Sneak Peak: Here’s How Different Industries Are Scaling with Digital Transformation and Why You Should Too (stats)
Digital technologies drive innovation, profitability, and relevance in the marketplace for any organization from any industry. But what does business transformation mean really? Has it been reduced to a mere corporate catchphrase? Business transformation signifies a fundamental change to the process, people, and technology — from its operating model to its infrastructure — where business and/or its functions change to deliver greater value.
Digital transformation can bring about growth, opportunities, and improved efficiencies for your business. Here’s how different enterprise industries are using digital transformation to scale and grow, and why you should do the same for your business.
Digital Transformation in IT Services
Over the years, the global IT services industry has matured from being a cost-effective service provider to driving key business metrics to partnered clients. Today, by riding on the power of digital transformation and by enabling automation, cloud, digital, analytics, and AI, information technology services companies are pushing innovation and creating differentiation for their clients across industries.
According to Dell Digital Transformation Index 2020, eight out of ten organizations are using digital transformation programs. But as COVID-19 accelerated digital acceptance and thus transformation, IT services leadership realized the opportunity for delivering a new way of improving services by leveraging the increased use of digital technology. To give their services that extra push and premium, they have started enabling digital across standardized project delivery and resource management for reduced administrative overhead and maximized profitability.
By using a robust project management software, project managers have started experiencing profits without adding extra headcount or other costs. New digital enablement helps uncover revenue and profit opportunities within existing operations through reduced revenue leakages, improved utilization, streamlined professional services workflows, and reduced compliance risks with accounting standards.
Consulting Digital Transformation
According to Source Global Research, digital transformation is becoming the fastest-growing segment in the consulting sector. In the mature market, this segment is worth one-fifth of the pie. Another study by Brandessence Market Research pegs the digital transformation consulting growth at 7.5 percent in 2021. Increasing competition among businesses and the after effects of the pandemic are anticipated to drive the growth of the global digital transformation consulting market.
Consulting firms are exploring the opportunity as clients are paying a premium to harness the power of data and analytics, optimize complex operations, and create affirmative digital experiences on behalf of full-scale transformation. That’s how consulting firms are helping clients create digital change that matters. They are driving it by bringing together thorough capabilities and core technology enablement. Transforming core technology broadly involves technology transformation, infrastructure, cloud, enterprise architecture, cybersecurity, agile delivery, and technology sourcing.
Digital Transformation in the Media & Entertainment Industry
From newspapers to news apps, renting DVD to OTTs, it’s undeniable how media and entertainment is often the first among industries to be disrupted by several waves of digital disruption. For the first time in history, digital advertising spend is set to overtake all traditional advertising. Today, media companies, publishers, advertisers keep technology at heart to deal with the changing market dynamics and consumer preferences.
O’Reilly, a technology and business consulting company, suggested three areas of opportunity for media and entertainment companies in particular: cloud infrastructure, artificial intelligence, and analytics. O’Reilly’s report says that new cloud infrastructure must update legacy IT infrastructure and artificial intelligence to analyze data and make predictions about everything from systems performance to consumer behavior and analytics to drive true personalization.
Engineering Services and Digital Transformation
Digital engineering. That’s what many are calling digital transformation of engineering services these days. To achieve greater productivity and improved financial outcomes, engineering services companies seek to apply digitization in their business processes and customer touchpoints. But challenges are many. From consolidated fragmented platforms to standardized processes, issues like these act as barriers to change and bottlenecks to innovation adoption.
By leveraging digital capabilities, engineering services can optimize customer fulfillment with complete visibility into all project delivery, resources, costs, billing, and other business metrics. By appropriating resource allocation, delivery models, project management, and team enablement, they can produce continuous process improvements. As COVID-19 accelerated digital adoption, engineering services enable digitization in serving their customer and employees remotely while keeping a hawk-eye on supply chain and inventory management.
Digital Transformation Strategy in Architectural Services
Thanks to increasing demand for green building, adoption of 3D printing, and fast-paced infrastructural civil development, the architectural services market is expected to grow at a CAGR of 4.5 percent from 2021 through 2026. Throughout the history of architecture, technology has repeatedly shaped what and how architects and architectural firms create. Over the last two decades, 2D, 3D, BIM, GIS, and recently, augmented reality and IoT, has brought a whole new value to the domain.
With COVID-19, like everyone, architects and master planners too found themselves embroiled in the virtual mode of working. As the pandemic continued to last, architects struggled to adjust to the ways of the new normal and wondered about the continuance of their operations. Among other things, they have to reimagine and redesign coworking spaces for workers, domestic spaces for housing, and retail spaces for business due to fear of disease. As clients, people, vendors, carpenters, electricians, etc., are looking for more choice, flexibility, and accessibility to work and thrive, architects realized that they must shift their priorities from the project, resource, and design perspectives.
Today, thanks to tools such as project management for digital enablement, architects, designers, and master planners can track all their architectural projects, manage costs and operations, enhance resource utilization, increase profitability, and bill faster.
Embedded Services Digital Transformation
Between 2021 and 2025, the global embedded services market is expected to reach $97.32 billion from $79.27 billion. This value signifies the importance of embedded systems in our rapidly evolving digital world. Today, embedded systems act as catalysts for various industries. In providing dedicated technical advice and project support in this digital age, embedded systems have adopted artificial intelligence, machine learning, analytics, cloud, deep learning, and more. With the right digital intervention, project or resource managers can get complete visibility into services progress, maximize consultant utilization, and improve billing for embedded services groups.
With the rise of hybrid and remote workers, digital transformation is no longer a good-to-have but part of the core strategy for most industries as a means to stay relevant. One common theme seen across businesses as they look at digital transformation is the consideration of modern, cloud, and mobile platforms that can help them with the needs for today and in the future.
To learn more about how digital transformation and project time tracking can help you future proof your business, download our free ebook.