James Truslow Adams, who coined the term, has also described ways to achieve this dream in his book “Epic of America”. In the book, he explains that the American Dream can be achieved through “sacrifice, risk-taking, and hard work”. If we apply these factors to the Digital Transformation Dream, it too is achievable. For say,

• Sacrifice the old practices, adopt new business model
• Take risk, invest in digital technologies
• Work hard to adapt to the change

Business leaders need to build their dreams on these success factors while taking a very nuanced approach to link every element of business, which can be touched by digitization and digital innovation.

A digital transformation strategy built on these factors could help companies achieve their business goals, which could be anything from faster to market to increased revenue growth and enhanced competitive positioning to improved employee productivity.
With a well-built mobile app, you can harness the potential of these success factors and accelerate digital transformation, thereby paving the way to success.

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The industry itself is a very big and vast industry. It covers logistics, fleet, travel, etc. the industry has expanded with digitization, from ticket booking to ride/cab sharing to manage travel analytics, technologies are covering a wider aspect of a host of affiliated services. With digital transformation covering the majority of the market, another interesting point to note is that it provides seamless integration of different and multiple modes of transportation with the magic of handy devices.

The ability to provide information, services, and transportation support anywhere, anytime has paved way for new opportunities. This has ensured making the existing transportation, travel and logistics network more efficient and user-friendly for end users.

If we talk about the developments and advancements over the course of the last decade, the transportation, travel and logistics value chain have enhanced services in business such as e-ticketing, payment wallets, shared mobility, and last-mile connectivity.

“New-age digital systems allow commuters to compare the time, cost, convenience, carbon footprint, and health benefits across all modes of transport, broadening their range of choices and allowing decision making that takes into account real-time conditions.”

While there are numerous benefits of digital transformation in transport, travel, and logistics segment, it is also filled with difficulties and challenges. Many industries have already embraced technology in their systems; however, few still struggle to gain the advantage.

a) One of the major challenges comes down to fuel. Fuel is one of the largest parts of the operational expenses for any transportation companies. But with the issue of unpredictable oil prices, the industry sees a challenge in timely rising operational costs which is high huge most of the time.

b) Other difficulties include a hike in ticket prices that are eventually resulting in fewer riders. If such challenges are not addressed at the early stage and a solution is bought up, it can cut a deep hole in the pocket of transport, travel and logistics industry very soon.

Digital transformation holds multiple scopes in TTL industry. Any enhancement that brings benefits and reduces hassle is always welcomed with open minds. Same is the case with TTL industry. Let’s have a look at the scope of transformation in TTL industry.

1. IT Development: Digital transformation is all about improving and empowering the customer experience. However, this could only be achieved by involving digital instruments in accelerating regular transactions via self-service tools and provide enhanced process visibility. IT is the backbone of any company.

If an IT is well versed and flourished, then it automatically brings harmony between the company and the customers. The goal of IT investments in digital technologies is to achieve execution speed, accuracy and ability to reduce existing business bugs and inefficiencies.

Digital transformation demands updated IT system in any company to embark on the digital journey. Companies need to allocate investment such that it improves both the current business and build new businesses as the insurance model evolves.

Marcus Ryu, and CEO at Guidewire Software contends that it is only by modernizing core operating platforms—most importantly policy administration, billing, and claims systems—that insurers can externalize the data and business logic necessary to deliver a satisfying digital experience for the policyholder or distribution partner.

2. Improved Workforce: With digital transformation going through the company, it automatically marks the fulfillment of the efficient and skilled workflow. This supports in providing a trust to customers ensuring that it would bring transparency throughout the logistics process. They can easily experience in real time on how their transactions are progressing and what are the necessary additional documentation required to move the process forward.

Skilled workforce enables a control of processes for them as well as for customers. Any improved workforce can transform critical instance into a dynamic workflow incorporating intelligent techniques and digitized version of technologies that automate the process of the workflow.

