January 25, 2021
How key industries are successfully navigating digital transformation
By Prenesh Padayachee, SEACOM Chief Digital Officer
Across industries, businesses of all sizes embrace the digital economy to create value, increase efficiency, and adapt to stay ahead of competitors. Most notable are the healthcare, manufacturing, and financial sectors that have created disruptive digital opportunities that are transforming life as we know it.
The healthcare industry is constantly innovating and trying to find sustainable ways to curb both disease and inefficiencies in health systems while improving patient care. Artificial intelligence’s (AI) capacity for big data analytics has accelerated many medical breakthroughs, including Google’s DeepMind AI system. This AI-powered innovation diagnoses eye diseases with 94.5% accuracy. Additionally, machine learning can now improve MRI image reconstruction and the speed of scan results.
In South Africa, digital technologies like Discovery Health’s DrConnect app allows patients to book virtual consultations with doctors they’ve seen face-to-face in the previous 24 months. Users can also access reliable medical information through a worldwide network of over 105,000 doctors in 174 countries and search a growing library of doctor-created answers to common medical questions, all at no cost. EM Guidance developed an app to help doctors easily cross reference information on treatment guidelines and medication dosages, lessening the need to consult various medical information sources.
Yet, according to McKinsey, even though 70% of US consumers use an online channel to manage health and wellness, 40% of healthcare companies admit to not understanding their customer journeys well enough to align them with a digital strategy. That means there is still a significant opportunity to leverage digital health technology to address common challenges and enhance the experience for healthcare workers and their patients.
Companies are becoming more reliant on data and how machine learning can influence real-time decisions. The manufacturing industry is no exception to this as many companies are utilising the power of technology and big data to unlock the benefits of the Fourth Industrial Revolution.
Waymo is an example of how product development, production, and supply chain management are being reimagined in the manufacturing sector. The company uses cloud-based infrastructure to power its self-driving tech. Earlier this year, Volvo announced their partnership with Waymo, however, it hasn’t been revealed when they plan on launching these self-piloting cars.
Many banks now rely on fintech to expand their offerings and change how they provide financial services. Mobile banking has established itself as a platform that will be used in the long term, and data mining and AI have helped banks process vast amounts of valuable user data.
Virtual assistants, blockchain tech, hybrid banks, and behavioural banking are all at the forefront of innovative tech emerging from this sector. Take Standard Bank’s Quantum Leap programme, for example. This future-looking business model collaborates with the bank’s clients on their growth journey, allowing customers to reimagine transactional banking solutions that are client-led and digitally enabled.
AI can help financial practitioners evaluate customer data in a way that gives them insight into how to upsell and cross-sell products. And, based on big data, they can predict outcomes and make well-informed decisions that better serve their clients.
The concept of digital transformation is nothing new, and at the heart of it lies connectivity. With faster and more reliable connectivity, industries are in a better position to streamline their operations across the globe. Do you have the right connectivity partner for your digital journey? Contact us at SEACOM, and we’ll help you carve out your place in today’s digital economy.