Industries around the world are growing rapidly thanks to the digital transformation. The latest developments in the tech world have allowed many industries to continually thrive and achieve new sustainable operational capabilities as well.
What once seemed like a far-fetched idea is now becoming the industry standard. That is why many companies around the world are racing to embrace the new digital solutions.
This has changed the entire business structure with newly adopted standards and values. The focus has shifted from the sheer volume of production to offering an improved quality of customer service. In order to keep up with the latest trends in digital transformation it is important to look at the specific details.
Simpler testing and management
Some of the biggest issues in industries around the world have always been less than ideal management of assets, workforce and performance. Although, there was always a good intention to optimize how these elements are managed, there was insufficient information available on how exactly to overcome common bottlenecks.
Luckily, that is no longer the problem since there is an abundance of data coming from the latest innovations such as the internet of things (IoT) technology which allows companies to form a wide internet-based interconnectivity between different machines. The machines are connected using sensors which aid monitoring and even allow for real-time tracking. The collected data is then used to optimize asset management and resources used.
For instance, managing a fleet of vehicles is much easier since fuel expenditure can be tracked so that on-site managers are alerted when vehicles need refueling. Not only that, but IoT has also contributed to a much higher safety standard across all industries, because it allows everyone to be on the same page in real-time.
More delicate management procedures can also be undertaken thanks to digital-twins which are based on creating equivalent models of machines and other assets so that testing can be done much more easily. Improved testing has made it possible to deliver premium products and create the ultimate user experience. With technology like that the possibilities are truly endless.
The problem is actually not the lack of data, but the overabundance of it. That is why industrial sectors have to keep up with both data collection and analytics. Luckily, it is now possible to go through huge volumes of datasets using the latest artificial intelligence (AI) capabilities.
One such instance entails the use of predictive maintenance technology which is based on algorithms that use data in order to provide a suggestion of when equipment will need maintenance before it’s too late.
This eliminates any guesswork in the management and minimizes any potential risk factors for maintenance technicians. Although the results will vary from sector to sector, the US Department of Energy has noted an average energy reduction of 8%-12% and a considerable reduction in downtime as well.
What’s good about these datasets is that they are universal in nature. Therefore, they can be used for other forms of big data analytics as well, such as demand forecasting and production optimization. By extrapolating these methods there is a massive value to be gained in almost every sector.
Reduced environmental impacts
There is a lot of focus placed on improving operational energy efficiency. This affects sectors such as the oil and gas industry in particular. Where most of the value comes from optimizing the main operational protocols. That is why new solutions are integrated at all levels including the drilling process itself. The latest technology has allowed engineers to not only optimize how drills operate, but how well they can function for extended periods of time.
These incredible benefits are achieved using the latest drilling fluid solutions which keep drills and wells clean and cool. A lot of the risks associated with drilling can be significantly reduced if premium products are used. This serves the overall plan to make the industry a lot more energy efficient as well, since optimized drilling requires far less resources.
Improved customer experience
The latest digital improvements have made industries more future-proof and scalable, however this has not only optimized the backend operations but also the client interaction and overall customer experience. Some of the newest products come in the form of digital services via apps and desktop programs.
Data tracking allows companies to have a better understanding of who their clients are and how they interact with these digital products. For instance, it is possible to track how many users are online and which features are used the most. Digital twins can also be used on the frontend to deliver the best possible product to the end user.
Risk assessment and aversion balance has never been easier to maintain. This is especially in industries that heavily rely on managing finances such as fintech startups. Accumulated data has proved very useful here as well as it allows risk managers to contribute much more to their companies and overcome some of the most common business agility issues.
The heavy influence of technology is already showing very promising results in industrial sectors. The best part of all is that many industries have become revitalized using innovative technology in almost every aspect of their operations. Some of the most notable trends include: simpler testing, AI-assisted maintenance, reduced harmful environmental impacts, improved customer experience and reduced risks.