3. Real-time information: The widest scope of digital transformation lies in the availability of ‘Real-time data’. This sure can be a real competitive game changer for TTL industry. Everything visible with the help of real-time data affects the industry in and out. The constant pressure of no information is eradicated, and benefits are incorporated eventually.

Related: What is Logistics 4.0?

The customers are benefited in making better decisions with the factual real-time data and TTL industry can make decisions to accelerate shipments and minimize costs. Digital transformation in travel, transport and logistics industry is a competitive weapon to improve any company’s ROI. And this highly depends on real-time information.

This has proved to be a digital approach and change that is for better and will eventually bring a ton of new possibilities, challenges, and improvements to transport, travel and logistics industry.

“Real-time data helps make logistics management decisions on carrier selection, load optimization, centralized track and trace, and claims management.”

The 3 crucial aspects of digital transformation in TTL industry are efficiency, optimization, speed, and timing. Let’s dig deep and understand the challenges of digital transformation in travel, transport and logistics industry.

1. New-age technologies: Digital transformation calls for the involvement of IoT devices for smart industries. Various IoT development companies provide services like smart and connected devices that enhance the driver and rider experience. This eventually brings a radical and digital change in the style of driving.

For instance, Electronic Log Devices (ELDs) are ensuring that drivers are limited to only 50 hours of driving per week with a two-day rest period, thus ensuring much safer roads.

Another new age technology like Blockchain technology is proving to play a crucial role in the transport, travel and logistics transformation as it provides performance accuracy from factual history records. This helps during the session of selling; there is absolute and clear transparency between the buyers and the sellers.

Data Analytics technology that persuades transformation is helping transportation, travel and logistics companies in studying and analyzing their entire functions, processes, and operations further supporting them to maximize efficiencies, reduce extra costs and maximize profits on both ends.

2. Customer Experience: Digital transformation is promoting changes that excite and enhances TTL ecosystem. It is bringing enhanced efficiency levels at operations, improve the processes and fleet & logistics movements. However, one major disruption in industry leans down to customer engagement and services.

All such transformation is worked upon to bring a better customer and user experience. Improving experience and empowering customers have become important to be a player in the market. A dissatisfied customer would switch to others if the solutions are not at par these days.

Digital technologies bridge the gap between operators and customers and are refining the passenger experience.

With Smart ticketing approach, passengers can generate mobile tickets and pay for them through mobile wallets, leading to a ‘frictionless’ and hassle-free travel experience.

3. Mobile Dependency: Mobility has drastically changed the way we see the market today. Digital transformation is pushing transportation, travel and logistics industry to go beyond the usual and traditional approach to shift towards shared mobility economy.

Mobility is building impeccable and excellent opportunities for both TTL companies and the end users. While it is benefitting transportation companies in finding new market spaces and additional revenue; end users are availing amazing benefits in much lower prices.

The companies that still think of incorporating digitization in their industries are lacking the benefits that come with transformation and building a more hostile environment for the growth of the company. The one that acts fast on the challenge are the ones that sustain in the market.

For instance, Large fleet-owning companies such as AT&T and Coca-Cola have started on digital transformation to understand driver behavior, idle times, routing, and loading to derive benefits regarding costs and increase profitability. They are also investing in the new-age transportation technologies and smart devices.

The infographic below explores Digital Transformation in TTL industry and how IoT is transforming the same so that it proves to be an essential aspect of the entire industrial segment which brings immense benefit to both industry and end customers.

Conclusion

All observed and realized, adoption of digital transformation is not as easy as it looks. There are numerous challenges like legacy systems and processes, end user’s mindset and thoughts, new age technologies research before implementing in the system, and lastly the crucial concern of heavy investment. Transportation, travel and logistics industry should focus on the important aspect as they plan to embrace digital technologies.

It’s not always necessary that transformation would do justice to the business and bring benefits, the adoption might do more harm than good. Thus, TTL companies need to evaluate and assess their latest technological needs, customers’ expectations and the budget to implement digital transformation.

