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.
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:
Why Digital Transformation?
Today's customer is digital-savvy and likes to be served on the device of their choice, from anywhere expecting round the clock responses. To meet the needs of these new age customers, companies are transforming their ways of doing business. Like any other revolution, digital revolution is comes with many challenges and tremendous opportunities. Are you ready to win or even survive in this new digital age?
No company is immune to this change as we have seen diverse industries being disrupted at an unprecedented pace by companies like Tesla, Airbnb and Amazon. Today every company needs to embrace digital transformation to become a tech company. Digital revolution is unstoppable. The only questions remaining are:
“More than 90% people start with online search before they make a buying decision…Going digital provides you an opportunity to get in front of these people who are planning to buy something that you may be selling"
“89% of enterprises have plans to adopt or have already adopted a digital-first business strategy with Services (95%), Financial Services (93%) and Healthcare (92%) leading all industries. Education, high-tech, manufacturing, retail, and government are also quickly adopting digital-first strategies to improve process efficiencies and meet and exceed customer expectations.”
What is Digital Transformation?
Digital Transformation has many definitions. App-scoop defines it as a process of making a giant leap in business effectiveness by incorporating today's cutting edge technologies such as Artificial Intelligence, Smart devices, Internet of Things, Augmented Reality, Blockchain and so on.
“The only constant in life is change” – Heraclitus
In today’s day and age, business scenes are constantly evolving to keep up with the dynamic changes, in the environment. We can see digital technologies are changing the facade of business at an exponential rate. Organizations need to keep up with these changes in order to survive and grow. An organizations IT strategy is vital to its business strategynow more than ever.
Digital technology has reached a point of omnipresence and it is no longer optional for a company to be digital or not. The world has had over 4 billion internet users in 2018 alone. Studies have shown that there will be a growth of nearly 800% in mobile data usage in the next year or two.
In such scenarios, a digital transformation is paramount in the company’s vision for its future and growth.
What is a digital transformation?
“The way out of these difficult times is not cost cutting. It is to innovate and embrace digital transformation.” – Steve Jobs (Apple Co-founder).
Digital transformation is integrating digital technology, into all areas of business, which fundamentally changes how you operate and deliver value to customers. Digital transformation, in other words business transformation, is driven by technology innovation, customer behaviour, demand and satisfaction and external environmental factors.