3 traditional industries with the highest digital adoption

Digital transformation is the transition that a traditional company has by including technology-oriented methodologies. Bottom line: when a company employs digital technologies that change its operations and its value offering to customers.

Some of those digital technologies are cloud computing, machine learning, artificial intelligence, digital platforms, the internet of things, and the blockchain, among others.

Digitization enables companies to take full advantage of technological advances, to deliver personalized products to customers in shorter times. It also allows:

Digital transformation is the transition that a traditional company has by including technology-oriented methodologies. Bottom line: when a company employs digital technologies that change its operations and its value offering to customers.

Some of those digital technologies are cloud computing, machine learning, artificial intelligence, digital platforms, the internet of things, and the blockchain, among others.

Digitization enables companies to take full advantage of technological advances, to deliver personalized products to customers in shorter times. It also allows:

Three sectors with the highest digital adoption

1. Retail trade

New technologies have transformed the shopping process and experience. The changes have influenced both customers and merchants:

Customers: Faced with an excessive supply, new technologies facilitate the decision on what to buy, when, where, and how. To better understand consumer preferences and improve business performance, retailers employ technologies such as big data, artificial intelligence, the Internet of Things, and augmented or virtual reality.
Merchants: Digital transformation enables any customer to be reached through e-commerce (as Amazon or Alibaba do) and provides seamless customer experiences (such as shopping from a mobile device). According to a SurveyMonkey survey, 90% of consumers use their mobile devices while shopping at a retail store.

2. Financial services

Tasks executed manually and with human interaction are now carried out on digital interfaces. The technology dramatically improves the customer experience for transaction notification, online banking services, and security tools to confirm payments (such as two-step verification).

Chase, Bank of America, American Express, and Wells Fargo are some of the banks that have started offering digital services.

3. Media and entertainment

Media and entertainment companies have quickly adapted to the demands of modern consumers (millennials), who expect to consume content digitally.

Gone are the printed newspapers and television stations. Today, streaming services and digital media reigns, such as Netflix, HBO GO, Hulu, Spotify, The New York Times, Youtube, Amazon Prime, and NPR, among many examples.

Media digitization has advantages, disadvantages, and uses that depend on each industry.

Conclusion:

As technology becomes part of everyday life, organizations are forced to update their strategies to respond to new consumer needs, which in turn change as a result of technological advancements. In all three industries, digitization served as an ally to improve internal processes (decision-making, efficiency, and productivity), be able to expand the product offer, and have contact with customers through new channels.