Finoit Technologies is a renowned mobile app development company providing custom software development services and IOT application development services. We have developed over 450 mobile apps, and have assisted many solopreneurs in their journey of startups by functioning as a tech partner and rolling out their product ideas. For questions/queries, you may write to us at info@finoit.com

The post Digital Transformation in Travel, Transportation and Logistics: Challenges and Scope appeared first on Finoit Technologies.

A survey conducted by the National Library of Medicine reveals that a significant majority (over 50%) of patients surveyed expressed comfort with a healthcare system centered around telehealth visits, as long as their care needs are adequately met. This underscores the increasing acceptance and demand for telemedicine among patients.

And if you work in the healthcare industry, it is crucial to stay informed about the latest technological advancements in healthcare. Healthcare organizations and stakeholders should also keep a close watch on emerging tools and technologies that promise more accurate and comprehensive care.

So, let’s not wait any longer! Explore the Technology trends in healthcare that are set to shape the industry and pave the way for innovative and improved patient care.

Artificial Intelligence

Among different industries where Artificial Intelligence (AI) development prevails, the healthcare sector stands out as a notable frontrunner. In the year 2024, it comes as no astonishment that AI will shape forthcoming transformations in healthcare. Leveraging Artificial intelligence in healthcare can empower medical practitioners in myriad facets, including:

• Next-Gen Radiology: AI plays a pivotal role in developing advanced radiology devices that incorporate automated prediction capabilities. This empowers radiologists to achieve more accurate and efficient diagnoses, enhancing patient care.
• Healthcare in every corner: AI has the potential to expand healthcare services to underdeveloped and inaccessible regions. By alleviating the burden on qualified professionals like nurses through automation, AI can bridge the healthcare gap and provide essential care to underserved communities.
• Enhanced Diagnosis: AI is widely utilized in achieving more efficient and error-reduced diagnoses. Leveraging AI algorithms, medical practitioners can leverage comprehensive data analysis to obtain accurate insights and improve diagnostic precision.
• Early Cancer Detection: AI enables medical practitioners to detect cancer at earlier stages. Through the analysis of medical images and patient data, AI-powered systems can identify potential cancerous cells or lesions, facilitating early intervention and potentially saving lives.
• Intelligent Data Management: AI assists in effectively managing and mining medical data. By leveraging AI’s capabilities, healthcare providers can extract valuable insights from complex datasets, leading to improved decision-making and personalized patient care.
• Chatbot Support: AI-driven chatbots are becoming increasingly prevalent in the healthcare sector. These virtual assistants can provide real-time support, answer patient queries, offer basic medical advice, and even schedule appointments, improving patient engagement and accessibility to healthcare services.

IoMT Expansion

The emergence of the Internet of Medical Things (IoMT) has sparked considerable interest and will continue to do so. As a leading technology trends in healthcare, IoMT represents a groundbreaking leap in digital healthcare trends, demanding the attention of all industry stakeholders. Its potential is nothing short of transformative.

IoMT enables the seamless collection and transmission of vital health data from wearable devices like Smartwatches and pulsometers. These devices monitor various body vitals, such as heart rate, body temperature, and blood pressure, providing valuable insights for diagnosis and treatment. This data can be shared with healthcare providers, allowing for remote monitoring and proactive healthcare management.

The adoption of IoMT is transforming how individuals proactively manage their health. Studies have shown that a significant number of people, including Australians, utilize smartphones and other tech solutions to monitor conditions like diabetes and hypertension. Empowered by technology, individuals are taking control of their well-being.

Businesses looking for growth opportunities can gain a competitive edge by partnering with reputable IoT application development services. They can help develop IoMT-based solutions, staying ahead of the competition and capitalizing on the latest healthcare technology trends.

AR and VR for Education and Diagnosis

Virtual reality (VR), augmented reality (AR), and mixed reality (MR) are transforming healthcare by enhancing medical education, decision-making, and product development.

