Digital transformation uses technology for applying changes within organizations or industries. The main idea is to create whole new products, services or business models, not only improve the current ones. Companies that embark on digital transformation are more flexible, customer-oriented and make decisions based on data. Let’s take a look at how technologies bring changes to traditional fields.

Digital Transformation Is All Around Us

Technologies are penetrating into our regular life. We encounter them every day. Calling an Uber, playing a new song on Spotify or making an order on Amazon. These are all examples of digital transformation. Where else, besides travel, music and e-commerce, can we meet it?

Let’s take a look at the examples from the area of industry, finances, but also government. No matter the perspective we choose, digital technologies bring a higher rate of process effectivity and significantly add value.

Banking

Financial sector and banking have not adopted digital technologies as quickly and intensively as other consumer sectors. To a certain extent, this field prefers traditional approaches, is subject to a lot of regulations and oftentimes doesn’t even have the needed infrastructure.

But even here, things are beginning to change. Tools are developing and internet banking and mobile apps as well. Even purely mobile banks like Monzo are emerging, in Great Britain specifically. And customers are interested in using their services. Other providers of banking services won’t miss innovation either. Oftentimes, instead of trying to transform a current product, they launch a completely new service, 100% digital.

Insurance

Similarly to other fields, Internet of Things is being applied here, as well as predictive analysis, for determination of the risk rate and trying new business models.

An example of a whole new approach could be the Aviva Drive app, that aims at improving the safety of road transport through a game. It records individual rides and rewards the drivers with badges and subsequent discounts for safe driving. Most users state that they would use a similar technology in different areas as well, if there were cost savings.

Heavy industry

Underground and surface mines or rail transport don’t seem like an ordinary environment for implementing digital technologies, at first sight at least. However, heavy industry and engineering show how the omnipresent computer technology permeates the entire field.

A whole lot of Caterpillar, General Electric or Joy Global equipment has sensors for data collecting. This data serves as a material for predictive diagnostics tools. Thanks to those tools, it is possible to reveal problems before they actually happen and recommend replacing worn out parts or their check-up. The result is not “just” a greater level of customer service, but also income from maintenance and growth of spare parts sales.

Authorities and State Administration

Governments and authorities are gradually leaning towards digital technologies utilization because of two main reasons. The first is the effort to satisfy the citizens, who have got used to the digital services comfort in the private sector. The second one is the effort to achieve effectivity, rationalization and operation costs reduction.