Digital transformation and enterprise risk management can be thought of as parallel highways. That’s because any transformation effort will introduce new risks and change to the organization’s overall security posture.
As organizations continue their digital transformations, the transformation of security and risk management must be an integral part of that journey. Organizations must integrate security and risk management into DevOps and Continuous Delivery (CD) processes. The ultimate goal is to have resilient systems that can not only withstand cyber attacks, but also carry out mission-critical business operations after an attack succeeds.
Taking the analogy further, imagine that each of these highways has three lanes: one for people, another for process, and a third for technology.
People in an organization form its culture. For digital transformation to succeed, many organizations will need to transform the culture around risk. That might include inculcating respect for personal information, and organizations consciously building digital services with privacy in mind. The workforce needs to be adept in using digital tools such as cloud, APIs, big data and machine learning to automate and orchestrate the management of a digital security threat response.
Process relates to how an organization overhauls its business processes to be agile and yet secure at the same time. This might involve moving from ITIL behaviour to DevOps or other proactive operational approaches. Prevention is important, but the ability to respond to manage digital threats is much more relevant, as this proactive behavior coincides with DevOps principles.
Technology can present new risks, but can also help address risk. Many top technology companies, for example, are using technologies to automate processes in a way that’s secure. Some common best practices include building loosely-coupled components wherever possible on a stateless/shared-nothing architecture, using machine learning to spot anomalies quickly, and using APIs pervasively to orchestrate the security management of digital entities in a scalable manner.
From a CIO’s perspective, each new digital entity and interaction adds risk: Who is this user? Is this device authorized? What levels of access should be allowed? Which data is being accessed?
Leading organizations will securely identify these users, devices and other entities — including software functions and internet of things (IoT) endpoints — and they’ll do so end-to-end in an environment where services are widely distributed.
We are now undeniably in a digital world, where even if information technology is not your product or service, it will touch every part of the products and services that you provide. This means we need to adapt, and traditional organizations must better position themselves for the exciting digital changes that lie ahead.
Provider, partner, promoter, peer
For many years, we have seen IT departments exist as Providers to efficiently deliver the systems and capabilities that the firm requires, with emphasis on reliability, efficiency and compliance. They have also been Partners working like consultants to the firm, advising/directing the use of IT to support the business change agenda. The emphasis on application/process modernization and know-how is crucial for ongoing success.
In addition, we now need a new cadre of technology leaders acting as Promoters and serving as technology evangelists, advocating how new technologies can improve the firm’s speed, agility, productivity and innovation advantage. These leaders act as Peers, working at the CXO level to shape the digital strategy and value proposition of the firm, while engaging in major initiatives such as smart products, M&A, intellectual property development/protection and learning.
In 2020 we anticipate that this shift to digital business leadership will gain real momentum as technology driven-marketplaces — with new capabilities, business models and disruptive possibilities — proliferate and companies need to effectively respond to rapidly changing external developments. This is a different mission, requiring different skills and a different culture to emerge.
5 steps to digital business leadership
As we transform the organization, leaders need to come along too, not just at the executive level but also in the middle layers, where inertia is often cited as a key obstacle to change. Most organizations acknowledge that this shift is happening, but turning abstract agreement into solid action is challenging. This is where the next generation of business leaders can emerge. To do so they must:
Build awareness – Scout the emerging technology scenes of Silicon Valley or China for trends and insights into the future.
Be more open – Participate in open initiatives and share with partner organizations or the wider marketplace.
Get access to R&D – Establish and maintain links to leading universities/academics or government agencies in relevant areas.
Build partnerships and alliances – Pick the right partners to help on the journey, as most organizations can’t make the changes necessary alone.
Push digital culture – Energize and engage employees and executives through immersive digital experiences such as hackathons, incubators and accelerators. Focus on multidisciplinary teams, experimentation and learning, and business outcomes.
We acknowledge that there are many reasons why this aspect of digital transformation is hard but now, more than ever, we must emphasize the value of becoming double-deep professionals — one of those leaders who not only has a deep understanding of their profession, industry or function, but who also embraces the technology that’s relevant to their role, as well as the required skills and learning that come with it. As these leaders come to the fore, we’ll see more tangible business value realized from the exciting emerging technology portfolio and organizational transformations will accelerate.
Data-driven digital transformation opens opportunities for healthcare providers, policy makers and patients to move toward personalized healthcare by collecting and sharing new kinds of data. The next wave of productivity gains will not come simply from the delivery of information and messages from one place to another, but from the cross-linked aggregation of a more complete body of information. While the transition requires an investment in new technologies and new ways of doing business, the tools are rapidly maturing, and costs are coming down.
Denmark has been at the forefront of health data exchange for more than two decades. It began in 1994 with the creation of Med Com, a nonprofit organization owned by the Ministry of Health and various local government entities, which designed a range of healthcare data exchange standards. Med Com also enforced a strict policy of compliance, which led to countrywide adoption.
The initiative established Denmark as a global leader in data sharing and in empowering patients to be more involved in their own treatment. A key aspect of the country’s digital health initiative is its web portal, Sundhed.dk (or health.dk), which gives patients secure access to health data, including information on their treatments, visits to their doctors and notes from their hospital records.
Now the rest of the world has caught up, and the old standards are competing with those that have global reach, such as Health Level Seven International (HL7)’s Fast Healthcare Interoperability Resources (FHIR) standard. The new standards offer new data-sharing options and provide a far richer and more impactful set of options to healthcare providers.
While messages to and from clinical applications still have relevance, data sharing capabilities that enable true and actionable insights are growing in importance. The new data sharing models have the potential to transform healthcare, supporting digital transformation and moving healthcare toward progressive business models. The ability to share clear, consistent patient data is integral to driving patient-centric care, since patients now demand that healthcare organizations interact with them through multiple communication channels and have a deep understanding of factors that may affect their health.
