How Traditional Industries are Undergoing Digital Transformation?

With industry 4.0 adoption, there is a vast digital transformation, especially in the traditional industries.

What is industry 4.0?

Industry 4.0 is known as the fourth industrial revolution. It is focused on connectivity and communication. It envisages a future where devices are connected and they can communicate and make smart decisions.

The latest technology solutions are allowing traditional industries to think out of the box.  Achieve long-term sustainability and move ahead of time to not become redundant.

4 Traditional Industries that are Undergoing Digital Transformation

Here are 4 industries that embraced the latest technology adoptions to stay relevant in the changing world.

1. Healthcare

The traditional healthcare sector has evolved a lot by adapting to the latest medical technologies. There is a spike in the usage of digital medical devices across the healthcare sector.

Technology innovations in the medical field are highly commendable. Digital Medical devices have transformed the industry drastically,

Genetic testing, high precision operations, diagnosis, etc., are made a reality using the latest technology.

3D printing, tissue research, stem cell treatments, fitness trackers, heart rate monitor, and more…

The scope of medical technology is vast and has taken over the whole sector.  At every stage of the supply chain starting from the patient booking system to diagnosis.

The role of technology in the medical sector is undeniable and it has positively helped the sector to grow.

2. Fashion

The fashion industry is another major industry that adopted technology into its’ supply chain. Technology has significantly infiltrated the fashion sector.

Right from textile technology, cloth designing to the final distribution. Technology is used in all aspects of manufacturing dresses and accessories.

The eCommerce boom has positive signs for the fashion industry. More and more labels are launched into the market every day.

Innovations that have triggered online shopping adoption.

  • Virtual fitting rooms,
  • Express door-to-door trails and returns,
  • Accessory customizations,
  • Online trial rooms,
  • Online shopping via apps, smart payment options, etc.,

3. Finance

Financial technologies, online banking, Artificial Intelligence based trading, Big Data, and Customer data protection systems, the list goes on…

Technology has transformed the financial industry significantly.  The digital products and services, growing penetration of mobile and internet are the growth drivers.

The global investment in FinTech is expected to grow two-fold by 2018 to USD 6-8 Billion.

 The finance industry is adopting technology-first practices. to meet the changing demands of modern consumers.

Cybersecurity measures, cloud adoptions, analytics, etc., are being actively experimented on by FinTech companies. It is to ensure whether the companies are delivering exceptional customer experience all the time.

Digital wallets and Peer-to-peer lending adoptions are on the rise. Crowd Funding platforms, venture capitalists, start-up accelerators are growing and becoming more significant.

Traditional banks are also gearing up with digital modes of banking to reach out to their changing customer base.

4. Education

Education is another key industry where technology adoption has changed the traditional operations of the sector.

With digital technologies and platforms, the education sector has moved online.

 The Massive Open Online Courses (MOOC) offered by industry leaders. A host of other private players are letting anyone learn about anything online.

The scope of technology in education is not only online classes. It includes interactive tools and software development. Lesson planning, data collection, class engagement, performance measurement, and more.

The transformation of the education industry to the digital space is paving way for a online learning community.

It is creating a revolution of 100% online classes. A lot of traditional schooling concepts are becoming redundant. 

Also, technology in education empowers the students and teachers to keep updated with the latest trends.  A more practical approach to education is introduced to the student currently.

More one-to-one and personal level interaction would be possible. Instant messaging options, chats, and screen sharing options are used heavily in today’s world.

The digital transformation has brought about significant positive changes. Industry sectors are achieving long term sustainability and business growth. They are staying competitive in the current digitally driven world.

How to join the Digital Transformation – Setting up a Company in the UAE

To join the current digital transformation adoption.  Launching innovative software, products, and services is the answer.

 The best option is to set up a company in the UAE and realize your dream of converting your idea into reality.

The Free zones of UAE offer cost-effective business licenses across a wide range of business activities ranging from finance, healthcare, education, and more.

Connect with our team to know about specific approvals and requirements to set up your dream company in any industry sector of your choice.

Contact: Aurion Business Consultants

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About the author

Marketing Consultant working with Aurion Business Consultants. Likes to write on business support services, current market trends, and the latest business updates in the UAE.
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