Digital transformation is a necessity in today’s competitive landscape. Technology and data have permeated every industry, and any business that cannot make data-backed decisions is flying blind. Some industries were quicker to digitally transform themselves than others.
Banking and heavy industries were early adopters of analytics and IoT-driven decision-making. Others were slower to adapt to the new trend due to inertia or delayed technological impact. However, as technology has rapidly improved, every industry has had no choice but to re-examine its business models.
Here are four industries that are rapidly embracing digital transformation.
1. Real estate
While construction was an ideal candidate for technological adoption, real estate remains a people business. The business models in this sector rely on relationships parties build with each other, and at first glance, technology doesn’t have too many inroads to take advantage of.
However, technology is slowly transforming workflows in this industry. The rise of online property search and valuation platforms has changed the way people search for residential properties. Commercial real estate, long an opaque branch of this sector, is also experiencing a technological wave with companies like Floorly (launching in 2022) simplifying commercial rental processes.
Floorly’s platform goes well beyond enabling user searches. It acts as a one-stop shop for all commercial negotiations, including allowing users to view competitors’ offers and adjust theirs accordingly.
All parties can store documents and e-sign them on the platform, removing any possibility of confusion over deal terms. Commercial leases have many customizable terms, and Floorly’s platform is a great technological solution to the issue of tracking complex deals.
Other technological solutions are revolutionizing the sector, too. For instance, realtors use integrated CRM and IM tools to simplify customer communication. These tools help them track a customer’s journey, and the integrated IM tools help them customize messaging. Typically, these platforms also help them run promotional campaigns and conduct marketing outreach to potential customers.
The days of realtors pasting flyers everywhere are long gone, thanks to technology.
2. Oil and gas
Oil and gas is often thought of as an industry of a bygone age. Thanks to the push for renewable sources of energy worldwide, oil and gas suffers from a perception problem. In the mid-term, there’s no doubt that this sector will continue to fuel our planet, thanks to the relative lack of sophistication in the renewables sector.
Oil and natural gas companies might need heavy industrial equipment to conduct business but the equipment’s health is monitored by IoT sensors. These companies also own vast networks of pipelines and other energy-producing assets. A combination of IoT and AI-based monitoring platforms are always on the job, ensuring these assets don’t suffer any disruption.
Analytics play a major role in this sector as companies use advanced algorithms to hedge their exposure to fluctuating prices and conduct complex financial transactions to preserve profits. Technology is also making a mark on employee safety as automated machines are replacing human-assisted drills and other equipment, thereby reducing workplace injuries.
Companies like Seven Lakes Technologies have left a deep impact on the industry by using big data analytics to pinpoint inefficiencies in the operation chain. These developments have left oil companies more dependent on technology than ever before.
No talk of healthcare is possible without acknowledging the transformative effect the COVID pandemic had on the sector. Forced to stay away from patients, doctors had to adapt and find new ways to diagnose patient issues. Thanks to government lockdowns, doctors and medical staff had to prioritize in-patient visits based on symptom criticality.
These issues boosted the rise of telehealth, which was on an upward curve before the pandemic. Companies such as Teladoc found their services in demand as healthcare providers relied on technology to schedule appointments, conduct diagnoses, and prescribe medication. Some platforms automated medicine delivery as patients could not leave their homes during the pandemic.
Technology has long been used in the pharmaceutical sector, with IoT devices monitoring device stability and health. Preemptive maintenance of complex lab equipment is standard practice, thanks to these technological innovations. Data collection and analytics also inform drug development and other innovations.
The healthcare supply chain also relies on technology to track shipment and storage conditions. These IoT devices allow companies to ensure complete product safety on delivery.
The transport industry holds immense promise if technological adoption increases. For starters, driverless and smart cars will change our idea of transport fundamentally, making the idea of vehicle ownership go the way of the horse-driven buggy. Visionaries in this industry envisage vast cities of driverless cars and public transport helping people form better-connected communities and living spaces.
The back-end infrastructure that helms most public transport authorities is also sorely in need of an upgrade. Thanks to the proliferation of AI and ML algorithms and cloud-based technology, transportation authorities are revamping their processes and creating robust transportation routes.
Goods transport is also undergoing a revolution with driverless trucks for long-distance freight hauls. A vast network of smart machines transporting goods and ensuring optimal safety is not too far away in the future.
The future is digital
Digital transformation may have been slow to begin in these 4 industries, but it’s undoubtedly making rapid strides. Only the future will tell how these industries will further evolve following the technological revolution.