Can Cargo Logistics Go Digital?
Globalization has made it possible for parties all around the world to connect and get items manufactured and delivered anywhere worldwide. Usually the longer the waiting time, the more resources, money and even reputation gets affected when the provider is delayed.
Digital transformation is a process which organizations undergo to bring about change in the use of digital technology and its impact on the lives of people, work and society. It is more than just providing online and mobile functionality and is now considered one of the primary elements for survival of businesses in every industry in the world.
The digital movement has affected organizations’ traditional methods of conducting business and has raised the customer expectations regarding the end product and services offered. Today’s consumers compare their experiences with competitors and it is imperative to meetthese new customer demands and expectations to attract and retain clients.
Digital Transformation in Banking
The financial sector is not free from the repercussions felt by the global digital wave. The first digital value add was SMS banking in 1999. After nearly two decades, the following services are now offered:
In contemporary society, it is safe to say people use their mobile phones “all the time”. Smartphone usage in the past decade has seen an exponential boom. Everything is now available on a user’s finger tips and that is mainly thanks to the wave of digitization sweeping the world.
Practically 25.5 million people, 70% of the population, in Canada is currently using a Smartphone and this number is said to increase to 32.5 million by the year 2020.
Around 1995, when websites were just gaining popularity, it was a common question to ask if your company needed a website or not. Now it seems silly to even question if a brand needs web presence. 20 years ago a brand did not need the internet like they do today. It is a norm now and back then they were only ideas. And this is where we stand today with mobile apps.
Growing Popularity of Apps
Smartphone users spend about 90% of their time on various apps, making payments, shopping, socializing, making bookings and even surfing for the latest updates. Mobile friendly websites are helpful, but they do not offer the same user experience. Also limitations from the mobile browser could even lead to a negative brand impression.