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Industry 4.0 – A Key Game Changer for Indian Manufacturing Sector

Industry 4.0, a new industrial revolution, is set to change the world of manufacturing as we know it. It is an initiative of the German government and has been gaining momentum in India as well.

The Indian manufacturing sector hasn’t had much of an opportunity to use Industry 4.0 technologies due to the absence of technology that would enable this transformation – until now!

The manufacturing sector in India is projected to grow by 10% annually, which will increase its share of GDP from 16% in 2017 to 25% by 2030. This growth will be driven by Industry 4.0 technologies, which are being adopted at an unprecedented pace in India.

The digital supply chain has evolved and enabled companies in India to make the best use of Industry 4.0 with technology such as IoT devices, cloud platforms, AI assistants, 3D printing, and robotics.

With Industry 4.0 technologies, industries can be more efficient and productive than ever before. They can connect their machines with other machines and share data to get real-time feedback on how the production process is going on.

Digitization of Manufacturing

COVID-19 has demonstrated the importance of moving to digitally-enabled smart manufacturing and flexible supply chain models. Diverse sourcing and digitalization will be critical to guaranteeing long-term recovery and developing more robust, creative supply chains.

Given the present pandemic scenario, India may benefit from the fact that companies all over the world are seeking a new source of supplies. AI, data analytics, and IoT can all assist in improving and speeding up the process in this area. Manufacturers can now manage quality control and automated production processes while also keeping track of the newest trends in order to reinvent manufacturing methods in response to client demand using real-time data.

Manufacturers may also use this technology to guarantee that safety and environmental regulations are fulfilled, which will improve employee health and morale. As a result, firms may simultaneously scale up production, simplify processes, and increase productivity to fulfill client expectations.

Initiatives by the government

Industry 4.0 is also being propelled by government efforts and investments to promote the notion of smart manufacturing. In India, the government established SAMARTH-Udyog Bharat 4.0 to help firms understand Industry 4.0 and actively push the construction of a smart industrial environment. According to the Indian government, just around 10% of manufacturers now have an Industry 4.0 strategy.

Industry 4.0, in which everything is connected, and every data point is examined, is certainly going forward in India’s industrial industry. In fields like medicines and textiles, Indian enterprises are at the forefront of R&D and have already established themselves as worldwide leaders. Automation and robots are also getting the attention they deserve from the industry.

Conclusion

Industry 4.0 has already changed the way we work in factories by increasing efficiency and improving product quality while also providing better customer service to our customers.

With India being one of the most potential markets globally, we must find a way to revive the sector. Industry 4.0 technologies such as IoT and AI prove to be game-changers. With these new technologies, Indian manufacturers will be able to increase their competitiveness and efficiency while improving workers’ job quality and skills.

Industry 4.0 is the fourth industrial revolution, and it is proving to be a game-changer for the Indian manufacturing sector. It has enabled manufacturers to automate their production processes, which has helped them to increase their efficiency and productivity.

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Predictive Analytics: A Key Boon for Manufacturing

Predictive analytics is a powerful tool to help manufacturing companies make better decisions and improve efficiency. It provides a competitive edge for organizations in the manufacturing industry. It can help manufacturers identify new trends and opportunities and address challenges with an efficient solution.

Predictive analytics can forecast demand, manage inventory, and predict maintenance needs to minimize downtime. It is also used for quality control by identifying defective products before shipping. It is an excellent example of how data science can be applied to business problems to increase decision-making effectiveness.

Predictive analytics uses statistical techniques to identify patterns in data and use this information to make predictions. It is a powerful tool that can help manufacturing companies predict demand and make better production decisions. Accordingly, IDC estimates that spending on AI-powered applications, such as predictive analytics, will increase from $40.1 billion in 2019 to $95.5 billion by 2022.

Some advantages of predictive analytics

Predict performance by detecting patterns

Predictive analytics can filter through massive volumes of historical data far faster and more precisely than humans. We can enhance output by 10% without losing first-pass yield by using machine learning technology to recognize recurrent patterns and other connection factors.

