Internet of Things in Business Transformation. Группа авторов
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through the activities of engine-health monitoring in 12 months [14].
6 Logistics: The Company dealing with logistics like “United Parcel Service (UPS)” is using data analytics and keeping an eye on major business operations. Company is utilizing the strength of data analytics and artificial intelligence on real time data to assist their employees for making improved decisions. UPS has just introduced their Chatbot which uses artificial intelligence for helping their customers to find charges and tracking details.
7 Blood and Transplant: In a public sector like National Health Service (NHS) is attempting for the implementation of digital transformation from last two years. Various trials has been completed which also includes the utilization of predictive analysis and managing the waiting time for an organ. Making the organs available for the patient is the major concern for the healthcare [15].
8 General Electric: It’s a reality that not all the strategies related to digital transformation are similar according to its success rate. The company made strong efforts for the integration of the traditional system with the new system designed on software basis. If we talk about the digital transformation, company released the product behind the schedule and lacking in features as required by the customers. There were various problems like poor decisions of investments, major changes in the leadership. Some people blamed the company’s failure just because it was not enough capable to focus key area of improvement. Currently, General Electric is making good effort and is focusing on redesigning their digital strategy [16].
9 Banking: Banking industry has transformed its services massively in the last decades. Banks ATM has replaced the banking tellers (cashier) for cash deposits, withdrawals or cheque deposits. With the excessive use of smart phones in our society, most of the banking transactions taking place through mobile apps rather than visiting to a bank. Money can be transferred in various secured ways available like NEFT, IMPS, etc. All of this became possible because banking industry has taken initiative for adopting digital transformation.
10 Insurance: Most of the insurance related work can be done through self-service portals or mobile apps. Users can compare and customize their insurance plans available in the market and without taking any help from the insurance agent. Insurance may be related to automotive, life, health, business or home. User can have the various alternatives on a single portal like policybazar.com and all.
4.2.4 Importance of Digital Transformation
Digitalization supports the business leaders and entrepreneurs in changing the existing economy of the company which reflects everywhere. Amazon has a great impact on retailing whereas Facebook has affected publishing by providing services to their customers instantly. As a result, traditional companies are facing challenges by various digitally aware competitors. However nearly three-fourth of business leaders are alert and attentive that their organization is under threat from distraction, therefore various business leaders are not interested to adopt the change [17].
4.2.5 Digital Transformation vs Business Transformation
The process of business transformation is going faster as it is running with the assistance of various digital technologies available in the market. Implementing digital transformation into a business doesn’t mean that to apply technology which does the process digital, but it is more than that which includes the way that the employee works with different tools available and work with teams. Hence digitalization is an approach to assist in the business transformation. “There is not an IT or a business strategy; instead, there’s a single digital business strategy,” validates Lisa Heneghan, who is the global head of KPMG’s Chief information officer advisory board.
4.2.6 What Does Digital Transformation Look Like?
Recent technologies whether it is IoT (Internet of Things), Artificial Intelligence, Big Data, or Cloud computing are providing assistance to various business leaders for developing new models for the existing business which changes the traditional method of running business operations. Such technologies are not just the recent buzzwords for the current scenario but the “Tangible value coming from these technologies in terms of improving product optimization, increasing production output, and directing operational efficiency challenges.” Hence we can call it what we require and the digital transformation is like something for which so many executives engaged in legacy systems are struggling till now to get their heads around. Although start-ups succeed through their innovative methods of working style, creative use of data and approaches to integrate recent technologies, various traditional firms including public and private sectors are still facing difficulties in legacy system. Such organizations are stuck on their policies and process, rather than information and its insights. These firms which are moving slowly in the market getting left behind in the competitive race. Gartner says “two-thirds of business leaders believe their companies must pick up the pace of digitalization to remain competitive”.
On the other hand, speeding up the development is quite tough. “Digital” is normally viewed as a complicated art which is understood by fewer experts. In so many cases, entrepreneur gets filled such knowledge gap through highly paid consultants who bring the publicity of digital transformation as a replacement for measurable business value.
4.3 Transformational Technology
In a current scenario, we are observing that the technologies are emerging, resurging and converging at once. Throughout the world organizations are trying to put themselves to beat its competitor through incorporating and practically applying inventive business models based on technology to make a distinction among others. Besides this framework, Technology Industry Innovation Survey was done in 2019 by KPMG and in that survey IoT (Internet of Things) was ranked the uppermost driver of business transformation for the upcoming three years. Everything whether it may be wearable health devices, homes and cities, are considered as “smart” in the current scenario and connects to a wide variety of devices and applications to assist the customers accordingly.
4.3.1 Internet of Things
The Internet of Things or IoT is one of the most demanding technologies among other key technologies required for digital transformation. With the addition of various sensors and devices in the network there is an exponential growth in the data also. Such stored data can also be utilized for business transformation through digital technologies. Utilization of tiny sensors has changed the world, which has allowed for rich information collection and well organized systems. Industries such as manufacturing and retailing have setup trucks, storage services, and factories with Internet of Things (IoT) devices and other smart tools which can be used together information about how they are used and provide insights and how the things can be optimized.
The other term i.e. Industrial Internet of Things (IIoT) which has become an expertise in separate field, allows the organizations to gather the data on their machines itself and tools which are based on machine learning or AI is used to analyze that data and give recommendations accordingly. Such systems can be utilized to improve the safety of employees at their workplaces and those places can be highlighted where costs could be reduced. Organizations can analyze and find the weak places and make out how to limit disruption in service or handle problems before they occur.
4.3.2 Robotic Process Automation
Robotic Process Automation (RPA) is a technology which lets the people to configure the software or a “robot” to integrate various actions of human who interacts with the digitalized system for running the business processes. The interface of RPA is used to gather the data and manipulate applications as humans do. Robotic Process Automation contains the software bots which assists to automate manual activities of business processes. RPA is treated as the fundamental step of intelligent automation which utilizes the strength of machine learning and true artificial intelligence. Various basic tasks related to offices are being performed by soft bots in all over the world and even they are involved in decision making processes also. RPA improves the performance of the system by adding up the humans capabilities in a machine.