Retail is no longer about products – it’s about customers. With buy-low, sell-high business models being upended by e-commerce giants like Amazon, retailers are embracing advanced analytics and customer intelligence tools to change how they understand and serve customers.
Manufacturing and logistics companies are leaders in digital transformation. The use of robotics and automation are streamlining the supply chain. And whereas some industries struggle to generate value from IoT, manufacturers are adept at using sensor data to expose product flaws and optimize heavy machinery maintenance.
Banks worldwide are transforming to attract and retain customers. From AI-driven chatbots to advanced fraud detection, financial institutions are implementing new digital technologies to stave off disruptors and form new digital pathways between customers and the business.
Digital transformation is accelerating improvements in areas such as diagnostics, care and monitoring. Look no further than AI being used to improve cancer detection. Digital tools bring the promise of more precise diagnoses and better targeting of treatments with predictive models. Simply put, we’re living longer, healthier lives through the use of technology.
Better forecasting technology helps energy companies save millions. It also helps provide more consistent power for energy-starved nations. Sensors on turbines help utilities squeeze value from existing machinery and proactively address mechanical issues before machines fail.
Plummeting revenues have pushed many telcos to take a more aggressive approach to transformation. This includes creating new, innovative services and mining data to improve the customer experience. Expect strong investments in digital transformation projects as telecoms look for new growth opportunities.
Smart cities. Cyberdefense. Digital services. The public sector is increasingly using technology to improve the lives of citizens. With a plethora of big data at their disposal, governments have ample opportunity to further cut costs and drive revenue. The key is change management and fostering a culture of innovation.
Commonly limited by legacy technology, insurers are investing in cloud infrastructure to support the adoption of new technologies and agile processes. In many cases, business units within companies are driving digital transformation – serving as proofs of concept for embedding digital technologies elsewhere in the business.