But is this paradigm shift from messages toward rich data consumption easy for providers to adopt? Well no, if you still treat your electronic health records (EHRs), radiology information system (RIS) and laboratory information system (LIS) as big monoliths and data repositories where isolated and specific data is shared as messages.
Let me give an example. When I was a hospital chief information officer and wanted some new functionality in our EHR system, I needed to go through several hospital and vendor approval processes. In the end, it might take 2 years to get the change implemented, since the development roadmap didn’t leave much room for my innovative ideas. What I needed — but did not realize at the time — was access to data outside the applications where the data resided. The problem is that the apps themselves are not built for data sharing purposes and yet they contain vast amounts of invaluable data from across the enterprise — clinical, administrative, logistics, infrastructure, etc. In the past, medical use cases tended to be drawn from a single source, such as the EHR, but today’s use cases draw data from apps, medical devices and perhaps even sensors.
Here’s a problem that hospitals encounter — the outbreak of a contagious disease. To quickly mitigate a health crisis, the hospital needs to know within 12 hours what items and which people have been exposed: medical devices, staff, relatives, etc. To gain that insight, those managing the problem need data from a real-time location system, booking data, clinical data and data from a medical device database. But how do you make sure that the data is accessible outside of those apps? This is what digital transformation is about in healthcare — to set the data free and transform through innovation, with actionable insights, advanced analytics and other cutting-edge capabilities that are built upon your data.
It’s not only hospitals and clinicians who need these advanced insights. Today’s empowered patients require those insights to improve and manage their own care — whether that’s insights from digital devices for remote monitoring of their conditions or communicating with clinicians to help drive personal
health goals.
I believe it is time for health economies to look at how they will integrate and connect their existing systems with new digital technologies and merge the data locked inside to generate meaningful, actionable insights — both to inform personalized, patient-driven clinical care and to push the development of new treatments, pathways or services. Organizations that embrace change and transformation will emerge as winners in a world that demands first-class clinical care, better patient experiences and reduced costs.
While Denmark has led the way on health data exchange, advanced global standards and new digital technologies create the landscape for all health economies to embrace patient-centered care initiatives enabled by connecting data across the broader health ecosystem.
Remote working, physical distancing, travel limitations, and the psychological effect of isolation have together changed stakeholders’ behaviors in every organization while creating unexpected challenges along the way. This pandemic has not just disrupted everything once denoted normal but has also been forcing enterprises to navigate the recovery period and develop a new normal for the post-crisis era. Even amidst the clear need for digital transformation, enterprises are grappling to remain competitive in a world filled with nimble startups. These enterprises were once dependent on their IT models as a key to a competitive edge. Now, however, the same IT cores have made it difficult for them to adopt a new normal centered around flexibility, speed, and efficiency.
With being nimble now accounted as the only way to survive and scale in the COVID-19 world, enterprises have turned their focus on the development of next-gen apps.
Table Of Content
The Need for Next-Gen Apps
What Does Next-generation application development Mean for Enterprises? Speed, Efficiency, and Flexibility
Key Transformation Areas for Enterprises
The Best ADM Approaches for the Creation of New Normal Enterprise Applications
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The Need for Next-Gen Apps
Businesses need apps that will be able to adapt to changing demands and scale to meet customers’ and employees’ needs in real-time. An enterprise application development company by building next-gen apps based on business understanding and customers’ requirements gives enterprises a platform to transform digitally.
Next-generation mobile apps and other software help enterprises:
Lower the time to market when meeting the changes in customers’ needs.
Lower product complexity by utilizing a cross-platform, scalable ecosystem.
Make smarter business decisions through analytics-backed insights.
What Does Next-Generation Application Development Mean for Enterprises? Speed, Efficiency, and Flexibility
The need of the business hour for enterprises, as we noted before, is to look for next-generation application management services. This new normal in enterprise software revolves around a trio – Efficiency, Speed, and Flexibility.
Speed – Pre-COVID, release cycles came with a months-long completion time. Now, with customers’ needs changing by the minute, enterprises don’t have the leverage of taking up months for deployment. There is no guarantee of a problem staying a problem by the end of those months. The new normal enterprise will have to bring in agile methodology in its application development and maintenance process to offer its stakeholders value in real-time.
Efficiency – The success of every nimble enterprise lies in automation, a well-planned business integration, and the adoption of agile methodologies. And all of this can be achieved through practices like the integration of AI in mobile apps, re-prioritization of business processes, and weeding out unnecessary feature sets.
Flexibility – Zero downtime has become a success mantra. But its adoption is a lot easier written or said than done. In order to become truly flexible, enterprises must modernize or replace their outdated applications. However, letting go of the legacy system is one of the biggest digital transformation issues.
What enterprises need is a next-generation application maintenance program that would make proper use of the modernization spend while enabling digital transformation.
Before we get down to the nitty-gritty of what that next-gen application would look like, let us look at the areas that enterprises would have to work on to compete within themselves and with the startups flooding in the business ecosystems.
Key Transformation Areas for Enterprises
The best thing about enterprises is that they understand how COVID-19 would change them – on some grounds, better than their startups’ counterparts.
The speed of automation will expedite
The automation of key processes and routine tasks has remained at the center of business development for some time now. This need for task and process automation is not new. Back in 2017, McKinsey & Company forecasted that 30 percent of key tasks across industries will get automated by 2030. “Before the pandemic, automation was looked upon as a way to boost efficiency while cutting costs,” said H.I. Executive Consulting. “With social distancing directives likely to stay in place for a while, more and more businesses are accelerating their automation efforts in order to reduce close human contact to a minimum, free up employees to manage crisis response and focus on providing essential services.”