Virtual reality in healthcare allows medical students to practice skills in virtual environments, simulating real-life situations. Augmented reality in healthcare provides additional information or virtual objects overlaid onto the real world, offering hands-free access to data during patient care. MR combines virtual and real-life objects, creating digital twins for testing medical devices and materials, accelerating the prototyping process and reducing costs. It also enables remote surgeries and operations with remotely managed equipment.

These technologies improve efficiency, accuracy, and cost-effectiveness in healthcare, empowering medical professionals with immersive experiences and advanced tools. The integration of VR, AR, and MR in healthcare holds great potential for medical education, patient care, and product development, ultimately benefiting both healthcare providers and patients.

Nanomedicine

Nanotechnology, although still seeming like something out of science fiction, is gradually becoming a part of our daily lives. In late 2021, groundbreaking news made headlines as scientists unveiled the creation of tiny self-replicating organic robots called Xenobots. As we enter 2024, the field of nanomedicine holds the promise of revolutionary breakthroughs.

Nanomedicine harnesses the power of nanoscale materials and objects, such as biocompatible nanoparticles, nanoelectronic devices, and nanorobots, to perform specific medical tasks and interventions in living organisms. This includes precise diagnostics and targeted treatments.

For instance, nanorobots could serve as cancer cells or virus hunters, deployed by injecting a group of them into a patient’s bloodstream. These technology trends in healthcare show great potential in combating genetic, oncologic, and autoimmune diseases at a cellular level, offering new possibilities for treating conditions like tumors, arthritis, and more.

Robotic Support

Robots have already been part of the healthcare industry. They have been involved in certain areas where human efforts go in vain. With all the emerging healthcare technology trends, you will always find an upgraded and advanced version of robotics in healthcare technology standing each year in the market. Robots are the future of the medical industry.

It helps by giving additional time to medical personnel other than their routine tasks which eventually takes away most of their time in the hospitals. This also helps in making medical procedures safer and less costly for patients. Robots are well programmed to perform small surgeries accurately in tiny places and transport dangerous substances needed in the patient’s body without any fuss.

Blockchain for Secure Health Data Exchange

Igniting a digital revolution in healthcare, blockchain technology is rewriting the rules of secure health data exchange. With its decentralized and transparent nature, blockchain is reshaping how patient information is shared among healthcare providers, championing interoperability, and fortifying data privacy.

Imagine a futuristic ecosystem where patient records are encrypted, then stored in blocks linked together like an unbreakable chain. This distributed ledger approach ensures that health data remains confidential, impervious to tampering or unauthorized access.

By harnessing blockchain in healthcare, providers can seamlessly access patient information, eliminating tedious administrative tasks and potential errors. Meanwhile, patients regain control over their own data, granting permissions and tracking its usage, instilling a newfound sense of empowerment and trust.

One notable example is MedRec, a trailblazing blockchain system crafted by innovative researchers. MedRec empowers patients to securely manage their medical records while enabling healthcare professionals to access pertinent information efficiently.

Through blockchain’s transformative influence, healthcare digital transformation leaps forward, unlocking a future where data flows seamlessly, privacy prevails, and patient-centric care thrives.

mHealth Apps for Remote Monitoring

Mobile health (mHealth) apps are revolutionizing healthcare by bringing medical monitoring and management right to the palm of your hand. These apps empower patients to take charge of their health conditions, track vital signs, stay on top of medication schedules, and connect with healthcare providers from the comfort of their own homes.

Imagine having a comprehensive health companion in your pocket, providing real-time insights and personalized guidance. With these mHealth apps, you can easily monitor your blood pressure, heart rate, blood sugar levels, and other vital signs using compatible devices or sensors. These apps can also send timely medication reminders, helping you stay on track with your treatment plan.

