Need for Digital Transformation in Traditional Industries

In the recent past, Digital transformation has been the catalyst for business sustainability and growth and with a plethora of benefits at various levels, it has made industries more resilient to put themselves in pole positions to operate. The Digital wave has gripped various sectors in such a way that the business sphere continues to build from strength to strength and with the rapid development of IT technologies like cloud computing, big data, and artificial intelligence, its rapid integration with the industries has transformed the business world across the spectrum.

Having said that some of the industry sectors like technology, media, and financial services have been more adaptable to digitalization than the others, traditional industries have been slow on the uptake, to have gradually picked up over the years. Industries like manufacturing, have over the years faced the heat in the form of lackluster supply chains, lethargic internal operations, and communications, improper asset management, and inability to forecast to meet customer needs. Across the board, traditional industries have felt the need to speed up operations, improve processes, and open up revenue-generating areas bringing the digital technologies and tools into play.

New digital technologies, inventions, and organized tools along with discovering digital business models in traditional industries have brought a new dimension to the traditional industries. Traditional industries move to transform from strength to strength and here is a look at how these industries fare with Digital adoption.

MANUFACTURING INDUSTRY

36% of manufacturing enterprises realize above-average business value from IT spending in digitalization at a reasonable cost.

Giant multinationals and small manufacturers make Manufacturing a broad industry, and in general, it misses out on having a concrete digital transformation strategy. With changing consumer behavior and spending, the need to develop and implement a DX strategy to aid the Digital Transformation of Manufacturing Enterprises becomes ultra-critical.

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