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Digital Transformation: A New Industrial Revolution

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Mustafa Ansari
December 05, 2018
Digital-Transformation

Driven by a new generation of information and technologies, a market is undergoing a new industrial revolution. It includes the big data, cloud, automation, robotics and even 3D printing. With the help from all these elements the industry is expanding its horizons and in the near future, it is going to be more innovative, creative and efficient.

Foundation

If we talk about the past, the history witnessed mechanization revolution. Then came the mass production revolution followed by computing/automation revolution. currently, the world is witnessing the fourth revolution that is an Industrial Revolution. Industry 4.0 is no different compared to the previous revolutions when it comes to disrupting and redefining the industries.

 

Industrial Companies And The Digital Transformation

Currently, the organization is not aware of the actual meaning of the Digital Transformation. At present, they associate Digital Transformation as the updation of the web platform to be “mobile responsive”. There was a lack of knowledge for organization related to the fourth revolution of the world.

There is a need of transformation for the organization as they have to align itself into all the contact points. The great victories of the Digital Transformation will become a reality only when marketing, customer experience, internal organization, and technology are aligned.

The 3 Essence of Digital Transformation

There are three fundamental pillars of the Digital Transformation. The gradual implementation of these changes will change the way an organization processes. For the first time in history, all the sectors of the economy are now using the benefits of the technology.

All the sectors use technology to take the inputs and produce outstanding outputs. Sectors such as retail, shipping, manufacturing, or even agriculture are some of the economic sectors taking the benefits of the technology.

The current situation has lead to the fact that if the companies are not going to transform their way of operating than eventually, they are going to disappear from the market. According to the experts, the actual transformation is not about spending way more money on the technology but it is about how the organization and the employees will cope up with the technology in their business.

Calculating the value of digital transformation

Digital-Transformation-Trends

To check the estimation of cutting edge change, the regard being referred to the procedure was associated. This system evaluates the effect of advanced change activities on the business, clients, more extensive society and the earth. It offers some incentive appraisals of worldwide industry working benefits in question from 2016 to 2025, and the commitment to societal esteem that computerized change can set aside a few minutes outline.

Notable Discoveries And Mentions

There is no doubt about the fact that the Digital transformation is adding the values to the business and the industry. As per numerous surveys, it is discovered that the estimated cumulative economic value for the period 2016-2025 ranges from approximately $310 billion to $ 550 billion.

Digitalization is also going to impact the environment positively as it has the potential to reduce CO2 emission by 60-100 million tonnes. This will eventually save 20-30 lives and avoid 2,000 t0 3,000 injuries over the next decade, in terms of non-economic benefits.0

Integration is vital

Digital transformation is the key for—Industrial Revolution 4.0. While the western countries are largely adopting fourth IR, India is now gearing up. With 4IR, we are talking about integration of technologies, which is expected to transform the society in the way it interacts with various stakeholders. Collaboration is the key. Bigger companies may go for acquisitions/mergers to complement or supplement their capabilities.

Key considerations for a successful digital transformation

  • Prepare your organization
  • Ensure cybersecurity
  • Define your role in ecosystems
  • Develop and launch digitally enabled business

“Since the year 2000, I think we have seen over 50% of the Fortune 500 disappear. And.. why they disappeared so rapidly was because of speed — the speed of change.”

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