AI and machine learning can look for trends and combine them to assist your company in uncovering possible efficiency gains, foresee problems, and cut costs.

Analyze market trends

Another application for PA is forecasting customer demand. Knowing what to expect in the future might help you determine what to do next.

Every business conducts some manual market research. For example, some consumer items are seasonal and sell better at certain times of the year. Demand forecasting may be aided by predictive analytics using statistical algorithms, which isn’t a new concept.

Customers’ future purchase patterns, supplier connections, market availability, and the impact of the global economy are all influenced by a variety of variables. The only way ahead is to manage them all through PA.

Assists with inventory management

Supply chain management—stocking raw supplies, keeping completed goods, and coordinating transportation and distribution networks—is a complex commercial process that necessitates significant training, data from several sources, and excellent decision-making ability.

A computer model based on your data, on the other hand, may help supply chain managers make more confident and precise judgments. For example, such a model may ensure that you are never overstocked, understocked, or overburdened with unsaleable goods, even determining the best positioning of things on your shelves.

Enhance the product’s quality

There are make-or-break steps in every manufacturing process where overall product quality is determined; these are frequently handled by humans who are prone to error. Artificial intelligence (AI) and machine learning are cutting-edge alternatives to this problem. Sensitive manufacturing stages can be delegated to robots that use machine learning to improve with each use. When compared to human-made items, this results in higher product quality.

PepsiCo, for example, has used machine learning systems to improve how it makes one of its famous Lays chips, from estimating potato weight to examining the texture of each chip with a laser system. These have resulted in a 35% increase in product quality.

Conclusion

Predictive analytics is undoubtedly a key boon for manufacturers as it can help them identify new trends and opportunities and address challenges with an efficient solution. It can also help manufacturers understand their customers better and create products that will be successful in the market.

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Revolution of Next-Gen Autonomous Mobile Robots (ARMs)

Autonomous Mobile Robots (AMRs) are the next generation of industrial robots designed to work in a collaborative environment and can be used for different tasks to improve production and manufacturing flexibility.

Manufacturing flexibility improves a firm’s ability to react quickly to customer demands and increase production system productivity without incurring high costs and excessive resources. The emerging technologies in the Industry 4.0 era, such as cloud operations or industrial Artificial Intelligence, allow for new flexible production systems.

Autonomous Mobile Robots can work without human intervention, making them ideal for repetitive jobs such as welding, painting, assembly, and packaging. They can also be used for material handling and sorting, pick-and-place, machine tending, and more. ARMs can increase the efficiency of manufacturers by eliminating human error in repetitive tasks and by providing increased flexibility in how work is done on the production line. These robots can also be used as a mobile solution for companies that need to relocate their factories or warehouses.

In recent years, there has been an increasing demand for autonomous robots, and manufacturers are looking for ways to increase their production without hiring more employees. These next generation of robots will be able to move autonomously without being tethered to a power supply or a fixed location, allowing them to work in more places and for more extended periods.

Applications of Autonomous Mobile Robots

The following are some of the applications of autonomous mobile robots in the industrial industry:

As inventory and components fetch-and-carry workhorses: Workers do not have to waste time going long distances just to transfer parts required for production. Without jeopardizing worker safety, AMRs can execute the task just as well and swiftly.

A suitable alternative for conveyors: Parts must be transferred from one area of the manufacturing floor to another. AMRs can function as mini conveyor belts, allowing for easy transportation without the need for additional supply chain infrastructure.

Acts as a collaborative robot: AMR ensembles may be assigned to repetitive operations like welding and spray painting, which is very useful in hazardous environments. A robotic manufacturing arm mounted on an AMR may be moved around the production line to conduct collaborative jobs.

Inspection of difficult-to-reach parts: Manufacturers can attach inspection kits to AMRs as payloads to record and document equipment in dangerous or difficult-to-reach locations.

