“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.
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.