Digitalization has become vital in the modern business landscape. The adoption of digital processes have been beneficial for most industries, which is why businesses must take full advantage of it. There is no shortage of examples that showcase how embracing digitalization has helped various industries. While plenty of industries have adopted digitalization, the banking industry was arguably the quickest to do so.
Other industries, however, took their time and were relatively slower adapting to digitalization. With the rapid advancement in technologies, however, ignoring digitalization seems like an unwise choice. So without further ado, let us discuss 5 examples of industries that embraced digitalization and have been greatly benefitting from it.
1. Gas and Oil
The gas and oil sector is vital for the planet’s fuel related needs. While natural gas and oil companies use a plethora of industrial equipment for conducting their work, they need to monitor their equipment to ensure it is in optimal condition. Initially, monitoring the equipment was quite challenging because the processes used for it were quite unreliable. Fortunately, digitalization has eliminated this issue as companies now use IoT sensors to check their equipment.
The use of monitoring platforms based on Artificial Intelligence and Internet of Things help ensure the assets of gas and oil companies remain free from any issues. Analytics have a massive part in this sector because companies often utilize complex algorithms for gauging price fluctuations to ensure they can preserve their profits.
Embracing digitalization has also helped the gas and oil sector improve employee safety by introducing automated machines to replace dangerous processes with human involvement. The use of big data analytics has been especially helpful for the gas industry to spot inefficiencies and any other operational issues. Needless to say, all of these developments have made gas and oil companies dependant on digital processes, which has been incredibly helpful.
2. Transportation Industry
Digitalization has been a godsend for the transportation industry in particular. This industry could reach even greater heights if more companies adopt technology. Many believe that the introduction of smart and driverless cars is on the horizon and it will effectively change how transport is done.
The proliferation of machine learning and artificial intelligence algorithms along with cloud based technologies have been massively helpful for transport authorities, helping them revamp their procedures to ensure they can create well-thought out transportation routes.
Goods transportation has also been undergoing a digital revolution because of the presence of driverless trucks. These trucks have been especially helpful for transporting freight to long distances.
3. Manufacturing Industry
Being the industrial revolution’s fourth stage, manufacturing plants now greatly depend on fast network connections and digital technology to operate efficiently. A large number of manufacturing plants are even operating multiple smart factories that utilize advanced tech such as augmented reality and the Internet of Things. According to several reports, more than 80 percent of the U.S based companies that use smart factories noted a 49 percent increase in efficiency.
Plus, with the advent of 5G, companies will be able to utilize AR for solving problems and troubleshoot quickly. With all of these improvements, it would be fair to say that embracing digitalization has been massively beneficial for the manufacturing industry and will yield more rewards in the future.
4. The Healthcare Industry
The healthcare industry has greatly benefitted from digitalization. While hospitals and private physicians were already adopting digital process for many years, the recent pandemic increased the adoption process rapidly. Since social distancing was in full effect, doctors started looking for way to solve their patient’s issues digitally.
This also gave rise to telehealth, something that was already gaining popularity during the pre-pandemic days. Many healthcare providers have been subscribing to telehealth services for prescribing medication, conducting diagnoses and scheduling appointments. Some platforms have even automated their medicine deliver processes to accommodate patients who cannot leave their homes.
The pharmaceutical sector has been making the most of digitalization, using IoT devices to monitor patient’s health and stability. Various tech innovations have also helped with the maintenance of complicated laboratory equipment, something which used to be incredibly challenging before. The supply chain in healthcare also utilizes technology for tracking storage and shipment conditions. Incorporating various IoT based devices has been massively helpful for companies to ensure their products remain safe and reach their desired location on time.
5. The Shipping Industry
Embracing digitalization has proven to be excellent for the shipping industry. Unlike decades ago, the loading and shipping times are quite short and people can receive their shipments within days. All of this is possible because of the adoption of effective software and technology like ECM (electronic engine management). Shipping companies often use such technologies to spot any issues with their vessels before they go out on sea.
The adoption of Electronic Bill of lading has also been a welcome addition in the shipping industries, ensuring shipping operators have access to contract regulations, rules, stipulations etc on their finger tips.