How core industries are navigating digital transformation

By Prenesh Padayachee, Chief Digital Officer at Seacom

It’s almost impossible to imagine a world without technology and the internet. The daily innovation and possibilities that these things bring is disrupting traditional business models in every industry. Companies are embracing technology and connectivity to create value, improve efficiency and beat the competition.

As we race towards the digital future, companies in several core industries are making better use of digital technologies to improve their offerings. This digital transformation is defining new ways of working and impacting the lives of many South Africans in the process. Industries such as healthcare, manufacturing and finance are using disruptive technology to transform their business processes.

Digital healthcare

The healthcare industry is at the forefront of digital transformation and innovation. Companies in this sector are constantly trying to find more sustainable ways to curb disease and improve efficiencies in patient care systems. Artificial intelligence (AI), such as Google’s DeepMind AI, is currently being used for data and analytics, which is helping to accelerate medical breakthroughs. This AI system can already diagnose eye diseases with a 94.5% accuracy.

AI and machine learning are also improving MRI image reconstructions and the speed of scan results. However, according to McKinsey, 40% of healthcare companies have admitted that they do not understand their customer journey well enough to align online channels with their digital strategies. 70% of people in the United States use online channels to manage their health and wellness.

This shows that, although there are many opportunities for digital improvement in the healthcare sector, patient analytics and electronic healthcare records can be used to improve outcomes for patients and healthcare workers. Essentially, there still is much room to grow in this digitally-advanced industry.

EM Guidance has developed an app to help doctors cross-reference information on treatments and medication dosages, which minimises the need to consult various publications or other online sources. Similarly, Discovery Health’s DrConnect app allows patients to book virtual consultations with their doctors and access medical information from a database of 105 000 doctors in 174 countries. These sorts of digital technologies are transforming the healthcare industry at a rapid rate.

Reimagining manufacturing

Machine learning is helping to influence real-time decision-making. This is becoming evident in the manufacturing industry, where technology and big data are being used to unlock the benefits of the Fourth Industrial Revolution (4IR). These benefits include better connectivity, intelligence and more flexible automation.

Waymo is one such company that is making advancements in product development, production and supply chain management. This business specialises in self-driving technology that is used by manufacturers such as Volvo. Self-driving vehicles are already on public roads in Europe and America, so it is yet to be seen how they will work in the South African context, but the prospect is exciting.

Streamlining finances

The finance industry is also undergoing digital transformation. Many banks now rely on fintech to expand their offerings and change how they provide financial services to customers. Online banking is already established as a long-term solution, but data mining and AI are following closely. These digital concepts allow banks and financial institutions to process vast amounts of data in a far more efficient manner.

Blockchain technology, hybrid banks, virtual assistants and behavioural banking are all coming to the fore of innovation in this sector. Standard Bank’s Quantum Leap programme is a future-looking business model that collaborates with the bank’s clients on their growth journey. It allows customers to reimagine client-led, digitally-enabled transactional solutions.

In essence, these digital technologies are helping South Africa to develop a virtual and cashless economy. AI can help financial businesses to evaluate customer data in a way that provides better insights based on big data. This allows companies to predict outcomes and make well-informed decisions that better serve the needs of the customer.

Digital transformation is nothing new. At its heart lies connectivity. Industries are in a better position when they embrace faster and more reliable connectivity solutions. This will allow them to solidify their footing in the digital economy. For more information or to get a quote for our connectivity solutions, email us at marketing@seacom.com or leave us a message.

Seacom owns Africa’s most extensive network of information and communications technology (ICT) infrastructure, including subsea cables and secure internet connections. We offer a diverse range of flexible, scalable and high-quality solutions for businesses that meet world-class standards for connectivity.

Seacom is privately owned and operated, making it agile and adaptable to the needs of the customer. This makes us the preferred ICT and internet connectivity partner for African businesses and peripheral service providers. We can guarantee high-speed, low-latency and secure internet connections to corporates and small enterprises.

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