The most significant advantage of AMR is that it offers several navigation solutions. An AMR uses a pre-programmed map to navigate and plans its own paths to the destination. It can identify and avoid obstacles as well as maneuver around them. As a result, the AMR robot is more adaptable since it can adjust its direction dynamically and with less effort.

In spite of the perception that the AMR robot is more expensive, in reality, it could be more cost-effective due to its flexibility and ease of setup.

Leveling up with the help of Artificial Intelligence

By using artificial intelligence (AI), AMRs are able to learn from experience, adapt to new inputs, and perform similar tasks to humans. AI will play a key role in the setup and operation of AMRs, simplifying the deployment process and enhancing workflow.

Artificial intelligence combined with strategically positioned cameras that operate as extended robot sensors is helping certain AMRs take their smarts to the next level. Even before they reach a location, AMRs may learn to adjust their behavior using AI. This allows them to avoid high-traffic areas at certain times, such as when supplies are delivered and transported by fork truck regularly or when big groups of workers are present during breaks or shift changes.

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5 Industries that require Advanced Cyber Security Measures

In the modern world, it is impossible to live without being connected. The internet has become an integral part of our lives, and we rely on it for everything from entertainment to shopping. However, there is an increased risk of cyberattacks with the increase in the usage of internet-connected devices.

Therefore, cybersecurity has become an essential topic in the last few years. The risk of cyberattacks is ever-present, and businesses need to be aware of this risk and take necessary measures to prevent it.

Companies and organizations need to consider the consequences of a cyberattack on their business and take steps to minimize the risks. Industrial cybersecurity is a growing field due to the increasing number of attacks on industrial control systems.

Cybersecurity is vital for all industries as they are at risk of cyberattacks. Enterprises need to take measures such as implementing advanced cyber security and having a robust cybersecurity team to protect their data and customers. However, some specific industries need to take extraordinary measures to keep their business from cyberattacks. This article will discuss the top industries that need advanced Cybersecurity measures.

Financial services

Finance is perhaps one of the essential areas where cybersecurity and privacy are critical to success. We need to see organizations take these risks seriously and invest in cybersecurity and identity solutions far into 2022.

Over 150 million Americans’ personal information was exposed due to the Equifax credit leak. Expect more assaults like these in the future, both against financial institutions and big government agencies that handle personal financial data.

Healthcare

Healthcare is one of the areas where hackers may get access to some of the most sensitive information. Various studies have found that sick and elderly persons are more vulnerable to internet scams and crimes. Hackers aim to get access to patient’s personal information to exploit it to control them.

Healthcare data must be safeguarded using the most up-to-date cybersecurity techniques. Data must be kept on secure private servers that are only accessible to a limited number of people.

Government

Government organizations and the military hold a variety of sensitive information, and are thus becoming increasingly vulnerable to cyberattacks. For example, consider organizations that handle and store social security numbers, financial data, addresses, and biometrics such as fingerprints.

These information points are not just susceptible but also attack pathways. Malicious hackers have more opportunities to access current systems or change various details if they have more knowledge.

E-commerce

Over the years, online shopping has grown in popularity, but the COVID-19 pandemic has caused tremendous growth in the 2020s. This is excellent news for businesses since e-commerce can reach a far bigger audience than traditional retailers. However, these businesses need a high level of cybersecurity, as the popularity of online shopping has led to a huge increase in cybercrime, costing $1 trillion in 2020 alone.

Manufacturing

The manufacturing industry is one such industry that is undergoing a lot of technological disruptions. The industry’s processes have been optimized by implementing Industry 4.0 technologies, such as Internet of Things (IoT) sensors, AI robotics, and factory management systems. However, the same technology has increased the vulnerability of manufacturing and warehouse networks to hackers and cyber-attacks.

Conclusion

Cybersecurity is a significant issue for all industries and companies. The risk of cyberattacks is high, and they can be costly to the business in the form of data breaches, ransomware and malware attacks, and more.

Therefore, today cybersecurity has become vital for all businesses–large or small and should always be on your radar, and it doesn’t matter if you’re in the finance industry or the manufacturing industry.