The movement towards remote digital service
The new normal for business after covid will be organizations changing their support and service delivery plans to meet the digital reliance of their employees and customers.
Here are some examples of what a remote digital service looks like.
The digital-powered Russian bank Tinkoff created a cloud-based call center with several freelance employees. The bank focuses completely on virtual servicing. To date, they have expanded into a team of 14,000 call center operators of which 6,000 of them make an average of 500,000 customer calls every day from homes. The bank’s cost of managing and training operators gets offset by the savings made from rental offices and equipment.
In the telecommunication industry, companies have started launching digital-only offerings that redefine customer experiences and gather considerable attraction. The USP of these services lies in customers signing themselves and moreover with more than 80% of customer-care activities being conducted online. In this digital-first model, online referral act as the biggest source for customer acquisition – estimated to be 15% of the total sales.
The success examples are prevalent across multiple industries. This has turned remote service into a trend that has a high-profit potential.
Supply Chain Disruption May Continue
Global lockdowns have resulted in a massive scale of supply chain disruption. Back in February, Fiat Chrysler Automobiles NV stopped production in their Serbia factory for they weren’t able to obtain automobile manufacturing parts from China.
The majority of the enterprises understand the manufacturing and delivery process of their Tier 1 suppliers while having little visibility on further the line. The business need is to make the supply chain resilient for the post-COVID period. And in order to do that, enterprises would have to:
develop strong backend infrastructure – possibly by combining blockchain and supply chain processes
remove the dependency from paper-based processes
share data with suppliers for gaining manufacturing stages visibility.
Partnerships will become collaborative and lean
Enterprises can meet the changing partners and vendors’ preferences by shifting to a more collaborative and flexible set of partnerships. These partnerships can be multi-form. Example: An IT consultancy firm could work with remote vendors to decrease their office and travel cost. There can also be enterprises providing agreements with their vendors for long-term opportunities. For example, how Alibaba supports SME suppliers with an extended line of credit.
As a part of the new normal for the marketplace, we are seeing partnerships brewing on the basis of an understanding of customer needs, wherein both the partners can mix knowledge and create value. For example, recently, WhatsApp started enabling its customers to directly connect with brands and make purchases through a simplified mobile experience on WhatsApp.
Management systems of a new model
Met with the unsurity of the new reality, enterprises have started looking for ways of adopting virtual management systems in enterprise application development services.
For effectively responding to a fast-changing environment, businesses will consider making use of advanced analytics tools, automation, and digitalized processes to meet customer demand fluctuations in semi-real-time. We can also envision enterprise application development solutions being built on human-technology interactions which would help businesses collect insights for IT-driven productivity rise.
To meet with the changes that a post-COVID world would pose, businesses would have to take a modernized approach – one that would help them become cognitive. While this can be achieved through the creation of new-age technologies backed next generation mobile applications services, it would need enterprises to get back to their legacy systems.
Here are some of the application development and maintenance approaches that we have been offering to enterprises coming to us seeking digital transformation consultancy.
The Best ADM Approaches for the Creation of New Normal Enterprise Applications
Optimizing the current IT systems
Enterprises can optimize their present IT systems with modern approaches and tools to cut costs and heighten efficiency. We advise organizations to make use of AI and automation capabilities for ensuring quality and following DevOps steps to lower the development cycle.
By deploying new-generation capabilities and features around existing systems enterprises will be able to innovate and keep their competitive edge – even when they are not prepared for complete cloud transformation. They can attain easier access and modification of the legacy systems through the use of technologies like containers, API integrations, and microservices.
Gather data and convert it into an actionable product in a minimal time range
When we build enterprise applications, we focus on benefiting from cloud-native, digital-first technologies to deliver growth at speed. Deploying speed-focused innovation abilities are generally backed with an MVP, small feedback loop, test-driven development, and a fail-fast approach.
The intent of this approach is to help enterprises take key business decisions and turn them into products that their stakeholders need in as close as real-time.
Digital business transformation constitutes the integration of digital technologies in all areas of a business. It integrates new operational processes with improved values delivered to the consumers. Did you know that by 2023, the spending on the technologies and services that enable digital transformation worldwide is expected to amount to 2.3 trillion U.S. dollars?The above-shown statists will help you understand the global digital transformation market revenue from 2017 to 2023. By inculcating a digital business transformation strategy, you will experience a cultural shift towards more agile and intelligent ways of doing business, powered by technologies such as advanced data analytics and artificial intelligence. Digital transformation for business growth in the current landscape is more a matter of necessity than a matter of choice!
How Are Businesses Going To Function Post Covid-19?
There is no denying the fact that the current pandemic has drastically affected the way an organization works. Let’s pay attention to the current truth of the business world, shall we?
Increasing operational efficiency and transforming the existing business are the most important business initiatives
63% of organizations believe that delivering excellent customer experience as measured by customer satisfaction scores defines success as a digital-first business
Improving customer experience and increasing cybersecurity are also essential initiatives considering the pandemic
Can Digital Technology In Business Help in Cutting Unnecessary Expenses?
If you want to keep your budget in control then without any doubt your biggest ally is technology! Digital business transformation solutions as a whole cover three major sectors – operation, strategy, and management. In the operations sector, one can start with processing data in the cloud, digitizing business processes and documents, and optimizing processes.
Digital transformation strategy changes the way business functions by focusing more on customer experience and needs. In the aspect of management, it revamps the entire business model of a company further taking advantage of the commercial and productive opportunities created by the current digital trends.
How digital maturity drives revenue?
