What is Digital Transformation?
It is a sensible integration of digital technologies, processes and competencies into all areas of a business leading to disruptive changes from how businesses operate until they deliver value to customers. However, there are differences from one industry to subsequent.
According to the Worldwide Digital Transformation Spending Guide by IDC, worldwide spending on Digital Transformation (DX) technologies and services will grow 10.4% in 2020 to $1.3 trillion.
Some of the common elements that are majorly focused on are:
- Customer experience
- Operational agility
- Culture and leadership
- Workforce enablement
- Digital technology integration
Australia has quite more than 22 million internet users and therefore the internet penetration in Australia stood 88% in January 2020.[Source]. With more people now online, it brings opportunities for higher innovation and large investment in new technology. Some of the Industries are trendsetting as they embrace innovation in technology.
Rapidly changing consumer demand, heightened competition from incumbent banks and new entrants, and significant advances in technology driving digital transformation in the Fintech industry.
Because of COVID-19, the Fintech industry's accelerating shift towards digital channels and now have a unique opportunity to get ahead of the competition and further enhance the customer experience.
Traditional core banking systems are fostering rapid change to protect the data and information of its customers. The industry experts predicted that the Australian Fintech Sector will grow at a CAGR of 76.36% and reach A$4.2 billion by 2020; of which A$1billion will be a completely new added value to the Australian economy.
[Source: Australian Fintech].
With the challenges that 2020 has been bringing, more and more Australians are seeing the need for online shopping. As per Hootsuite’s Digital 2020 report, Australia in 2019 had:
- 17.90 million online shoppers.
- USD 20.68 Market price for online consumer goods purchased
- USD 1157 Average Annual Revenue Per Online Consumer commodity Shopper
The growing online penetration continues to boost eCommerce with many startups and leading global brands harnessing the opportunities.
As per the recent report, there are quite 12,580 apps from Australian publishers on Google Play. 78% of released apps by Australian publishers are apps and 22% are games. [Source]. With an increase in demand, many tech companies are investing in mobile app development, to class themselves as digital-first, when compared to other industries.
Cloud computing, flexible consumption, and cognitive computing are driving more opportunities for tech companies to succeed with digital transformation.
The Healthcare industry has been a little slow to adapt to digital transformation. It is quite challenging to decide which emerging technologies are worth investing and to trust if the disruption can bring big results.
But of late, the healthcare industry is seeing a major shift in implementing new technologies with a positive impact.
Telehealth, artificial intelligence (AI)-enabled medical devices, and blockchain electronic health records are just a few concrete examples of digital transformation in healthcare which are completely reshaping the interaction with health professionals, how data is shared among providers and how decisions are made about the treatment plans and health outcomes. [Source].
Digital transformation is influencing many industries to adopt the latest technology as it brings a positive impact on the core concept and practices - making it possible to rise above the intense competition in the consumer market.
Any questions? Contact digital transformation agency Mo Works.