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Top Cyber Security Trends for 2022

Top Cyber Security Trends for 2022

Cyber security is a hot topic in the world today. With the rapid development of technology, cyber security has become more critical, and the cyber Security Market is expected to reach $345.4 billion by 2026. At the same time, it is also one of the most pressing issues of our time. With new technologies and new devices, the stakes are getting higher.

Therefore, cyber security is becoming increasingly important to businesses since a cyber attack can lead to the loss of sensitive data, financial fraud, or disruption of critical systems. On the other hand, social engineering attacks, where psychological manipulation tricks users into making security mistakes or giving away sensitive information, are also on the rise.

However, as we move forward, there will be a shift in how companies are protected against cyber attacks. As artificial intelligence and machine learning tools become more common, companies are able to detect and prevent cyber-attacks with greater ease than they would otherwise be able to.

Here are the top 5 cyber security trends of the year:

Zero Trust Security Models

Using the zero trust model, access to the network is restricted only to those who need it.  Here default access is eliminated, and access is granted to authorized users based on patterns based on identity, time, and device.    Security standards, such as access control procedures and user identity verification, must now be passed to gain access.

Cyber Security as a Service

Cyber Security as a Service (CSaaS) is a new trend in which businesses may outsource their cyber security activities to third-party companies. As businesses move their focus away from traditional IT services and toward cloud-based solutions, the need for managed security services will grow.

This would allow businesses to concentrate on their main business while outsourcing all cybersecurity activities to professionals who can better protect them from cyber threats.

Artificial Intelligence

Artificial intelligence (AI) is being used to detect and prevent threats and detect anomalies and automate responses. The introduction of AI into every market segment has led to extraordinary changes in cybersecurity, due to a combination of AI and machine learning.

In areas such as automated security systems, natural language processing, face detection, and automatic threat detection, artificial intelligence has played a central role. It also opens up new possibilities for predicting threats and vulnerabilities in networks, systems, apps, and other systems, which may help detect the risk and hazards associated in advance.

Cyber Security Training

According to Infosec, 97% of individuals��worldwide have no idea how to spot a phishing email. As a result, human error plays a significant role in many data breaches, demonstrating the ineffectiveness of standard digital security awareness programs. Therefore, organizations are making further efforts to bolster their security as cyber-attacks become more active.

Companies are boosting their efforts in training programs to teach staff how to spot phishing emails and other cyber hazards and prevent them. In many companies, policies are being established to govern employees’ handling of sensitive corporate information.

Cybersecurity mesh

The consolidation of security products has led to the integration of security architecture components. However, there is still a need to define uniform security policies, streamline workflows, and exchange data across consolidated solutions.

By implementing a cybersecurity mesh architecture (CSMA), all assets in data centers and the cloud can be protected by a standard, integrated security posture, and structure.

Conclusion

Cyber attacks will become more sophisticated and targeted. There will be more ransomware attacks, data breaches, and malware. Companies will need to invest in cyber security training for their employees and invest in new technologies to protect themselves from cyber threats.

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Data is a significant factor for retailers post-Covid, as it is not just crucial for the retailers to know the customer better but also to ensure that their IT infrastructures are secure and up-to-date.

However, as retailers struggled to stay afloat after the Covid breach, the retailers with outdated IT infrastructure or those who do not have one were the most vulnerable. This has shown them that they need to become more reliant on their IT infrastructures.

Therefore, in the post-covid era, retailers have become highly dependent on their IT infrastructures. They collect data from point-of-sale devices, customer loyalty cards, and other sources to make inventory, marketing campaigns, and pricing decisions. The retail industry needs to take proactive steps to maintain cybersecurity and manage data; this can be done by having a fully functional cloud management system and an IT infrastructure capable of leveraging data to grow their business.

