Digital Transformation In Industry

Abstract

The research paper on Digital Transformation in Industry focuses on the study of the latest technologies and trends in industry. The research methodology used is a combination of primary and secondary research. Employees of different organizations provided insights on the recent trends in their respective industry. This helped to gather real, accurate, and meaningful data for data analysis. The research paper helps to understand the shifts in digital transformation in different industries like service industry, manufacturing, transport, construction, insurance & government, etc. The study has included how companies like Netflix, Tata Motors, Amazon, etc.have successfully undergone digital transformation to elevate customer experience. In order to measure the success of digital transformation efforts, organizations need to develop digital transformation success metrics. This has also been covered. The digital transformation technologies embraced by organizations are Machine Learning, Artificial Intelligence, Big Data, Internet of Things, Cloud Computing, Augmented Reality, Robotics and Robotic Process Automation etc. Customers, employees, technology, and a culture of change are the pillars of today’s digital revolution.While embracing digitization, companies face various barriers like resistance to change, scarcity of funds, lack of technical expertise, lack of co-ordination and communication among departments, absence of a leader to handle the transition, etc. Companies need to overcome these hurdles to be successful in data driven transformation. Finally, the research paper delves on the recommendations for a thriving digitalization strategy. These include hiring competitive talent to drive the change, improving cyber security and enhancing data protection, leveraging efficient technology which is effective, developing simple, easy to use systems, encouraging people of the organization to embrace the digital initiatives as usually company culture resists new initiatives. While introducing digital initiatives, companies need to align their business objectives with the current trends and use only those technologies which are relevant for one’s business. Else, the costs of digitization may pile up leading to unnecessary cost escalation.