If you completely understand the importance of digital transformation in business then you know how investing in technology can lead to higher revenue by providing your consumers the well-deserved value. A pattern that held true across all industries was that higher-digitally mature companies in this year’s sample were about three times more likely than lower-digitally mature companies to report annual net revenue growth and net profit margins significantly above their industry average.
7 Benefits Of Digital Transformation In Business
1. Revenue growth
Companies that implement the digital transformation business model see an improvement in their efficiency and profits. Let’s talk numbers!
80% of organizations that have completed the digital transformation report increased profits.
85% say they have increased their market share.
On average, leaders expect 23% higher revenue growth than competitors.
2. Increased efficiency
Software development companies open up the possibilities of what is working fine and what can be improved. Constant efforts are being made towards reducing the time of execution.
With the help of digital tools, companies can not only see efficiency in their workflows but also in their supply chain by integrating those tools at each stage of development of a service or product delivery. This process can be as simple as tweaking an existing process by including a digital checkpoint or as advanced as automating a process and remote monitoring the output at each stage via IoT devices.
The traditional ranges of productivity and efficiency have now indicated an increased possibility of cost improvements to about 25%. Not only this but incorporating practices like remote monitoring, robotization, and optimizing the entire workflow improves the labor costs in percentages above 60%.
3. Increased consumer satisfaction
DT drives customer experience towards ultimate brand resonance. This is not a secret anymore. Businesses across numerous sectors are using digital platforms for gaining insights into customers’ needs, using technologies to communicate directly with their customers, and inherently transforming customers’ touchpoints.
We simply cannot deny the fact that organizations that are able to leverage design thinking into their current structure will see a significant advantage in customer experience!
4. Improved data collection and analysis
Data collection and analytics have opened up new windows for digital businesses. Data analytics tools make it easier to collect and analyze customer data and further result in making informed decisions. Data can be securely hosted on a cloud-based system, which will further allow you to save up to 50% when compared to traditional data management systems. It is one of the best ways to enhance your strategies by studying the online habits of your target audience.
5. Increased flexibility and scalability
The impact of digitalization on business is such that it allows you to explore scalable alternatives. It breaks you free from the processes that come with old technology that accept manual inputs. Modern software and processes allow one to integrate various business parts, further making it more flexible. Tasks like service requests, providing support, or connecting the data can now be automated without manual intervention.
6. Enhanced reliability and reduced risks
From a technical point of view, the old technology cannot back up, maintain and protect the data of your company as well as of your customers. This will certainly make your business an easier target for cybercrime. Hence, as your organization will grow, the technology and processes have to evolve.
By upgrading to digital tools, you’ll see improvement in the efficiency and effectiveness of current risk- management approaches. Also, remember that digital risk initiatives can reduce operating costs for risk activities by 20 to 30 percent.
7. Increase agility
Business transformation makes organizations more agile. You can improve speed-to-market pace and adopt continuous improvement and continuous deployment strategies. This will not only make innovation happen fast but also increase the rate of adaptation while providing a pathway to improvement. Also, let’s not forget that business transformation consulting firms will keep you at the top of your game among your competitors.
To Sum It Up
I have listed above the reasons such as automating tasks for improved efficiency and effectiveness, enhancing customer experience, increasing flexibility, scalability of your business, and reducing risks; but the most important thing is to keep your business objective in mind!
Below listed questions like –
What do you want to achieve via digital technology that you can’t in the present scenario?
What value addition do you want for your customers to experience that your current technology and processes are not allowing?
How do you plan to collect the data and use it for your target audience?
What manual tasks can be cut off by the introduction of digital tools?
What revenue growth do you expect if you invest in new technologies and tools?
In order to start the evolution process of your company, contact a digital transformation solutions provider now to transform your business journey strategically and as smoothly as possible!
Rail systems are finally making the digital transformation everybody’s been talking about for several years.
In the United Kingdom, for example, the Thameslink now runs 24 trains an hour – an increase of 50 percent in its capacity compared to years past. Making this possible took a lot of work on the back-end. Rail carriers consolidated their control centers and built modern, computerized facilities that leverage data analytics to develop intelligence about on-time performance, delays, and overall ridership per time-of-day and season.
Rail carriers are also deploying digital enterprise asset management (EAM) systems to reduce maintenance time and improve overall productivity. These systems precisely target what needs repairs and provide an immediate and accurate status of rail stock and parts to maintenance crews. Digital EAM technology can also monitor an inventory of trains in rail yards more efficiently, ensuring more predictive maintenance as opposed to simply repairing trains when they break down.
Rail companies have also invested in sleek electric trains that run faster, with fewer carbon emissions, and are easier for drivers to manage. Regenerative braking technology, which captures the energy expended by trains as they slow down and reuses it, not only delivers a smoother ride – through fewer stops and starts – but improves energy efficiencies and further reduces pollution.
Mobile ticketing and more
Digital technologies also offer major benefits to passengers, such as mobile ticketing, the ability to leverage Alexa and other digital assistants for train schedules and weather forecasts, and automatic refunds when trains are late or offline.
The results have been impressive. The UK’s Office of Rail and Road reports that rail passenger journeys in Great Britain in 2018-19 reached a record high of 1.759 billion. They increased by 3 percent compared to the previous year, driven by a 3.9 percent increase in the London and South East sector. Total passenger revenue growth also hit 10.3 billion pounds, its highest revenue since 2014-2015. Of course, increased ridership can be attributed to a number of factors, including evolving consumer attitudes toward rail’s eco-friendly advantages or time and cost savings compared to car travel, but it’s clear that digital is making traveling by train easy, cost-effective and gentle on the environment.