Here is how data can help retailers move forward in the post-covid era:

Better understanding your customers

Much of a retailer’s most important data is stored in its IT infrastructure, but accessing that data requires the cloud. Now is the moment for merchants to make the switch to the cloud. Cloud management makes jobs and maintenance easier, increases operational uptime, and allows merchants to scale up and down in response to demand. It enables merchants to maximize the value of consumer data in order to develop customer-centric activities. Big data from cloud-managed networks may be mined for granular insights and utilized to improve in-store consumer interaction, generate value-added experiences, and, most critically, meet customer health and safety requirements.

Personalize customer experiences

Once a cloud-based infrastructure is in place, the key is feeding that data into machine learning and artificial intelligence (ML/AI) technologies to develop personalized experiences and forecast future spending trends. Retailers may learn more about their consumers — their behaviors, preferences, and how they interact with the brand – utilizing machine learning and artificial intelligence (ML/AI) both during and after COVID-19. This information may help guarantee that merchants adhere to consumer health and safety procedures throughout their businesses, which is crucial during a pandemic.

Enhance customer retention

Predictive analytics may assist businesses in using customer segmentation to categorize customers based on their interests and preferences once they have targeted their client base at the individual level. Using data analytics solutions, retailers may segment audiences based on demographics, consumer lifestyle, and behavioral aspects. This allows businesses to clearly understand their customer segmentation and how they should advertise items to each category, which is helpful for retailers planning their marketing strategy for a post-COVID retail scenario.

Conclusion

Retailers are faced with a new set of problems post-Covid. The data breaches and the subsequent loss of customer trust have made it difficult for retailers to make decisions in their own best interests.

The data is the most significant factor in decision-making for retailers post-Covid. It not only provides insights into consumer behavior but also helps identify where the company needs to improve as well as what they need to do to stay competitive.

The future of retail lies in cybersecurity and cloud management, which is why it is pertinent for retailers to invest in these areas and leverage the power of data.

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How AI & Big Data Are Transforming Healthcare In The Middle East

The Middle East is one of the fastest-growing regions in the world. With a population of more than 350 million, it has been identified as an emerging market with high potential. The region is also experiencing rapid economic growth and rising living standards. It’s no surprise that this region is expected to be home to some of the world’s most advanced healthcare systems in the near future.

The way healthcare is delivered in the Middle East will change dramatically over the next few decades, largely due to advancements in data analytics and artificial intelligence (AI).

AI and big data analytics empower healthcare providers in the Middle East to make faster, more cost-effective diagnoses. However, s Security worries concerning data privacy are growing in tandem with the increased usage of AI and big data.

This article examines how big data analytics and artificial intelligence (AI) are altering healthcare in this region and the implications for patients and healthcare professionals.

Making a Decision

Improving treatment necessitates the integration of big health data with fast and appropriate decisions. Clinical decision-making and actions can be aided by predictive analytics.

Pattern recognition is another area where AI is gaining traction in healthcare to determine who is at risk for developing a condition or whose condition may worsen due to lifestyle, environmental, genetic, or other factors.

Treatment

With artificial intelligence, clinicians can take a more holistic approach to disease management, better coordinate care plans, and help patients better manage and adhere to long-term treatment programmes. They can also scan health records to identify people with chronic illnesses at risk.

Training

In a manner that simple computer-driven algorithms cannot, AI allows those in training to go through naturalistic simulations. Because of the emergence of natural speech and the ability of an AI machine to draw instantaneously from an extensive database of scenarios, a trainee’s answer to questions, decisions, or suggestions can be challenging in ways that a human cannot. Furthermore, the training programme can learn from the trainee’s initial responses, allowing the challenges to be regularly changed to fit their learning needs.

Genomics

AI has the potential to alter our perceptions of genetics and push the boundaries of genomics study. According to new research, an artificial neural network can recognise and detect patterns in enormous volumes of genetic data, showing groupings and sequences of genes linked to specific diseases.

The complexity of genetic data has made progress in genomics difficult. Practitioners currently expect breakthroughs in genomic research thanks to AI’s ability to categorise and analyse a large amount of data quickly.

Conclusion

Even though life expectancy is higher than ever, there is a severe shortage of healthcare workers to meet the demand. There is also apprehension regarding expense management and control. Healthcare professionals should seek new technology in order to reduce costs and support human carers. Healthcare workers must take advantage of AI and Big Data technology to be ready for challenges.