The true power of these Healthcare software trends facilitate remote communication with healthcare providers. Through secure messaging or video consultations, you can conveniently reach out to your doctor or nurse, discuss symptoms, share progress updates, and receive expert guidance—all without the need for unnecessary hospital visits.

Whether you have a chronic condition, are recovering from surgery, or simply want to stay proactive about your well-being, mHealth apps put healthcare at your fingertips. As a healthcare industry professional, you may be seeking innovative solutions but might not be aware of how to develop them. In such cases, partnering with a leading healthcare software development company can provide the expertise you need to develop a customized solution that meets your specific requirements.

Wearable Devices

Imagine having a sleek and advanced device on your wrist, like a stylish companion that helps you stay healthy. This extraordinary device diligently keeps track of your heart rate, sleep patterns, and physical activities, gathering valuable information about your well-being.

But the significance of these devices goes beyond personal benefits. They are transforming healthcare as we know it. By using the real-time health data they provide, doctors and healthcare professionals gain deep insights into your condition. With this knowledge, they can offer personalized care and tailored treatments to improve your overall health outcomes.

These wearable devices are revolutionizing the way we monitor our health and interact with healthcare providers. They empower us to take charge of our well-being and provide valuable information that enhances the quality of care we receive. Use the future of health monitoring and unlock a new level of self-awareness and wellness with wearable technology in healthcare.

Voice-Enabled Assistants

Voice-enabled assistants like Amazon’s Alexa and Google Assistant are transforming the healthcare landscape, by providing hands-free interaction and revolutionizing everyday tasks. These smart assistants are being seamlessly integrated into healthcare systems, allowing patients and healthcare providers to interact with technology in a more natural and efficient way.

Imagine a scenario where a patient can simply ask their voice assistant to schedule an appointment with their doctor, inquire about their medication instructions, or access their medical records. With a simple voice command, they can receive personalized health information, reminders for taking medication, or even engage in telehealth consultations.

For example, Mayo Clinic, a renowned healthcare institution, has integrated its services with Amazon’s Alexa. Patients can ask Alexa about common symptoms, and medication information, and receive guidance on self-care for minor ailments. This innovative use of voice technology enhances patient convenience, accessibility, and engagement.

So leveraging voice-enabled assistants, healthcare providers can streamline administrative tasks, improve patient satisfaction, and deliver more personalized care. This technology is shaping a future where healthcare interactions are effortless, empowering patients to take control of their health with just their voice.

Implants and 3D Bioprinting

The road to fully harnessing the potential of smart implants and 3D bioprinting is undoubtedly long, but in 2024, these groundbreaking technologies are already paving the way for better patient outcomes and enhanced quality of care.

Smart implants, miniature computerized devices implanted within the body, monitor health conditions and have the potential to restore certain functionalities for individuals with paralysis or blindness. For instance, scientists recently achieved a remarkable feat by implanting a microelectrode array into the visual cortex of a blind individual, enabling her to perceive shapes and letters—an incredible breakthrough.

On the other hand, 3D bioprinting utilizes advanced printing techniques and bioink to create living tissue and organs. This innovative approach revolutionizes regenerative medicine, allowing the printing of bones, cartilage, and even complete organs like hearts and livers.

Digital Therapeutics

Digital therapeutics is an emerging technology trend in the healthcare industry that holds great promise for transforming patient care and disease management. Digital therapeutics refers to evidence-based interventions delivered through software or digital platforms, often in the form of mobile applications, to prevent, manage, or treat medical conditions.

These digital interventions are designed to complement traditional medical treatments and therapies, providing patients with personalized and interactive tools to improve their health outcomes. They can address a wide range of conditions, including chronic diseases, mental health disorders, and lifestyle-related issues.

Digital therapeutics typically leverage a combination of data analytics, behavioral science, and user-centric design to deliver targeted interventions. They may incorporate elements such as cognitive behavioral therapy, medication adherence support, lifestyle tracking, remote monitoring, and personalized coaching.

