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Digitalization Wave in the Chinese Economy

One of the most powerful countries in the world, the Chinese economy is set to witness growth opportunities despite of the economic downturn. China has the most dynamic market landscape driven by technIR_Brochureology, digitalization, and extensive government support. The manufacturers in the Chinese economy are adopting digitalization to revamp their production processes and manufacturing systems. As a result, China is striving to build their infrastructural capabilities by investing in digital assets that strengthen digital work skills to achieve the overall digitalization objective. What’s driving this trend in the Chinese economy, you ask? Here’s what. The tech-savvy population, extensive government support, and strategies specific to the Chinese economy are all driving the digitalization wave.

Extensive Government Support Drives Digitalization

The government in China is directing their efforts towards creating and developing policies that encourage the market players to adapt to the on-going digitalization activities. As part of the digital transformation, the market players have adopted smart manufacturing and other technology-driven initiatives. The goal of the Chinese government is to build and expand their manufacturing ability over the next decade by prioritizing certain tasks. With the Made in China 2025 initiative, some of the core areas of focus that will help drive digitalization in the Chinese economy are as follows: integrating existing processes with technology, boosting local Chinese brands, driving innovation in manufacturing, and adopting green manufacturing techniques.

Tech-Savvy Population and The Chinese Economy

Besides extensive government support, the Chinese economy is also benefitting as a result of the highly tech-savvy population who have effortlessly adapted themselves to the digital devices and platforms. This has boosted the entire industrial ecosystem in China including industries such as retail, manufacturing, and telecommunications. With such amazing camaraderie between the citizens and their mobile devices, connected devices, and digital platforms that are used for various functions such as mobile payments, doing bank transactions, and utility bill payments among several others; thereby creating and developing opportunities to enhance the digital economy in China market.

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Telecommunication Systems

Digitalization of Telecommunication Systems – A Game Changer

The telecommunication industry is struggling to keep up with the dynamic market environment and growing technological advancements. In their quest to adopt digitalization, the companies in the telecommunication industry have started taking small steps by undertaking infrastructural developments and integrating technology into their telecommunication systems.

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The digitalization of telecommunication systems has coerced telecommunication companies to pursue apps and services to develop new revenue streams. Several telecommunication companies have directed their efforts towards developing 5G by scheduling regular trials. By embracing digitalization, the service providers in the telecommunication industry can offer faster data, better performance, and several other high-level features.

Telecommunication Industry Embraces Digitalization

With the mass adoption of connected devices and applications by various stakeholders such as consumers, businesses, and governments, digitalization has had a transformational impact on the operational and strategic decisions of the telecommunication systems.

Transforming to a digital economy helps the service providers in the telecommunication industry to monetize their investments, boost capabilities, improve their product offerings, enhance customer experience, and develop new competitive business models. Globally, the service providers’ revenues have been stagnant in spite of the sudden surge in the operational costs, thanks to the freeloading market players who make it more difficult.

Digitalization – Is It Good?

In the telecommunication industry, those service providers who have adopted the digital economy are faring better compared to those who haven’t. But before diving headfirst into the digitalization wave, telecommunication systems must take a focused approach by leveraging market intelligence solutions to gain industry insights and develop digital friendly product portfolios.

It may sound difficult, but the service providers in the telecommunication industry cannot just stand pat and let the market unfold on its own. The telecommunication systems and companies must evolve and transform themselves to maintain their profit margins, retain their market share, and expand their share of wallet in a digital economy.

Telecommunication Systems – What’s Stopping You?

The service providers in the telecommunication industry have realized the benefits of adapting to the digital economy – higher revenue, reduced costs, and enhanced customer satisfaction. But still, what is it that complicates the adoption of the digital economy, you ask? Here’s what. For decades now, telecommunication systems have thrived on legacy business systems and traditional product offerings, making it difficult for companies to adopt digitalization in its entirety.

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market segmentation

Pharma Companies Embrace Digital- Staying Competitive with Technology

At a time when healthcare is being drastically transformed through digital health technologies, pharma companies cannot afford to stay aloof from the digital revolution. With enormous investments in digital health, several major pharmaceutical companies are revamping their strategies to stay relevant in the competition. The three key premises which have emerged with all these developments are:

  1. Reinventing pharma companies as solution companies
  2. Better connection with consumers
  3. Harnessing of technology to its advantage

Pharma Companies: More than just asset companies

Traditionally pharma companies were more of an asset based company. But as technology giants and healthcare start-ups have ventured into the pharmacy, there is a pressing need for pharma companies to reimagine themselves as more than being just a products-and-pills company. It is in this context that imbibing the ethos of technology becomes more important.

One of the best example of how pharma companies can evolve as solutions companies is Google’s partnership with Novartis to combat diabetes. This venture is employing technology to upload glucose and insulin levels of the patients to the cloud in real time, to improve the overall quality of diabetic care.

Connecting with end-consumers

From being mere end-receivers of medicines, patients have now evolved into having greater control over their health and therapeutics. This makes it critical for pharma companies to accept this change in the equilibrium and connect with the consumers in an efficient manner. This can be done by understanding the patient behavior through patient-physician interactions, online communities, engagement in active dialogues, and adoption of quantitative methods to measure and analyze the data.


Infinity_insightsHarnessing Technology

It is high time that pharma companies move away from their conservative cultures and perceived image on IT and embrace it as a vital tool for its growth. Also, the mindset of shying away from risk taking needs to be shunned. Rather, companies need to take calculated risks and engage technology to their advantage

Digitalization is a reality. Moving ahead without taking it into consideration is sure to bring severe implications. Therefore, the need of the hour is to switch to appropriate technological solutions for focused strategy building.

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