The shift to digital from paper-based systems requires that rail carriers take a much more focused look at their cybersecurity postures. They have to put in place security awareness programs for the rank-and-file staff and also communicate with passengers on ways to protect their digital identities as they purchase train tickets online and depend on their mobile phones to manage their busy travel schedules.
On the IT staff side, rail carriers need to put solid patch management programs in place so the back-end software runs securely and threat actors have fewer opportunities to inject malware. Most security experts will say that with a solid patch management program and basic security awareness around email phishing, organizations can prevent the vast majority of cyberattacks.
Full speed ahead
While rail carriers have not moved as quickly into digital as airlines and rideshare companies such as Uber and Lyft, they have made some great progress.
As we head into the 2020s there’s really no turning back. Change comes slowly, but with investments the industry has made in back-end technology and analytics, mobile apps and faster electric trains, we’re about to turn the corner into the digital future.
Rail systems have taken a back seat to airlines when it comes to focusing on customers, but that’s changing. In the United Kingdom, for instance, Network Rail has had great success in becoming more responsive to passengers. Its Putting passengers first program decentralized services and functions, creating five regions, each with its own managing director responsible for delivering train performance across 14 routes. Digital technologies are an important part of the program. For example, Network Rail sends consistent and reliable train information directly to passengers via mobile messaging. In addition, Network Rail is now leveraging advanced analytics to enable staff to track and deploy rail assets as needed. It also uses analytics to keep trains running on time by supporting solutions that resolve adverse weather or environmental factors like leaves on the line.
Rail organizations are seeking to improve many other points of the passenger journey through innovative solutions. Delivering these digital technologies, of course, assumes that the rail system has invested in upgraded Wi-Fi and has plans to support the emerging 5G standard as wireless carriers roll it out.
Here are six ways digital technologies are improving the ride experience for passengers in the UK and around the world:
1. More efficient ticketing. Digital technologies let rail customers identify the best time of day – such as off-peak times – for the most economical fare, and make their selection online or via mobile apps. While this may not necessarily help passengers who purchase a monthly pass, it can be helpful for workers who only need to report to the office two or three times a week, for parents traveling with small children or for a caregiver transporting an aging parent to a doctor’s appointment. Students on a tight budget also appreciate having access to information that can help them plan their travel time more efficiently and economically.
2. Convenient refund service. Most commuter rail passengers tap in or out with a smartcard or smartphone. After they tap in and take their trip to work in the morning, the system can notify them via text or email during the day that there is a network disruption and that their return trip home will be delayed by 30 minutes. If it’s going to be a longer delay, the system can send passengers suggestions for alternate routes and give them a percentage-based credit to their account. If a passenger was planning a longer trip for a vacation, the system can credit the traveler with a full refund in the event the train was delayed or cancelled.
3. Synchronized coffee and food services. The airlines have tied in services where travelers can order food or coffee to be ready for pickup when they arrive at destinations or make connections to another flight. These same types of services are becoming available to commuters. In England, for example, rail passengers can now have their coffee waiting for them when they arrive at the train station in London each morning. Or they may opt to preorder a quick snack at the station for their trip home at night. These types of personalized convenient services are becoming very popular as people go about their busy daily activities.
4. Digital assistants. Given the number of people who use Alexa, Google Assistant and smartphones with digital assistants, rail companies can now leverage those tools to reach customers. Commuters can query Alexa in the morning to find out if their train is on time, or get a quick weather report to know if they should take an umbrella. If they need to deviate from their normal pattern and go to a different location, they can query Alexa on the best prices and times for a round trip on that day.
5. Mobile tickets. This may be the year that mobile ticketing becomes more mainstream around the world. For the past several years, commuters in the Boston area have been able to use their smartphones to purchase and show their tickets digitally. Another mobile ticketing project is now well under way in Japan, and this year there are plans in the UK to make it possible for rail commuters to use their ITSO (Integrated Transport Smartcard Organization) passes on mobile devices.
6. Improved logistics and crowd control. Vastly improved communications make it possible to inform passengers if and when a train changes tracks. It can be inconvenient and annoying to wait for a train at one track and learn at the last minute – if at all – that the track has changed. This is particularly true for passengers who need special assistance, such as mothers with young children and strollers, or people in wheelchairs or on crutches. Instead of depending on older, often hard-to-hear PA systems, passengers can receive texts that inform them of the track change as soon as it’s known, giving them enough time to react and make their way to the new track.
Going digital improves the passenger experience, and it also makes the staff more efficient. As we head into the third decade of the 21st century, there’s no turning back. Rail systems need to go digital to stay viable to a generation of riders who simply expect these services and communications.
Airports face a number of challenges — aging infrastructure, fluctuating demand, sophisticated security needs and, now, an unexpected global health crisis — and legacy technologies are incapable of addressing them. In other words, we cannot expect to build tomorrow’s airport using yesterday’s solutions. We need radical innovation and that calls for new technologies. Digital twin fits the bill.
A digital twin is a 3D representation of the physical world. It enables developers to visualize products and spaces and to run simulations to show how they behave in differing conditions. Here are the five main areas where a digital twin can benefit airports:
1. Ideation
Airports are continuously seeking ideas on how to transform from physical infrastructure into real, living ecosystems. That means improving the passenger journey, and one way to do that involves creating 3D virtual experiences to simulate new concepts and validate their benefits; if they prove promising, the 3D virtual experiences can be used to demonstrate value to the airport stakeholders that are responsible for securing capital funding. Building stakeholder confidence early on ensures that investments will be used wisely and can radically shorten decision cycles from years to weeks.
2. Design and Engineering
A digital twin provides a collaborative environment to unite all supplier deliverables around a unique 3D mockup to converge much faster on a final design. The subcontractor’s design conditions and physical dimensions can then be verified and validated. The conformance of the final 3D design to initial requirements and FAA regulations can be readily shown. Tenants will benefit from a more controlled process and can achieve on-plan, on-cost and on-time delivery.