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Lessons learnt from Dubai’s journey with emerging technologies

Dubai is one of the most technologically advanced cities in the world. It is also a city that has embraced emerging technologies and digitization.

Dubai’s journey with emerging technologies has been nothing short of revolutionary. From embracing digital transformation to building smart cities, Dubai has set an example for the rest of the world to follow.

Dubai is one of the most progressive cities in the world. It is a city where digital technologies have transformed, and it is also a city with an ambitious vision for the future. Dubai’s journey from a traditional, industrial economy to a digital one has not been easy. Still, it is now well on its way to becoming an innovative and knowledge-based economy.

In this section, we will explore some of the lessons learnt from Dubai’s journey with emerging technologies.

Foster innovation

Dubai is a city of innovation and digital transformation. It is one of the most technologically advanced cities in the world. Dubai has been investing heavily in emerging technologies for decades, and it has now become a leading hub for innovation.

Dubai’s journey to becoming a technologically advanced city started with its visionary leaders, who decided to invest in emerging technologies as early as the 1970s. They believed that this would be key to Dubai’s economic development and growth. And they were right!

The Dubai government has invested heavily in emerging technologies such as artificial intelligence, 3D printing, and autonomous vehicles. These investments have helped Dubai create a blueprint for digital transformation, and they are also helping to make Dubai one of the most innovative cities in the world.

Bringing technology and creativity together

Empowerment zones in port cities are popular in nations that encourage foreign direct investment, particularly in technology and industry. Dubai goes even further by establishing “D3,” or the Dubai Design District, in which “design is a destination.” D3 oozes elegance and creativity.

Creating deliberate place-making clusters, such as D3, assures that like-minded people will gather and connect. This will help to keep Dubai’s creativity alive.

Giving importance to upskilling

Adopting cutting-edge technology is pointless if an institution’s employees are not adequately trained to use it. This problem might be solved by upskilling existing employees through training, increasing employee engagement, and adding new tech-savvy personnel.

When implementing a digital transformation plan, changing the way people approach their job at all levels of a business is a crucial element to consider.

Conclusion

Dubai has seen a lot of transformations in the past decade. From being one of the most remote and undeveloped places on earth to becoming one of the world’s most developed, modern, and technologically advanced cities. Digital transformation has profoundly changed Dubai. Dubai has transformed itself through a digital-led strategy that is centered around innovation and entrepreneurship. They have planned to become the world’s most customizable destination by investing heavily in emerging technologies.

The success of Dubai’s digital transformation can be attributed to its well-planned, seamless, and inclusive. And institutions embarking on the digital transformation route should take note of how Dubai has fostered innovation, promoted creativity, and supported its citizens in upskilling themselves, setting an example for the rest of the globe.

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Top 5 Digital Transformation KPIs to Track Your Evolution in 2022

Digital transformation is a continuous process that requires constant monitoring and tracking. Digital transformation is evolving a company’s business and operating models to keep up with new technologies and changing customer expectations.

To fulfill the demands of digitization, a company’s business and operating models must evolve. As a result, many companies embrace digital transformation and employ technology to better every aspect of their operations.

IT leaders will need to demonstrate the results of these changes as the company begins to implement and develop these tech solutions.

The KPIs below will help you measure your progress in the transformation journey.

Customer experience

The most crucial aspect of every business is the client experience. With more consumers opting to do business online, companies need to ensure that their websites are simple to navigate and deliver a positive customer experience.

Tracking user experience as carefully and as frequently as possible will help you determine whether or not your digital transformation is succeeding.

Employee engagement

Employees who are not engaged in their job will not be productive and will eventually leave the organization. To remain competitive in the industry, a firm should ensure that it is doing all possible to keep employees happy and engaged.

If workers aren’t engaged in the ways that businesses want, the technology isn’t powerful enough to drive them to change their work habits. While your software is robust, and you have a well-planned Digital Transformation strategy, all your efforts will be vain without employee engagement.

