Over the past decade, there has been a wave of digital transformation, which has fundamentally changed how organizations conduct their operations. A company goes through a metamorphosis with technology at its core to create new forms of business practices and added customer value.
These digital challenges compel traditional officials to harness new ways of delivering greater customer satisfaction and more personalized experiences. This also helps companies survive in this largely competitive global market.
Superlative customer experience is of great importance for any business today and in order to successfully go digital, an organization needs to equip its infrastructure to handle the necessary demands and changes of the transformative initiatives. Companies need to focus on modernization of their core processes, systems and age old infrastructure on every aspect and level of operations
Centuries ago transport meant travelling by horse and carriage. From then the automotive industry has revolutionized with the help of many technological advancements. The digital wave is expanding this revolution even more. The internet, smartphone, wireless networks and communication has made things convenient and changed consumer expectations.
Trends in the market are transforming the automotive industry with the change cycle starting with the highly empowered consumer. Customers are now well versed with the digital changes and benefits they offer in all walks of life. For them technology, including cars is not only about the purpose they serve but about a heightened experience.
The digital revolution sweeping the globe has created opportunities for companies to fundamentally change and evolve their business model. It has unlocked a more customer centric, personalized, profit increasing, innovative and safety oriented opportunities for businesses.
In this changing market, the challenges faced by companies need to be tackled and addressed on priority. Many companies have been operating the same way for decades. Yet, they need to digitize their core processes to keep pace in this competitive market.
Let us look at the mining industry where change is now setting in quickly. Physical products and capital intensive supply chains are now being digitally assisted with technologies like:
Digitization is the most important change in our constantly changing world. These innovations and technologies have helped change and develop new systems, apps and even devices which help people in business and their personal life.
The wave of digital transformation is now visible all over the world in different industries like healthcare, banking, media and entertainment. However the most effects are seen and felt in the tourism and hospitality industry which seems to have been turned topsy-turvy.
Digital transformation altered the operations and customer relations of the tourism industry. Customers no longer stand in lines and queues to book flight tickets, hotels, or even make dinner reservations. It is all done with a few clicks of the button in a fraction of the time it would normally take.
It is safe to say, the travel industry was one of the first to adopt digital transformation and its positive impact can be seen today. In this new digital environment, consumer expectations are not what they used to be. They are now set very high due to the innovative disruptions like virtual reality, artificial reality, Internet of things, mobile bookings and even online payments
“We are all now connected by the Internet, like neurons in a giant brain”
The world today is more connected than it has ever been before. Technology is advancing at an exponential rate and it is bringing people together like a small global village. Thanks to these technologies, a consumer’s role and demands are shifting in the marketplace. New trends are setting in which influence and sway a customer’s expectations.
Every few years, new technology is introduced in the market. Digitally the world is constantly evolving with newer software. For example,
Digital transformation is best explained as implementation of new technology to accelerate operations, sales, customer service, back office productivity and business growth. Each organization has its own processes and supply chains. Management of this supply chain has improved, due to advancements in:
Digital technology is enabling companies to improve performance at a modest cost. This technology is being integrated into all aspects of business from backend payroll to production management and even security. The appeal of these technologies has led to many companies hastily implementing changes and new projects.
In all honesty, companies would fare better and reap greater benefits if they create a vision and a comprehensive plan prior to undertaking a digital transformation. A long term road map would need to be outlined and accordingly implemented.
Evolution and change is a part of daily life. It is essential for survival and for progress. Since the invention of the internet, nearly 30 years ago, there has been rapid and significant development in the digital world. We live in a world where, what was once science fiction is now a part of our daily life. For example;
Ever since the wheel was first invented, technology has been impacting every person in every part of their life, right from home to work to socially and even financially. Today, this tech revolution, has reached a point of digitizing our ways of life. Everything is taken care of by a few clicks of a button or is the process of being digitally transformed.
Now digitization, is part of most businesses and ensures companies benefit from integrating technologies and transforming their core processes and systems, while getting an edge up over the competition
Digital Transformation in Real Estate
“For example, if I make money, I put it in real estate. I always did very well. Location, location, location.” – Ivana Trump
Real estate has always been one of the preferred methods of investments as the returns would be just as fruitful. Just like other businesses, the real estate markets also face their ups and downs depending on the prevailing economic conditions. In 2018, the Canadian real estate market did take a hit with a drop of almost 5% in prices.
Technological change has been sweeping the world for over a century now. Today, digital technology is part of everyday life and handles daily menial tasks like ordering groceries, making payments, checking the news and even business tasks like accounting and data analysis. At this stage of the digital wave, it is nearly impossible to imagine life without these tools.
Why the Oil and Gas Industry?
“A century ago, petroleum – what we call oil – was just an obscure commodity; today it is almost as vital to human existence as water.” - James Buchan
Digital technology is used to draw new boundaries and drive productivity in businesses all around the world. The implications of these changes and the advancement of technology can lead to a disruptive trend and hence it is important to adapt and evolve with the new ideas to stay ahead of the curve in the market.
The oil and gas sector has been on the forefront of several technological advancements like:
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.