3. Construction
By leveraging a digital twin, project delivery teams can simulate how construction or renovations might impact airport operations. The overall operational impact of taking major infrastructure – such as a terminal – out of service, can be simulated. Once evaluated, an effective and proactive operational plan can then be put in place to minimize disruption.
4. Sales and Marketing
Digital twin also opens up many opportunities for innovative marketing. For instance, new and engaging AR and VR applications (perhaps virtual shopping experiences) could be developed to entertain travelers and drive retail revenue. And digital twin could enable marketers to test new and innovative marketing concepts in a virtual environment before committing to them. Moreover, employing digital twin can reduce the need for real photo shoots and costly film sets usually involved in marketing campaigns.
5. Operations
When it comes to airport operations, there are two primary roles for digital twin technology:
Maintenance: Digital twin provides a platform to monitor and analyze sensor information to predict asset failure. Further, it provides a diagnostic tool by simulating what went wrong. All this information is captured and communicated in 3D to the field via a work order to accelerate investigation and reduce maintenance costs.
Passenger Flow: 3D simulation provides a better understanding of daily operations. It gives a holistic view on how planning interacts with airport activities such as construction, renovation or other events which may cause irregular operations. Mitigation scenarios can be simulated to address the impacts and shorten recovery times. This reduces costs and, turn-around times and, most importantly, helps to eliminate congested passenger flows. For this to work effectively, it is imperative that the virtual model provides a reasonable and trustworthy representation of a real-life scenario.
The airport of tomorrow
Digital twin is being used in other industries – to support the development of autonomous driving technology, for example – and delivering value and return. Airports that similarly embrace digital twin have much to gain – improving their ability to innovate for the future by encapsulating an airport’s overall environment and life cycle in a virtual environment. In an industry faced with unprecedented challenges, digital twin technology – a highly visual way of modeling, thinking and doing business – will help transform and deliver the airport of tomorrow.
The 5G IoT reaches new dimensions in all aspects where 5G connects more IoT devices at higher speeds and makes things slow things non-existent.
Dive deep into your imagination and seek a world where smart homes can unlock doors just by scanning your face, automatically adjust lighting and temperature, a world where chronic diseases are managed 24-7 and where accidents are a thing of the past. You can imagine that the fifth generation of wireless technology promises more than just a fast network.
It will not only help you redefine the network but also establish a new global wireless standard for speed. A 5G network builds a bridge to the future. This technology is not just a new generation of wireless technology, it is a 5G foundation to release the full potential of IoT thus revolutionizing technological growth. We are well aware about IoT and its working.
IoT is described as an ecosystem of interrelated computer devices, digital machines, and objects that have the ability to communicate and transfer data to each other in real-time, with minimum human intervention.
Major components of IoT include – devices, connectivity, data processing and user interface. Since IoT is already in the blooming stage, with the help of 5G (fifth generation), it has the potential to reach a whole new level. 5G and IoT technology together have a wide spectrum that increases the overall bandwidth and allows a massive amount of IoT devices to connect.
IoT and 5G have given rise to the mobile ecosystem by introducing a powerful combination of extraordinary speed, expanded bandwidth, low latency, and increased power efficiency that will be connecting billions of networks in the coming five years and is changing our world. Let’s look into some numbers to show you what 5G enabled IoT is capable of.
Ericsson’s latest Mobility Report says that the number of 5G smartphone subscriptions worldwide will rise to 600 million by the end of this year, almost tripling from the 2020 total. By 2022, 5G subscriptions will cross the one-billion mark.
Internet of Things (IoT) will connect more than 50 billion devices by 2030.
5G will be 10 times faster than current LTE networks. This increase in speed will allow IoT devices to communicate and share data faster than ever.
In 2030, the forecasted total number of 5G internet of things (IoT) units sold, business to business, is 44.8 million. Of these, almost half are expected to come from industry 4.0 applications, also known as smart factories. The second largest share of forecasted sales in 5G IoT units, is use cases in smart cities, with 8.4 million units.
Connected cars is projected to become the largest segment of the global 5G Internet of Things (IoT) endpoint market, with an installed base market share of 39 percent by 2023, the equivalent to 19 million endpoints. The overall 5G IoT endpoint installed base is forecast to grow from 3.5 million in 2020 to around 49 million in 2023 worldwide.
Due to the increase in 5G users, the industry anticipated to benefit the most economically is information and communications with an estimated $251 billion contribution to the U.S. GDP between 2021 and 2025. Real estate and business services industries are expected to contribute $190 billion and $187 billion, respectively, in the next five years.
Now that we are aware about what IoT in 5G technologies can pull off. Let us look into the advantages IoT and 5G bring to the table in detail.
What Are The Advantages Of 5G And IoT Tech?
1. Greater speed in transmissions
Speed in transmissions can reach 15 to 20 Gbps. With the help of the new found speed we can access data, files, programs etc on remote applications. By intensifying the usage of the cloud and making all devices (mobile phones, computers, etc.) depend less on the internal memory of the device, it won’t be necessary to install numerous processors on a device because computing can be done on the Cloud.
2. Increased number of devices connected
5G impact on IoT is clearly the increased number of devices that can be connected to the network. All connected devices are able to communicate with each other in real-time and exchange information.
You can imagine that when we talk about a smart home, hundreds of devices will be connected. If you think of an industrial plant, we are talking about thousands of connected devices. Such a great number of connected devices will allow concepts like building a smart city possible.
3. Lower latency
In simple words, latency is the time that passes between the order given to your smart device till the action occurs. Thanks to 5G this time will be ten times less than what it was in 4G.