The benefits of digital therapeutics include increased accessibility, convenience, scalability, and cost-effectiveness compared to traditional interventions. They empower patients to take an active role in managing their health and provide healthcare providers with valuable insights and data for more personalized and informed decision-making.

Cloud-based Applications

Registration through papers and maintaining patient records has become a past story. Today, hospitals and all doctors are storing and managing the patient records over the cloud. This allows them to relate to medical data and test records 27/7 and access it as per their convenience.

Since it’s all about the data nowadays, the cloud computing technology has revolutionized the way data is stored. The cloud technology has increased the information accessibility for both the patients and doctor alike thus streamlining the process. This has benefited the patients in a way that they can now avail their test results on the cloud without going through lines and pain of waiting in line.

Revolutionize Healthcare With Our Cutting-edge App Development Services!

Technological advances in the healthcare industry have already given a glimpse of the latest and upcoming field of healthcare digital transformation. The transformation seems to be beneficial for both patients and hospitals. It’s the introduction of mutual benefit that promotes growth and harmony amongst both the parties.

It is believed that if the digital transformation in healthcare takes full force over the medical industry, then the patients could drive their health on their own and seek physicians help from the comfort of their home. Also, the digitization will lead them to a better road that allows full access to quality doctors in no time and healthcare facilities at a very affordable cost easily without any pain.

Whether you’re interested in developing a custom healthcare app or exploring machine learning development, Finoit Technologies is your trusted partner. With years of industry experience, we have successfully delivered high-quality mobile application development services to numerous organizations.

Our team specializes in healthcare app development, leveraging our expertise to enhance the patient experience and automate tedious processes. We prioritize accuracy, data privacy, and security in all our healthcare applications, conducting extensive research, development, and testing to meet the highest standards.

Book a consultation with us today info@finoit.com so that we can help you to develop a healthcare app tailored to your unique needs. Together, we can navigate future industry trends and revolutionize the healthcare landscape. Join us on this transformative journey. Contact Finoit Technologies now!

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Leadership believes and understands that good is now not good enough and the era demands more than usual. Take any sector and the answer comes clear. Winning and losing is happening faster than ever. To thrive in the industry, to cope with the technological changes, how far have we come! Everything is tried, and tested but is there anything still left to explore?

Having its impact on almost all the industry segments, the paradigm shift in the manufacturing industry is quite adherent. The manufacturing industry is one of the industries which moved rather slowly from an enterprise-wide ecosystem towards digital transformation. It is accelerating digital adoption to optimize, modernize and automate. The driving factors were somewhat like any other industry that to digital transformation. More and more companies are not just selling products but also placing themselves in the market to be future secured.

The manufacturing industry is a broad industry with giant multinationals and smaller manufacturers. The industry is diverse and evolving a breakneck speed. With the collaboration of digital transformation, the industry is recognizing its capabilities and working towards impacting consumer lives making it easier and less painful.
Manufacturing companies are using digital technologies to move from mass production to customized production. The belief is more towards understanding customer pain areas, creating a personalized solution that caters to customer challenges. Every customer is different and has a different need than that of other customers. Digital transformation advances a technological change that wires the disconnection between customers and business. The transformation brings immense opportunities to connect with the audience, penetrate even the niche segment, add to the economy and embrace technologies across the globe

Transformation sounds exciting, but it comes with challenges. Challenges pertaining to ‘change’, ‘behavior’, ‘supply’, ‘communication’, ‘economy’, etc.
Given these challenges, How is an industry ready for digital transformation? What are the inevitable changes that come with digital challenges? What makes your industry digital? The answer eliminates doubt and disseminates light to the solution.

Let’s explore how a manufacturing industry can determine if they are ready for digital transformation. If

1) Brace the advancements: Digital transformation in manufacturing is now synonymous with Industry 4.0 adoption. Fulfilling customer needs require manufacturers to equip themselves with the latest technologies. By combining standard manufacturing and industrial practices with latest technological innovations, Industry 4.0 is opening new doors to productivity enhancements.

