Report on Impact of Digital Technology by Industry
Digital Technology Impact on Different Industries
Digital technological innovation is already transforming many aspects of business, workflows, structures and even whole industries. In recent news, Shake Shack is opening a kiosk only location, where no cash is accepted. This restaurant chain is looking to engage consumers through digital innovations.
Top Industries Transformed by Use of Technology
One of the most recognized technology innovations that has affected most people is the invention of the Internet. The Internet has changed the way we communicate and process information. Technology innovations have helped us reduce boundaries and limitations to what we can do and what we cannot do. Here are some examples of how top industries leverage the use of digital innovation and technology to its advantage.
The ongoing changes in technology have had perhaps the largest impact on the automobile industry. The assembly line is by far the biggest innovation that has streamlined the manufacturing process to move parts to different workstations so that a car can be assembled at a faster rate, while reducing labor hours of having to manually hand carry parts.
Company perspective: Automobile companies are able to save dramatically in labor hours due to the invention of the assembly line. With this, companies are able to make more cars at a lower cost to consumers.
Consumer perspective: Due to the reduction in cost to make a car, consumers are able to purchase vehicles at a lower price with better technology built-in. For example, back-up cameras used to be an expensive add-on feature in a car; however, it is becoming more common to see this technology as a standard in today’s new vehicle.
Consumer goods companies are leveraging digital technology for quality control, product performance, and supply-chain optimization. Companies can improve their products or services at a larger scale due to the use of technology. For example, data are now stored and tracked on the computers between different departments. Customer service representatives can resolve an issue about product shipment instantly because that information gets updated in the company system as soon as the package arrives at the delivery company, such as FedEx or UPS.
Company perspective: eCommerce has allowed many consumer goods marketplaces and companies to thrive without the need to have a physical store. Many retail stores are going out of business due to the large competition on the web. Consumers’ behaviors are changing with technology and consumer goods companies must adapt in order to keep up.
Consumer perspective: Consumer goods are increasingly sold online, conveniently and readily available to all customers across the globe. Goods and service sold online create a huge advantage to consumers by allowing them more selection and the ability to compare prices on a product they wish to buy. In the past, there was limitation in both quantity and selection of what one could buy at a store.
What is the future of electricity? The demand for electricity will continue to grow as the world’s population continues to climb. More people will use technology, which means more electricity is needed. How are electrical companies able to meet the consumers demand? With the use of technology, companies can create a more efficient system.
Company perspective: Major electrical companies will need to evaluate their current business model as technology continues to push for a greener solution in generating electricity while reducing cost to consumers. There will be a rise in electricity companies needing to redesign their infrastructure and ensure a better customer focused system compared to the older supply and demand business model.
Consumer perspective: Consumers will have more options in where they can get their electrical resources. We will see a shift in how energy is being harnessed. The current trend is renewable energy sources in which consumers and the environment will greatly benefit from them.
Logistics / Transportation
According to Dream Orbit, “Any typical logistics moves a product through a supply chain extending from one point to point with objective of keeping the cost at the minimum.” Technology has played an important role in transforming the logistics industry, an estimated worth of more than $4 trillion. Think about the most recent news from Amazon – the introduction of Amazon Prime Air. This delivery service offers to get orders to their customers in 30 minutes or less using drones. Will this be the next trend in the logistics industry?
Company perspective: Companies are implementing automatic identification and data capture technology to automate the process of packaging a product to updating the system on the shipment status of a package. Due to advancement in technology, companies are improving their production workflow and creating a more real time communication to customers on online orders.
Consumer perspective: Due to the efficiency in how companies are handling shipments of products, consumers are now benefiting from lower cost to free shipping on purchases made online.
There has been a dramatic transformation to how newspapers are being distributed and read by millions of people. Perhaps one of the biggest impacts in media is the migration of daily newspaper circulation going from print to digital.
Company perspective: Digital technology continues to change the way we process information. Media companies are moving away from print technology and making it a priority to generate more digital pieces.
Consumer perspective: Consumers have more information than they could ever possibly process. Digital media has provided us with instant gratification. We are able to look up information easily without having to put much effort in, such as driving to the grocery store to pickup a newspaper. A quick search on the Internet will yield a reader with information from different sources.
Digital technology is changing healthcare and medicine. Wearable devices and trackers are helping us stay connected to our health and physical activities. The use of robotics in aiding doctors during surgeries is another positive impact in the healthcare industry. The successful use of 3D printing in healthcare is making it possible to customized prosthetics at a fraction of the cost.
Company perspective: Technology such as, computers and practice management software, has made a huge impact in the healthcare industry. A big change in the medical and dental practices is the innovation of digital x-ray. For example, the panoramic radiography is a dental x-ray image of a patient’s entire mouth including the teeth, upper and lower jaws. The amount of time to process a dental x-ray image is reduced with a digital x-ray system. Additionally, the amount of radiation exposure is also lower with newer digital, dental technology x-ray systems.
Consumer perspective: Patients have the ability to complete online patient forms. In some health care systems, patients can be more active in their care by accessing reports, test results and medical records from anywhere using a patient portal. With today technology advancements, patient engagement and personalization will be the driving forces to obtain new patients and retain current patients.
Digital Transformation Improving Patient Engagement
Customers increasingly expect personalized and highly relevant interactions, catering to their individual contexts. Digital technology is enabling companies to meet these expectations by delivering personalizationto large numbers of customers at a lower cost.
We have to change the mindset that we are selling a product or service to a client or patient. Consumers are attracted by convenient, simplified solutions, unique user experiences, and excellent customer service. A large number of companies are using digital technologies to help improve a customer’s user experience by providing the prospect of time and financial savings and improving the quality of a product or service to beat out their competition.
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