Digital transformation readiness

The level of readiness of an organization’s workforce to shift into digitized processes facilitated by software and technology is known as digital readiness. Technology transformations are not just about investments in IT assets – they include three factors: culture, processes, and technology.

Before digital transformation occurs, businesses must understand what it entails and how prepared they are.

Innovation culture

Every organization desires an innovative culture in which employees can try new ideas.

Successful digital transformation implementations frequently incorporate technology-supported improvements to company models, product offerings, systems, and procedures to improve customer value, decrease costs, and assure growth.

Although each company’s KPIs are unique, the innovation rate may be a useful leading indicator for evaluating the effectiveness of the R&D cycle and the company’s return on digital initiatives.

Digital Transformation ROI

Calculating the return on investment of digital transformation requires comparing the costs of implementing new technology with its benefits. It’s most commonly used to determine if a company will profit from the latest technological investment. It can be calculated by comparing the net savings, revenue gains, and other benefits to the costs of implementing a digital solution.

Conclusion

Successful digital transformation enables businesses to adjust or react to market developments swiftly.

However, because digital transformation is a continuous process, you must continue to measure to ensure that you stay on course and avoid errors. Your organization’s digital transformation should be focused on the issues that demand the greatest attention. These priorities will aid in determining the technology required for your organization’s growth.

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How digital transformation is creating business opportunities in Egypt

Digital transformation is an evolution that has taken place over the last few decades. It has led to a better and more connected world. Digital transformation in Egypt is not much different from what it is in other countries worldwide.

Digital transformation has become a key topic for many leading companies and governments, as well as in Egypt, where the digital landscape is undergoing a rapid transformation. With a population of more than 102.3 million people, Egypt has one of the fastest-growing economies, with an annual GDP growth rate of about 5.3%. And this is mainly due to increased government spending on infrastructure, which has led to new business opportunities for IT companies.

Egyptian businesses are taking advantage of this digital transformation and creating new opportunities for themselves so that they can now compete with global players in their respective industries.

Developing ICT Infrastructure

Egypt has spent substantially constructing and improving its technological infrastructure and national infostructure since the early 1980s to become a platform facilitator for its development and progress.

Egypt has developed a national strategy to achieve its socio-economic development goals and address several issues, including debt, illiteracy, insufficient infrastructure, and the need for structural transformation. The strategy has been modified multiple times over the years to meet local and global developments, with ICT serving as a constant driver for strategy formulation, development, and implementation.

Accelerating the pace of digital transformation

Egypt has stepped up its efforts in this area in response to the epidemic and its attendant issues. Egypt’s budget plan statistics increased public investment allocations for the information and communication technology (ICT) industry by an unprecedented 300 percent in FY 2021/22 to accelerate digital transformation.

The Federation of Egyptian Chambers of Commerce launched the Digital Future initiative in collaboration with the Ministry of Public Business Sector, Microsoft, and Fiber Misr Systems, intending to assist Egypt’s medium and small-sized enterprises (SMEs) in dealing with the digital transformation amid the crisis.

Over the last few decades, Egypt has made some decent progress in the digitization process.

There is some apparent and relatively advanced digital adoption by people on an individual level.

Adoption via tech-enabled start-ups and through ICT-enabled services is expanding and promising.

Adoption of electronic government services at an early stage.

A small degree of ICT adoption by private sector businesses.

With more widespread ICT infrastructure and connection, as well as increasing ICT usage, the potential impact of digital transformation on Egypt’s economy might be tremendous and game-changing.

Conclusion

Egypt has a unique chance to alter various economic sectors, including financial services, commerce, healthcare, agriculture, and manufacturing, while also providing possibilities for individuals and businesses, as well as influencing equitable development and economic progress.

While digitalization has the potential to transform the economy, it must be accompanied by the necessary technological infrastructure, human capital, and appropriate legal, regulatory, and other enabling environments in order for digital transformation to become a platform for equity rather than division.