The major aspect of moving towards transformation is to look if you are ready with the latest technological advancements. Technology including Advanced Analytics, Machine Learning, the IoT, Cloud Computing and Human-Machine Interfaces builds a strong base to get going with the transformation in the industry.

Having a detailed provision of technologies understanding preaches unknown benefits. The advances are reliable and come with lower cost, allowing them to be used within growing industrial applications. Manufacturers of all sizes can enjoy and sustain the opportunity by embracing the right technology mechanisms, including legacy application modernization strategies, for transforming digitally.

2)Put yourself in your audience’s shoes: You have decided to transform into digital, but what makes it essential to understand here is ‘Your Audience’. You might love transformation, but it could not hold true to your business. The goal here should be to entwine business vision with the choices of customers. It’s important to assess overall opportunity and gain solid understanding.

The customers today do not entertain one product for every need. With the transformation in place, consumers are connected to the industry via social networks, customer interactions, and data analytics. They want their needs to be fulfilled without any hassle and in due time.

Consider the example of auto manufacturing industry. The vehicles are now promoted to customers as per their need. Technology is accommodated with customer needs and whatever expectations are set by customers are being equipped in the vehicles. Talk about color, Wi-Fi, interior, driving experience etc. All are done even on small volumes- All to keep a customer happy.

3)Smart factory calls for a holistic strategy: Building a Smart-factory calls for a process that combines leadership, governance and strategy. Digital transformation starts with a change in technology, business models, and processes.
The power to celebrate digital transformation lies in the minds of intelligent leadership. The leadership looks after several prerequisites that must exist before undertaking digital transformation projects. Various aspects are taken into consideration. A few of these include:

a) Understand organization’s current digital profile
b) Identify factors driving development
c) Identify barriers preventing digitalization
d) Identify capabilities essential to increase digital development
e) Develop a digital capability improvement plan

To bring the transformation in place, the leadership should possess a clear strategy, understand the path for achieving growth, and have the people and technologies in place to support digitalization to embark on an epic journey.

4)Strike the Right Alignment: Manufacturing is changing —digital transformation is taking hold on today’s growth-minded manufacturers. The productivity is increasing due to less distance between the manufacturers and end consumers. However, one must decide if the transformation is evolving as per the business goals or not!

Is the transformation being planned and in process of execution aligned with the business vision and mission? Is it something that could help generate the expected ROI?
The best way to have answers for these questions is by assessing the overall business goals and knowing what objectives to achieve in the short, medium and long-term.

5)Identify the change agents: Going digital has its own benefits in the manufacturing segment. It gives industry end to end transparency, understands consumer needs, brings customized products in the market and follows a drilled down approach to all markets.

However, who are the change agents who would work on the transformation in the industry? It’s your employees. Transformation relies heavily on the employees of the manufacturing industry. Before planning for transformation, there is a vast need for analyzing the assets of the manufacturing industry. It’s the well digitally skilled employees who would be taking care of the entire transformation, including adopting a modern collaboration architecture to facilitate effective teamwork and communication. And not just transformation, but the after-transformation look-out as well.

To bring speed in the transformation, the industry might need to invest in training current employees, forming strategic partnerships with technology providers or hiring new employees with the required skill sets.

Takeaway

Manufacturing industry being a versatile giant holds immense opportunity and scope to explore, and innovate. Be it a small manufacturing industry or a fast forward moving large industry, everyone must have had the thought of going digital – from smart manufacturing capabilities to becoming fully integrated digital corporations.

Once the transformation is completed and implemented in the system, there is no way you can stop the success that leads to the growth of not just organization but also the economy. You can connect with our experts to know how to leverage the digital power for transforming into a new-age business enterprise. Finoit Technologies is a dedicated partner to many businesses across the globe, assisting them by providing quality digital transformation solutions.

