As the world continues to undergo a massive digital transformation, the adoption of digital technology is imperative for the key sectors and industries to ensure they are future ready and well-positioned to make it big globally. Let’s look at the 5 sectors that are undergoing a massive digital overhaul and are gearing up to grow on a robust digital foundation in the times to come.
A robust infrastructure is the key to success for any developing economy. As India is scaling up its current infrastructure, massive transformation is taking place across the sector’s value chain. From infrastructure financing to construction technologies, digital technologies are enabling innovation, efficiency and sustainability for the sector. This digital revolution can go a long way in improving quality, cutting costs, enhancing safety, reducing risks and boosting profits for this space.
Additionally, the demand for smart and sustainable technologies has been gaining ground since the last few years with increasing concerns about the environmental impacts of construction activities. Digital technologies are helping infrastructure companies in staying ahead in the race of incorporating innovations that are sustainable and align with the rising trend of constructing smart highways, bridges, buildings, and cities across the globe.
Digital transformation offers biopharma, MedTech and life sciences firms the opportunities to execute efficiently, engage effectively and innovate new products and services. A digital foundation can help the sector take advantage of emerging technologies such as analytics, cognitive intelligence, blockchain, cloud, digital reality.
Digital transformation has enabled hospitals to store and study patients’ medical details and derive key insights with enhanced accuracy. This is resulting in increased precision and higher success rates of medical procedures, such as surgeries, diagnostics, disease detection, etc.
Digital businesses are now more than just buying and selling on a website. Digital is now more of a medium that uses technology to exchange goods and services, while ensuring that it reaches the right people. Multi-sided marketplaces harness the power of network effects through collaborative commerce, to grow exponentially thereby constantly creating value for its users.
The business model of an online marketplace is a win-win-win for buyers, sellers, and marketplace owners. Buyers benefit from being able to browse and shop across multiple categories of products, as well as a variety of brands. Sellers gain access to more buyers than they would independently. The marketplace owners benefit because they’re able to earn a commission on sales without having to bear the inventory and logistics costs.
4. Manufacturing sector
Over the last few years, the manufacturing sector has undergone a massive digital transformation. Several factories are turning into ‘smart factories’ that rely on latest technologies, such as artificial intelligence (AI), Internet of Things (IoT), cloud computing and analytics to automate tasks. These technologies are resulting in higher productivity, better quality, increased automation, predictive maintenance and higher efficiency. AI-powered insights are reducing manufacturing errors, thus saving time and money.
India’s automotive ecosystem is rapidly digitizing itself across 2 key themes. First is the rise of connected vehicles enabling location-based services, usage-based insurance and multimodal integration. Second is the digitization of automotive value chain, from manufacturing to retail, mobility services and connected infrastructure.
Digital technologies are creating value for the automotive industry by breaking the mould of the entire automotive value chain, as it creates greater efficiencies and cost savings. The explosion in the breadth and depth of data available is accelerating and amplifying the impact that digital technologies are having on the sector.
DX Summit 3.0 on the theme ‘Thriving in the New World Order’
To explore the emerging the opportunities as the world goes digital, CII organized the DX Summit 3.0 on the theme ‘Thriving in the New World Order’ from 22nd to 24th February, 2022. Experts from various key sectors came together to deliberate on the role of digitalization in the country’s growth and discussed the way ahead to capture new markets via digitalization.
The deliberations also focused on building resilient global supply chains and the need for gearing up to the challenges of cyber security, which is an imperative to survive in the new world order. The 3-day programme saw participation from industry leaders, Government dignitaries and technology experts on a single platform to discuss and share valuable insights on leveraging the benefits of digital transformation across various domains.