In a recent study published by Fujitsu, most financial companies think about increasing their technology budget. The crisis caused by the effects of the coronavirus is accelerating the plans to adopt technologies for Digital Transformation.
Let us remember, for example, the statements by Microsoft, which indicated that in just two months, we had seen the Digital Transformation of two years.
All industries are focusing their eyes on specialized areas to improve their competitiveness.
This post will look at how different industries are pivoting and moving forward with their Digital Transformation plans.
Table of Contents
Digital Transformation In The Financial Sector
The banking and insurance sector is not an exception to the Digital Transformation. According to the Fujitsu report, more organizations in the financial industry expect an increase in their ICT budget this year.
The report, called “DX Trends in the financial services industry”, indicates that 85% of managers in the sector confirm that Digital Transformation initiatives are increasing their income.
The factors driving growth are new technologies and technological changes (70.4%) and investment in research and development (54.6%).
Additionally, increased spending on cybersecurity is the most common (64.1%), followed by communications and networks (62.5%), workplace innovation (61.1%) and innovation initiatives. Sustainability (59.4%).
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The results of the Fujitsu report also show a wide adoption of Artificial Intelligence (AI) technologies in the financial sector.
Survey participants indicated that the most excellent use of AI is in anti-money laundering (81.8%), followed closely by real-time automated trading (80.1%).
The data also shows that 79% of respondents use. AI in e-learning, 78.4% for automated credit decisions, and 77.6% for product design and development.
Nearly 60% of financial sector entities report other. AI-related activities, such as recommending solutions based on customer profiles (62.6%), enabling intelligent financial services (60.4%) and AI-powered chatbots (56.7%).
Additionally, to achieve their goals of increasing efficiency. Reducing risk, and improving customer experience (CX), companies in the financial sector continue to invest in AI, automation, and IoT-based systems and applications.
In this way, 74.5% of executives invest in AI for customer service automation. 74.2% support compliance efforts, the same percentage for fraud detection, and 73.6% for authentication processes.
Digital Transformation In The Public Sector.
The public sector is probably the one that has had to move the fastest on its journey to Digital Transformation since the onset of the coronavirus crisis.
In the webinar that Jesús Cardeñosa (CEO and Founder of DAIL Software) participated in. “Technologies that help change the world: Artificial Intelligence”.
Daniel Hidalgo, Head of Applied Intelligence for Health & Public Service from Accenture, also spoke and presented some successful examples of how AI improved Digital Transformation processes in the public sector.
One of the experiences shown at the event was in the management of Temporary Employment Regulation Files (ERTEs). Hidalgo indicated that “[…] in the case of the Community of Madrid. They had to go from dealing with a few requests to 30,000 in a week. This shows that Artificial Intelligence is applied to a limited and specific field. Helps offer a better response to society […].”
Closely related to the applications of Natural Language Processing, this technology was also applied for the treatment of unstructured language in the Oral Hearings and the Electronic Judicial Record for the support of the Magistrate. More than 1,200 documents were processed on this occasion. And an 85% success rate was achieved in identifying entities.
Artificial Intelligence was also used in the health sector. Hidalgo spoke of clinical research. Explaining that they are working on a data platform that provides an efficient ecosystem for researchers.” In this way, with traceability of the information, with the security of the information, with the consent of the patients help to exploit the information in the advancement of the investigations […] “.
Digital Transformation In The Educational Sector
Last year, the education sector had to quickly adapt to modify its structure and move from face-to-face to virtual teaching.
Educational centres have had to reposition their model to become modern. Innovative and digital institutions.
The pandemic was the trigger that accelerated the speed of adoption of these technologies since greater agility and open-mindedness are currently required if future opportunities are not to be lost.
In the specific case of higher education. The application of new technologies has caused a real revolution. To begin with, it has made the skills, abilities and skills related to the digital environment essential when it comes to accessing the labour market with guarantees.
COVID has changed the way teachers teach and the content of the subjects themselves.
But, it has also relocated training and favoured new agents’ appearance in the sector. In this way, we see new teaching models that threaten to end traditional universities and business schools’ structures.
Digital Transformation In SMEs
As concluded by the “2nd Digital Finance Barometer” prepared by Datisa. Small and medium-sized companies are aware of the importance of paying attention to Digital Transformation to improve competitiveness and differentiation.
62.5% of the managers consulted for the barometer indicate that the automation of internal processes is a priority to improve the business’s financial health.
In addition, 37.5% highlight the implementation of technological tools as an essential aspect of the company’s financial improvement.
However, one of the aspects that SMEs highlight is that the financial department does not always have a position following the strategic importance they have in the company. In this sense, 75% of those consulted consider that profitability is the main current challenge for companies.
Faced with these barriers, what seems to be accepted by the SME ecosystem is that the business must be adapted to the VUCA scenario and that. To do so with guarantees, all areas must adapt to the digital reality, which requires the implementation of new processes that be much more efficient.
Conclusions
Gartner estimates that enterprise software will see an 8.8% uptick in 2021 as remote work environments expand and improve. By 2024. Companies are project to be force to accelerate Digital Transformation plans to compete in a new post-COVID context.
In Red Hat’s “2021 Global Tech Outlook” report. It is note that 84% of respondents are actively pursuing initiatives related to Digital Transformation. In addition, this report indicates that half of the companies are considering using and adopting Artificial Intelligence in 2021.
Therefore, regardless of size. All company leaders must consider current technologies and trends in Digital Transformation to define and consolidate their business strategy.
However you are interest in discovering the degree of maturity of your organization and knowing the starting point to start your company’s Digital Transformation. Learn how you can automate processes with Artificial Intelligence and Natural Language Processing. We invite you to contact DAIL Software and receive an appropriate diagnosis.