For example: Due to lower latency the use of sensors can be increased in industrial plants. Be it control of machinery, control over logistics or remote transport all is now possible. Thanks to lower latency, which has led healthcare professionals to intervene in surgical operations from remote areas with the help of precision instrumentation that can be managed remotely.
4. Network slicing
5G implements virtual networks and creates subnets such that the network connection is adjusted as per the specific requirements. By creating subnetworks, some specific characteristics are given to a part of the network. The programmable network will prioritize connections, in case of emergencies by allocating different latencies in the connection.
You are now familiar with the advancements and advantages that applications of IoT in 5G can offer. So, let’s discuss how this wave of new technology is coming up with an endless number of use cases.
5G IoT Technology Use Cases
1. Smart traffic mobility
A world where accidents are minimal, would be a great world to live in. 5G IoT applications can enable the sharing of real-time information about traffic and road conditions among cars and other road users. Such smart mobility and driver assistance services require 5G communication devices in vehicles, with pedestrians, etc and roadside sensors infrastructure.
By collecting and analysing real-time traffic data from the roadside infrastructure and the vehicles on the road, such Intelligent Transportation Systems would be able to timely warn drivers about hazardous road conditions, traffic blocks and safety compromising situations. As a result road safety and traffic efficiency will increase.
2. Smart grid automation
Demand for electricity is increasing as we speak. Virtual power plants and smart grids are the technological solutions for the same. 5G allows us to inculcate real-time management and automate the smart electricity grid. The maintenance can be optimized once we start detecting faults and providing solutions rapidly.
5G is being largely adopted because of the increased deployment rate and lower cost in comparison to wired alternatives. As a result, utility operators are progressively updating their grids with new sensors, control systems and integrating renewable energy resources.
3. Video surveillance
Another 5G based IoT application that is assumed to thrive is video surveillance. Due to the recent turn of events around the globe, the government is ready to invest in public surveillance and security systems. As of now, video surveillance systems rely on wired connectivity, but the adoption of wireless networks can result in fast set-ups and lower costs, boosting connectivity and performance as compared to the wired ones.
5G and IoT security solutions allow us to prevent the loss of critical assets.
According to marketsandmarkets, 5G IoT video surveillance cameras is expected to grow from USD 2.6 billion in 2021 to USD 40.2 billion by 2026, at a CAGR of 73.0% during the forecast period.
With the help of 5G we can securely and consistently monitor facility conditions from any location
Quick action can be taken on important security alerts that are notified on mobile devices
4. Smart city
The European Commission defines a smart city as “a place where traditional networks and services are made more efficient with the use of digital and telecommunication technologies for the benefit of its inhabitants and business”.
Smart cities use the5G and IoT devices to collect real-time data to understand demand patterns and respond with faster and lower-cost solutions. You can also call it a digital city whose ecosystem is designed to run by connecting several dedicated networks of mobile devices, sensors, connected cars, home appliances, communication gateways and data centers.
We already know that more than 50 billion devices will be connected to IoT by 2030. 5G is expected to unlock the potential of IoT and be a driving force for the smart city by addressing and overcoming all connectivity issues.
Final Say
Each year technology is innovating itself with new discoveries and ideas. IoT – the concept which did not even exist a decade ago has today not just gotten mainstream but has also marked a presence, across industries, across the globe. Looking at the above emerging technology of 5G and IoT and it’s numerous use cases now is the time to dive deep into mobile IoT app solutions and contact an IoT application development company.
For that you need to find a trustworthy and reliable IoT app development company in USA or other countries where you belong to partner with. A company that would help you expand your decentralized journey. Here comes Anteelo to help you out by providing top-notch solutions for your business needs. For any queries you can contact us through the link provided.
Fintechs are taking advantage of digital transformation by bringing a start-up mentality to corporates to drive growth in businesses.
Coronavirus was a random economic test that no one could have fully anticipated and as social distancing, lockdowns across the globe and work from home rules became common around the world; companies that had seen the writings on the wall became accustomed to the digital age and were the first winners. In this article, we will be discussing in detail how digital transformation in financial services is accelerating the change in Fintech.
Startups and small and medium enterprises (SMEs) have had to reorganize their digital transformation strategies and look to the lending regulatory agencies for quick funding to restart and adapt to the digital ecosystem.
Fintech is not just limited to startups; it also forces large, well-funded enterprises to continue to compete and innovate if they want to stay afloat. Fintechs creates new ways for customers to access and deliver financial services, with simple ways to make payments on investments with quarterly advice and create a personalized budget with the help of the app. To bring difference using digital transformation, a plan with a strategic approach is required.
Professor Anne-Laure Mention, Director of the Global Business Innovation Enabling Capability Platform at RMIT University, Melbourne, Australia, in her 2019 paper- “The Future of Fintech” highlights the ways Fintechs are disrupting the industry with their faster, cheaper, and attractive service models that are inviting interest from the regulators.
Rapid Growth in Fintech Brought By Digital Transformation
While we know that the financial services industry has a traditional perspective and takes time to adapt to innovation, the pandemic has created a different picture. It has accelerated tangible change by adopting rapid physical and digital transformation, which requires the fintech industry to meet the challenge of equipping businesses with powerful computing systems.
Changes can also be attributed mainly to the rapid change in consumer behaviour and new emerging patterns set by the clear will of cash-less and contact-less activities.
Some stats below describe the rapid adoption of digital transformation.
According to a survey by ZDNet, 70% of companies either have a digital transformation strategy in place or are working on one.
Another report by PTC and CorporateLeaders states that 60% of companies which have undergone a digital transformation have created new business models.
