In 2015, the World Economic Forum launched a venture called Digital Transformation of Industries as a part of the Future of Internet Global Challenge Initiative. This initiative serves as the key for new opportunities and openings to emerge from recent developments and the latest trends from the digitalization of various industries like automotive, healthcare, and telecom, etc. Digitalization is one of the most crucial factors of transformation and, simultaneously, a chance to shape the future.
The World Economic Forum is focused on helping industrialists and start-up leaders comprehend these implications and supporting them in their journey to open windows of opportunities for all.
Digital Transformation Phase of the Automotive Industry
In today’s times, the automotive industry has transformed into a highly digitalized and technologically advanced field, due to the demand of consumers for luxurious, secure, and smart service offered by their automotive product. Digitalization is expanding its investments in the automotive sector. With the variety of innovations in the field of automotive such as IoT connectivity tools that upload the vehicle’s performance in the cloud, assess any hazard to the vehicle; notify the driver of any maintenance needed, etc.
A few years ago, the world only dreamt of Wi-Fi connectivity in vehicles, but now there is a plethora of technology that has given consumers a wide range of options to personalize their vehicles.
Here are a few IoT innovations that made travelling comfortable.
1. In-Vehicle Infotainment System: Today, the customer demands to have a more enjoyable experience while they are in their vehicle. Infotainment Systems offer to deliver entertainment and information to the passengers in the car through audio or video interfaces by controlling elements manually or through voice commands.
2. Safety and Security: There are built-in external IoT sensors that act as rear-view cameras, proximity sensors, allow detecting to identify blind spots, track climate change, traffic conditions, etc.
Cloud Technology has been empowering and enabling auto-manufacturers to optimize their use of public/ private/ a hybrid cloud tech, which depends on the auto-manufacturers’ business needs, including customized vehicles. Big data or analytics is advancing all phases of manufacturing. It can help improve testing exercises, comprehend consumer’s preferences, and optimize the pricing of parts and products. Just within the last few years, the advancements in vehicles have been major with semi-automatic or automatic cars, automatic emergency brakes, gesture control, etc. Adaptive Intelligence is additionally well on its way to create and improve the capacities of a technologically advanced automobile.
Digital Transformation Phase of the Pharma Companies
Pharmaceutical companies are doing their best to keep up with the changes achieved by digital technology. From mobile communications to the Cloud, analytics, and the Internet of Things are some of the few innovations that have begun to transform the field of the healthcare industry.
Here are a few trends that have helped in re-shaping healthcare.
1. Blockchain: It is software that offers a digital registry for records and log-exchange, by grouping them into sequentially-ordered blocks. This technique makes it ideal for tracking supplies, and guaranteeing that necessary storage conditions have been achieved and the products haven’t been tampered with. Blockchain has been rapidly expanding in the field of pharmaceuticals. To facilitate the working of Blockchain, competing solutions have started to emerge which seek to incorporate directly into the healthcare field.
2. Augmented Reality: Unlike Virtual Reality, where the user has a complete immersive out of the world experience, Augmented Reality adds the digital factor showing a 3-D illustration through any digital device. Studies believe that the application of AR in healthcare will transform the way of life. Students would be able to zoom into the anatomy of the human body through 3D illustrations. A patient’s dietary recommendation, a reminder to take medication, providing information about a certain medicine, etc can be made possible through the installation of AR application.
Top pharmaceutical organizations have been actively progressing towards embracing the IoT advancements with the ultimate objective to achieve enhancement and improve productivity. The IoT advancements enable normalization inside a pharmaceutical manufacturing company by connecting networks, equipment, and systems. Also, healthcare companies and organizations use IoT advances to get access to real-time data and visibility of operations. With artificial intelligence in tow, healthcare companies believe that the innovation of brain-computer interfaces would improve the quality of life for patients majorly.
Digital Transformation Phase for Telecom Operators
Artificial Intelligence, Cloud Computing, the IoT, 5G are some of the innovative technologies that have been driving the telecommunication operators to reconsider their ways of doing business as digital service providers.
IoT came to be a part of the telecom industry with the introduction of dial-up internet. The telecommunication industry is one of the largest businesses around the globe. It is assessed that every year to deploy IoT, millions are spent. The term Internet-of-Things defines the virtual connection between diverse technological devices that are connected through the same network. By enabling more connections, IoT enables transparency, safety, security, data transfer, and storage.
Here are three ways through which the telecom industry is seen to be transforming due to AI.
1. Network Optimization: AI is fundamental for assembling self-optimizing networks that provide operators with the ability to optimize network based on traffic information and time zone by the region.
2. Preventive Maintenance: AI-based predictive analysis is helping the telecommunication sector offer better service by using data, refined algorithms, and machine learning techniques to anticipate future outcomes dependent on the given data. This implies that the operators in the telecom sector can use data-driven insights to monitor the condition of the equipment, envision failures depending on the design, proactively fixing the issue with communication hardware, power lines, set-top box customers, etc.
3. Virtual Assistants: Another use of AI in telecommunication service is the conversational AI platforms; they are also called as virtual assistants. A computerized bot is used to engage the consumer while they purchase a product or to fix any issue of theirs.
In conclusion, the digital transformation of industries encompasses in itself initiatives, projects, concepts such as ‘The Fourth Industrial Revolution’, ‘Industry 4.0’, ‘Industrial IoT’, etc. Digital transformation is a massive undertaking, particularly for bigger companies. At the point when done right, it will create a business that meets the demands of customers and resilient in the fast-paced digital future.