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Even a long time ago, back in 2014, an Accenture report predicted the Internet of Things in industrial use will reach $500 billion in 2020. With each passing year, these statistics prove the point as these smart devices are taking over almost every field in the industry.

So, when we talk about predictive maintenance, the IoT serves to manage assets and prevent mistakes by monitoring the equipment and notifying if there is a possibility of a machine malfunctioning. This may sound simple, however, improved operations go over and beyond full automation in terms of machine-machine, machine-human interactions.

What is IoT in Predictive Maintenance?

As previously mentioned, the Internet of Things mostly connected to smart devices. In fact, they are so smart that they can avoid costly interruptions by predicting equipment faults before they occur. Likewise, they improve product quality, prevent downtime, increase reliability and customer satisfaction, and optimize resource management by pinpointing the correct parts needed in real-time.

And how can these gadgets do so many things? Well, these devices have highly advanced built-in sensors which extend the life cycle of industrial assets via the power of prognostic analytics sent from precisely these sensors. Not only does IoT lower maintenance costs, but it also increases safety and productivity at work.

Real-time data sensors provide immediate and accurate analytics, allowing the rapid and meaningful action. Also, this almost unlimited source of information is used to predictively maintain system operations and optimize the entire workflow, from machinery to technicians. Hence, when it comes to profit, the cost savings are truly visible as the use of IoT in predictive maintenance leads to at least 1% better efficiency.

Meaning, with only 1 percent, airlines can generate $2 to $3 billion in savings per year. The list goes on with approximately $5 million annually for utilities, around $7 billion for gas and oil businesses, up to $2 billion in transportation, and about $5 billion in healthcare.

In general, the IoT in predictive maintenance mostly serves for managing assets. Sensors inspect the equipment for potential issues which diminishes the need for traditional methods of regularly scheduled inspections and long hours needed to repair a certain damage. Nonetheless, the IoT is slowly gaining a broader range of uses because some of the organizations are taking a step further, making a revolution in IoT predictive maintenance.

IoT Solutions for Railroad Tracks

To better understand the IoT application, let’s take a look at some successful examples. Starting off, a German company called Konux is already using IoT to support railroad tracks and ensure that they are in correct condition. Equipped with sensors connected to the track’s vibration, each passing train gets monitored to identify potential problems. So, IoT technology cuts costs in terms of railroad maintenance by 25%, while giving the initial advantage to engineers, as well as improving safety on the tracks.

Power Lines & IoT Technology

It is widely known that electric companies have a hard time assessing remote power line areas. Apart from these issues, they also spend millions on maintaining the vegetation and power lines since power outages usually happen when trees grow into power lines. But, there is a way to reduce this costs and maintain power lines with the simple helping help of IoT solutions.

The game changer comes with Beyond Visual Line of Sight (BVLOS) drones, as they can efficiently and in a safer manner to inspect the vegetation. And as far as the costs go, they can reduce expenses up to 4 times. Furthermore, drones can accurately capture a wide scope of data providing precise information that will improve decisions regarding predictive maintenance.

According to a Finnish company, Sharper Shape, which implemented this strategy, these drones capture insightful data on any given location, which provides better analysis and ultimately improves the ongoing solution strategy. The company’s CEO stated that this type of management reduced their costs by 30%, while their management operations drastically improved via daily assessments.

To sum up, smart devices are taking over the globe. And, why wouldn’t they, when multiple benefits ease the process and embrace safety. For the first time in history, we have something that takes care of the industry’s as well as the consumer’s needs. While the costs are reduced, the IoT keeps people safe from harm by reducing the risks of incidents and mechanical errors.

Finoit Technologies is a renowned mobile app development company providing web development services and IOT application development services. We have developed over 450 mobile apps, and have assisted many solopreneurs in their journey of startups by functioning as a tech partner and rolling out their product ideas. For questions/queries, you may write to us at info@finoit.com for any query or requirement.

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