The IDG’s Digital business research includes the top industries for digital-first business strategies with services (95%), financial services (93%) and healthcare (92%) being at the top.
How is Fintech Digital Transformation Making SMEs Efficient?
Greater lending flexibility
In the current system, traditional lending models make themselves ineffective because they are not designed to measure and therefore, seem to impose a barrier on SMEs to earn money. Legacy systems are more expensive compared to fintech companies, which boast a reduced performance model designed to reduce costs. There is also a lack of flexibility in this system.
This is where a cloud-based lending approach can make a difference. Creating an application programming interface (API) that will integrate seamlessly with asset systems and provide an awesome and sustainable digital model that can drive a well-designed lending solution.
Channelling digital fintech offerings
With the increasing pace of digital platform acquisition during the pandemic, digital payment platforms and digital wallets and credit cards have seen a rise in demand in SMEs’ transactions. Additionally, SMEs and startups from across the globe have started taking advantage of the digital profits and loans available through simple, fast and secure fintech solutions backed by robust infrastructure processes. By informing high-end consumers and warm-hearted SMEs they have come up with the idea of using fintech solutions to drive their financial operations.
Processing data for operational efficiency
With innovative digital lending platforms, such as knowing your customer (KYC) and personal identity or KYC based on social security, financial consultants can easily access customer data and get their approval, thus ensuring better efficiency. Data Analytics can be used to improve the understanding of customer portfolios to enable better credit processing. Another useful area where data can be used to detect fraudulent detection, where customer behaviour is recorded and used to analyze potential fraud.
Digital Transformation Trends in Financial Services
Among all industries affected by the pandemic and changed by the digital transformation wave, the finance sector experienced one of the most drastic changes in its transformation. Fintech being one of the industries completely dependent on manual work and person-to-person contact, the road to digital transformation and fintech has been a new journey in this sector. The evolution of digital transformation in finance industry has become a business imperative to improve customer experience through development of new products and services.
According to Binder Dijker Otte (BDO), 97% of financial services firms are putting their resources into digital transformation after reshaping their business models to stay competitive in an evolving sector.
Growing enterprise agility
After the numerous experiences gained from the previous financial crisis, an organization’s ability to expand its agility has become a vital trend in the industry. However, to support the type of constant advancement and improvement that shapes the foundation of agility, financial organizations need quick, reliable access to growing amounts of information without making tedious manual work processes.
Increasing mobile banking
The worldwide pandemic has seen customers rushing to mobile services for their financial requirements and bringing digital transformation in banking industry. While mobile banking is not a new concept, but as the first lockdown was imposed, according to Fidelity National Information Services (FIS), that works with the world’s largest banks, said that there was a 200% rise in new mobile banking registrations in April 2020; while mobile banking traffic rose 85% increasing the need for digital transformation in banking.
The universal utilization of smartphones in our day to day lives has increasingly shifted our choice to digital banking for everyday banking services like electronic bill payments, shared payments and instant transfers.
Increased collaboration
As entrepreneurs and business leaders across different industries embrace the team structure as an operational model and acknowledge the democratization of information, there is nowhere required to work together as solidly as in the financial sector. Since, financial enterprises need to adhere to administrative guidelines that implement a siloed way to select business units. But for other business units, the ability to effectively communicate and work can mean the difference between getting to the end goal first.
Risk assessment
The collection, storage and analysis of big data is extremely important to financial services and digital transformation consulting firms. For instance, the quick and perfect finish of a due diligence process before a huge merger and acquisition can make great differences for the financial investors, organizations and employees influenced by it.
Mobile pay utilities
A decade ago there was a time, when mobile wallets were a totally new concept to the people. As times are changing, thus, so are the methods of putting away riches and making payments. Mobile wallets have become the rule of the payment, be it merchants, shopping malls, and other sellers like to utilize mobile payments versus traditional cash and checks. All thanks to the comfort, security, and ease of availability have provided a route to digital development in finance sector over the years, which keep on developing as the time goes on.
Challenges Faced In Fintech Digital Transformation
The first challenge they face is how to present investors and other stakeholders with a clear view of their proposal, especially if their offer is not in a certain way in the existing markets, and is not allowed by a certain number of customers. These difficulties present challenges in raising funds for commercial investors. These participants will want to see clear evidence that fintech digital transformation is innovative, capable of measuring and mitigating its risks as much as possible.
Fintechs faces a major hurdle in building relationships and trust within clients working with traditional financial services providers. Fintechs needs to fight the myth that their new invention calls for security and data management.
Fintechs needs a very supportive control framework that aligns boundaries, to be able to scale globally with minimal collisions.
The fourth digital transformation challenge comes in the form of international action; 95% of Fintech firms failed when trying to scale up. The reasons for this is that Fintechs are failing to operate beyond regional and national regulatory limits, and are failing to reach customers at critical times.’
Conclusion
Financial innovation presents an important opportunity that exceeds its impact on financial services firms; the whole economy can benefit. It embraces changes in the supply of banks, insurance companies, investment funds and other digital strategy financial services firms, as well as the transformation of internal structures and processes, management systems, new ways of communicating with clients and distribution channels. emerged as the cornerstone of new financial institutions.
Digital strategy consulting firms and Fintech provides new ways for customers to access and deliver financial services, with simple ways to make payments on investments with quarterly advice and create a personalized budget with the help of the app. Fintechs brings corporate thinking to the forefront while also increasing competition, customer focus, and collaboration. These fashions bring clear benefits to consumers in the form of competitive pricing, as well as new and easier services to manage their finances.
After getting to know the growth of fintech through digital transformation, now it is time to select the appropriate digital transformation companies to reach your goals. For any information or query you can contact us at Anteelo– a known digital transformation consulting services company.
