Specific Digital Transformation Trends in Specific Industries
In addition to the broad digital transformation trends impacting enterprises across industries, here are trends impacting specific industries.
Manufacturing
Digital transformation trends for manufacturing are improving safety, increasing throughput, and creating higher-quality products.
Gartner finds that enterprise investments in manufacturing IT add value. Over 30% of manufacturing enterprises benefit from above-average value from their IT spending when compared to their peers.
IoT sensors collect data on everything from oxygen levels in the area to temperature controls and the status of equipment performance. These sensors monitor plant equipment, energy consumption, maintenance needs, and managing inventory.
AI and machine learning increase throughput efficiency and reduce stress on workers by performing repetitive tasks. AI can detect and predict trends and reduce waste.
Predictive maintenance systems to continuously monitor equipment performance and health reduce downtime on the line. In addition, repair costs are reduced as the need for emergency repairs is eliminated.
3D Printing reduces the time to prototype and iterate bringing products to market faster. In addition, 3D printing parts reduces the time required for equipment maintenance by eliminating wait times.
Energy
The convergence of information technology and operation technology will key a key digital transformation trend to increase security. Everything from enterprise asset management systems to asset performance management systems and distribution management systems will come together under one secure platform.
Edge computing helps energy enterprises companies process data from customer smart energy meters and solar panels to determine when they can sell energy back to the utility. The modern two-way grid requires even more data to control distributed generation and storage.
Artificial intelligence is definitely an area of interest for the energy sector. However, an IDC survey finds that over half of the utilities surveyed are still figuring out how to leverage AI for the best results.
Banking and FinTech
Conversational chatbots driven by AI will make a serious inroad into the banking industry. Pundits have predicted the rise of AI in everything for years now, but the popularity of ChatGPT will push enterprise banking to finally deliver. A Haptik survey found that among banks already using chatbots, lead generation was the highest use case.
Expect to see chatbots adopted by credit unions as well. A What’s Going On in Banking study by Cornerstone Advisors finds that one in four credit unions plans to deploy a chatbot in 2023.
FinTech embedded in banks and other companies is on the rise. As the demand for loans goes down as interest rates go up, banks and other financial lending institutions will be scrambling for new ways to draw customers. Embedded FinTech products and services such as identity theft protection, data theft protection, and subscription management services will become part of a banking services suite to sweeten the offering for checking accounts.
Cybersecurity remains top of mind. A Digital Banking Survey of financial institution leaders about their main focus for the next 3 to 5 years found 96% were primarily concerned about cybersecurity with channel experience coming in a close second.
Automotive
Digitally enabled vehicles will become the standard and not an upgrade as customer expectations for a connected experience rise. Digital transformation in the automotive industry gives drivers access to more than navigation and their Spotify playlist, they will enjoy apps that pay parking fees and provide digital driving assistance too.
Predictive maintenance migrates from the factory floor to the finished product in this trend. New cars will use the same predictive maintenance technology used in manufacturing to gather vehicle performance data, analyze it, and alert the driver to any maintenance needed.
B2B eCommerce will be a must-have technology for parts suppliers at the manufacturing, wholesale, and distribution levels. Modern buyers want access to a self-service portal to place orders, check order status, obtain documents, and get support. These will increasingly be offered by B2B eCommerce platforms.
Government
Governments will turn to augmented and virtual reality to improve training for inspectors, law enforcement, social workers, and other government employees. This technology will improve outcomes at the same time it reduces travel expenses associated with training.
Blockchain technology provides the antidote to endless hours of work to maintain land and property ownership records. With blockchain, state and local governments can digitize transactions for land, buildings, and vehicles on a public ledger assured the data is secure. This is just one way that government records management will be digitally transformed in 2023.
Using eCommerce technology to improve the constituent experience. Governments will copy a page from the enterprise business playbook and create constituent experiences that replicate customer experiences. An eCommerce platform can streamline processes and remove friction from everything from paying utility bills to renewing a dog license.
