Technology 5 min read 593 views

How Big Industries Are Navigating Digital Transformation

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Technology 5 min read 593 views

How Big Industries Are Navigating Digital Transformation

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Joining the digital revolution has stopped being a choice some time ago and became mandatory for all those who wish to remain in business. If a business refuses to implement certain changes, the competitive advantage of its business rivals will be impossible to approach, let alone surpass, unless the business owner opts to transform.

Big industries are not only accepting computer technology and general technological advancement but they also embrace it and participate in further development in their particular spheres of interest. These mutual activities have brought many changes and here are a couple of most gripping ones.

The banking industry and the blockchain

Source: Pixabay.com

Perhaps the biggest change the digitalization has brought to financial institutions, namely banks, is allowing the clients to exert greater control over their money. The only way to check the state of your account was by going to the bank or by vehemently listing all monthly expenditures while sending funds to others meant visiting the bank or the post office.

Nowadays we can access our accounts through various devices, as well as send and receive money while not moving an inch from the screens of the said devices. The banking industry’s future will be even more digital and many believe that it is only a matter of time when the banks will embrace the blockchain technology and its more efficient and safer way of storing data and completing transactions. We have yet to see whether the banking system will indeed introduce new technology or will they risk being left behind.

The oil industry and e-commerce

Oil is one of the most sought-after fuels so it’s no wonder that so many efforts in the field of technology were directed at this particular industry. For starters, it has made it safer for the employees with the aid of drones who can be used to assess the degree of risk in case of explosions, oil spills or fire. This is not the only application of drones in the oil industry - they can also help with different kinds of evaluations, calculations, as well as planning.

However, perhaps the biggest transformation in the oil industry has been brought upon by e-commerce. The appearance of e-commerce platforms made the most sophisticated oilfield equipment more available raising the standards of equipment quality. This will continue to boost the overall efficiency in this industry since you save time by shopping online and also funds because you can find them for a smaller price than at your local equipment stores.

The manufacturing industry and robotic arms

Factories around the globe have introduced different kinds of monitoring systems, depending on the products that are produced, to be able to track the entire production process. This kind of control allows them to make informed decisions about changes that need to be made to improve the process which is of utmost importance for giant manufacturers of goods. 

What’s interesting though is that digital advancements are also changing the employee structure by implementing a few additional sets of helpful hands - that is, robotic arms. This novelty has made factories a safer place for the workers because the arms have been given more complex and dangerous tasks but also those that demand great precision which can only be programmed. This also means fewer mistakes which represents an immeasurable benefit for entrepreneurs.

The retail industry and augmented reality

Source: Pixabay.com

Online shopping has been a blessing for many people: while some don’t have the time to go from shop to shop, others simply detest the whole process. Technological advancement allowed us to visit a website or install an app and browse through images and descriptions of items, while slowly sipping on your morning coffee instead of waiting in line at the cash register. 

However, some are reluctant to purchase clothing online since they cannot try the items on to see how or if they fit at all. As an answer to that issue, technology offered us the opportunity to try out clothes from the comfort of our sofas - via augmented reality apps. These apps, such as the one developed for Gap, will allow you to enter your body measurements and then see how the pieces of clothes you choose look like on a mannequin based on your body proportions. We can expect brick-and-mortar stores of the future to be smaller since there will be no need for large scale stocking.

Final thoughts

Most people see changes through their own lives: they drive electric cars, use internet banking services, get items delivered to their doorstep. They know this simplifies their everyday lives and that technology saves their time and money in a lot of cases.

However, there are those who don’t settle with simply using those time-saving gadgets and software. Those people want to be active participants in this (r)evolution and work everyday in their industries of choice on pushing the boundaries of the possible to facilitate the work, and subsequently, the lives of people all around the globe. And you can bet that this fast-paced digital world we live in still has a few aces up its sleeve to surprise us.

Updated 05:54 PM UTC+8, 04 Feb 2020
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Keith Coppersmith
Keith Coppersmith
Contributor
 
Keith Coppersmith is a business and marketing expert who has experienced both the rise and fall of many businesses. As a regular contributor at BizzmarkBlog, he enjoys writing and providing insight of the marketing industry based on both practice and theory.
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