How Digital Transformation has Penetrated Multiple Industry Sectors and is changing the Way Businesses Operate
The pandemic has accelerated the digital transformation in the country by many years, and the progress is continuous as entities such as government, businesses, and individuals continue to adapt to the innovations. In fact, India has been leading the path in leveraging the latest technological development to empower governance and boost businesses. With over 700 million internet users, India is one of the fastest-growing digital consumer markets and is open to undergo digital transformation. In addition, the vibrant start-up ecosystem of the country enables India to pursue innovation and standardize new technologies, promoting a rapid digital transformation across all major sectors.
Typically, digital transformation can be best described as harnessing technology to modify how an individual conducts business and interacts with customers. With time, more companies are recognizing the urgent need to adopt digital business transformation and are integrating technology at all levels of their venture. Such a practice fosters a culture open to change and innovation and increases the manufacturing prowess of a nation. On that note, let’s discuss how the trend of digital transformation has penetrated multiple industry sectors and revamped their operations.
Digital transformation encompasses integrating innovative technology across all business operations, including sales, management, marketing, and customer experience. The said trend is on the rise among customers, and market demand continues to push companies to evolve and sustain competition through efficiency. For instance, businesses now rely more on their ability to connect to digital technology to network, exchange information, and transmit data to a centralized system to facilitate real-time tracking and process analysis. This particular aspect forms the primary component of digital transformation.
This explains the country’s focus on leveraging digital transformation through emerging technologies, including cloud computing, blockchain, AI, machine learning, robotics, and IoT, especially to establish itself as the ultimate hub across the global supply chain and enhance its manufacturing proficiency. Companies across different sectors such as healthcare, pharmaceutical, and edtech are harnessing the potential of digital transformation to boost competitiveness.
Impact of digital transformation on businesses and different sectors -
Today millions of customers shop online daily for a vast range of products and services ranging from electronics to groceries. This prompted traditional stores and brick-and-mortar businesses to attune to the changing business landscape by developing their brand’s online presence.
More manufacturers are using digital technologies to enhance the efficiency and overall productivity of the manufacturing sectors. Businesses are using artificial intelligence, QR codes, and sensors to track and monitor their product lines and identify errors and bottlenecks at an early stage. This increased traceability helps track inferior-quality products, and boosts transparency across the supply chain, ensuring the delivery of high-quality products.
Businesses are using artificial intelligence, QR codes, and sensors to track and monitor their product lines and identify errors and bottlenecks at an early stage.
Several startups in India are using digital technology to offer innovative financial products and make their services more accessible. With the growing popularity of the fintech sector, several platforms have enabled customers to open bank accounts or fixed deposits and avail loans without visiting the branch in person. Additionally, digital payments are helping to create a more equitable and financially inclusive nation.
The integration of digital technologies is helping improve the quality and accessibility of healthcare in the country. For instance, the adoption of telemedicine and digital health clinics has enabled patients to consult doctors remotely and with greater convenience. This is helping the nation bridge the gap in proper access to healthcare in both rural and urban areas.
Unique identification and global standards play a crucial role in various businesses and sectors including e-commerce, fintech, manufacturing, healthcare etc. They facilitate in establishing a common language and framework for businesses to operate in, which can lead to increased efficiency, reduced costs, and improved customer experience.
"The digital transformation process and its strategies are typically centered around the employees and customers of a business."
Primary Benefits of Digital Transformation for Businesses
The digital transformation process and its strategies are typically centered around the employees and customers of a business. To elaborate, the Digital India program aims to empower society and ensure proper digital access and overall empowerment through initiatives such as DigiLocker, Arogya Setu App, Digital Village app, etc.
Digital transformation allows businesses to market their products and services during the available time. In addition, successful integration and timely adoption of the process enable companies to conform to value chain disruptions.
It also facilitates automation and removes redundant manual processes, simplifying tasks. The dissemination of quick exchange of information and facilitating real-time collaboration is also an advantage of digital transformation. This aspect also helps companies extend reach and enhance customer support, enhancing user experiences.
Besides these, the process is enabling businesses in India to become more sustainable in their practices. For instance, the adoption of digital technologies is helping companies lower their energy consumption and overall waste production. The practice is also helping them develop new products and improve services that are in tune with the environmental goals.
Digital transformation continues to help businesses improve customer experience, lower friction, boost productivity, and increase profitability. By boosting the digital capabilities of businesses across different sectors, digital transformation is helping strengthen connectivity and making businesses more productive and sustainable. This improves the economy and makes products and services affordable for consumers.