DX becomes the driving change in four key industries
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CEOs are being challenged to make progress in digital business, according to Gartner, and more than half say that digital improvements have improved their overall profits.
With digital transformation (DX) touching every vertical and sector, businesses are increasingly developing and integrating cutting-edge technologies and changing their methodologies, according to Y Soft.
Findings from the Hackett Group also found that 74% of CIOs expect DX to disrupt their industry and 82% expect it to change the operating model of their business.
Commenting on the findings, Y Soft A/NZ managing director Adam O’Neill says that every industry is ready to participate or is already participating in DX.
“This seismic impact prediction calls for immediate action, and many companies have already begun their DX journeys and are automating and streamlining business processes by investing in artificial intelligence (AI), specifically machine learning.”
“DX is radically changing how organisations operate and is shaking up industries at speed. Organisations are increasingly launching initiatives to expand or build digital capabilities to deliver business efficiency or increase top-line revenue growth.”
Y Soft says DX is having a significant impact on these four industries:
1. Legal. Traditionally, the pace of digital change within the legal industry has been slow, with the legal profession resisting many of the technological advances over the years. However, the industry is now increasing its uptake of cloud, document storage, automated workflows, schedule assistants and mobility. Current technology such as chatbots and blockchain are not yet widely used, however, the disruptive impact will be felt in every law firm around the globe.
2. Finance. From mobile payments and online banking to chatbots, paperless billing and automated invoicing, the world of banking and finance has already adopted many new technologies. However, with the development of blockchain and other automated technology, the disruption is nowhere near complete.
3. Education. Students are evolving as is the technology they use. Educational bodies are adapting to this change by increasingly using devices and online platforms for teaching, resources and engagement. The use of 3D printing, augmented reality (AR) and virtual reality (VR) are quickly developing into new teaching methods. DX could well be the disruptive force to change and improve the way future generations are taught.
4. Manufacturing. By using technology, manufacturing organisations are moving away from mass-produced goods to customised production via a digital supply network. Incorporating and embracing robots, data, AI, sensors and mobility, the manufacturing industry is already dipping its toe into Industry 4.0.
“Successful digitalisation of a business can disrupt the entire industry and rewrite the rules in a way that leaves their competitors playing catch up. The focus must be on what DX can let the organisation and industry accomplish. The important factor is not having the largest collection of the Internet of Things (IoT), virtual reality, AI and 3D printing technologies, but focusing on agility, innovation and the ability to holistically adapt to change,” says O’Neill.
“Technology will disrupt existing ways of doing things, and those who refuse to become nimble and innovative will get left behind. Rather than merely identifying all the ways in which digitalisation can optimise the organisation in its current form, organisations need to look into the future and absorb DX into their DNA.”