Digital Transformation Drives Growth in Key UK Industries: Part 1 of 2

In our fast-paced economy, technology is constantly evolving and creating new opportunities for companies to grow and thrive. The COVID-19 pandemic accelerated this trend, as many industries and businesses were forced to rapidly adopt new technologies in order to stay afloat. The desire for industries to engage in digital transformations in order to remain competitive only continues to grow.

Why is digital transformation important? By integrating technology into all areas of operations, industries can improve efficiency, reduce costs and provide a better experience for customers, employees, partners and suppliers.

According to a survey by Dell, 80% of organisations fast-tracked their digital transformation initiatives in 2020. 89% said the pandemic emphasised the need for a more flexible and scalable IT infrastructure.

Boosting growth

As the world continues to recover from COVID-19, digital transformation is becoming a top priority for businesses across all industries of the global and domestic economy.

The integration of technology throughout an organisation can drive employee innovation, provide valuable data insights, promote collaboration and create a more personalised customer experience.

In 2022 and beyond, technology will be a critical component for success in the business world. Companies and industries within all areas of the economy must embrace digital transformation in order to remain competitive and meet the evolving needs of customers.

The significance of digital transformation for sustained growth is becoming increasingly important – it elevates industries to new heights of efficiency and innovation, guiding those that innovate towards a path of maximum potential.

Historical and forecast revenue growth for key industries over the decade through 2028-29 shows the benefits of digital transformation in achieving growth. Embracing new technologies within the ever-changing world will undoubtedly open doors for industries across the economy.

Let's dive into the exciting world of digital transformation! We’ve taken a closer look at some of the main industries undergoing massive technological upheaval and explored the driving forces behind these changes.

Cyber Security Software Development

Cyber security software programmes are designed to detect and prevent unauthorised use of computerised or internet-connected networks. Digital transformations have enhanced cyber security solutions in the provision of protection against online threats, while improving threat detection and response times and streamlining security operations.

There are four key trends driving digital transformation for cyber security software development:

1. Artificial Intelligence (AI) technology:

• Helps identify potential security threats by analysing huge datasets and spotting patterns that could be malicious activity. This improves the speed and accuracy of security systems, reducing the probability of successful cyber-attacks.
• Can be applied in real-time monitoring of network traffic to identify anomalies that may indicate a security breach.
• Is used to develop automatic defence networks (e.g. firewalls, intrusion prevention systems and other security measures). AI-developed defences can be trained to detect and respond to new threats in real time, making it more challenging for hackers to infiltrate a network.
• Is now used by some developers when detecting and stopping fraudulent activities (e.g. phishing attacks, credit card fraud and other financial scams). This is done through data analysis and the recognition of patterns and anomalies that may indicate online espionage.
• Can evaluate the security of a network or system by identifying vulnerabilities and providing recommendations to address them. This enables organisations to proactively address security issues before they can be used by cyber attackers.

2. Identity and Access Management (IAM) systems:

• Can authenticate users and confirm identities before granting them access to sensitive systems, data and applications. This helps block unauthorised access and avoid identity theft.
• Are used to regulate access to systems, data and applications based on the user's position and permissions. This ensures that users can only access the resources they require to perform their job duties, reducing the risk of data breaches and unauthorised access.
• Assist organisations in meeting regulatory standards for data protection and privacy. Key examples of legislation this helps with include the General Data Protection Regulation (GDPR) and the global Payment Card Industry Data Security Standard.
• Are used to provide users with a streamlined sign-in experience, allowing them to access multiple systems and applications with a single set of credentials – this boosts user efficiency and minimises the risk of password-related security incidents.

3. Endpoint security solutions:

• Regularly come equipped with anti-virus and anti-malware software that guards against viruses, malware and other malicious software that can compromise the security of devices.
• May feature firewall protection to block unauthorised access to systems and devices, stop the spread of malware and regulate network traffic.
• May include device and application control capabilities to monitor and regulate the use of specific devices and applications. This prevents unauthorised use of devices and lower the risk of online espionage.
• Provide encryption options to secure sensitive data stored on devices and transmitted over networks.
• Frequently feature threat detection and reaction functions to quickly identify and respond to potential cyber threats.
• Can offer mobile device management features to protect and manage mobile devices (e.g. smartphones and tablets) used for work purposes.

4. Blockchain technology:

• Can be used to establish decentralised identity management systems, which give people more control over their personal information. This makes it harder for cyber criminals to steal personal data and reduces the risk of identity theft.
• Offers a secure and decentralised method of storing data when combined with its distributed ledger technology. Information on a blockchain network is spread across multiple nodes, making it challenging for hackers to alter or steal data.
• Can secure financial transactions by providing an unalterable record of all transactions that can be verified by multiple parties. This reduces the risk of fraud and prevents cyber criminals from stealing financial information.
• Can be employed to create automated compliance management systems, which help businesses meet regulatory requirements. For example, a blockchain-based system can be used to store information about data privacy regulations and automatically enforce compliance with them.
• Can be used to develop a shared database of information about cyber threats, which can be shared among organisations, helping them to quickly identify and respond to new threats and enhance overall efficiency cyber protection.

Biotechnology

Biotechnology uses scientific principles to create technological applications that use biological systems, living organisms or their derivatives to make or modify products or processes. Research and development is critical in biotechnology and the industry is undergoing a huge digital transformation, driven by advancements in technology and surging demand for more efficient and cost-effective solutions.

There are four key trends driving digital transformation for biotechnology:

1. Artificial Intelligence (AI):

• Algorithms are being used to analyse large amounts of genetic, chemical and biological data to discover new drugs and develop more effective treatments. For example, AI is used to identify new targets for drugs and to predict the efficacy of a drug before it is tested in clinical trials.
• Is being used to personalise treatment plans based on a patient's individual genetics, lifestyle and medical history. AI can analyse this data to create a customised treatment plan for each patient, taking into account their specific needs and goals.
• Is employed when analysing patient data to forecast outcomes and identify areas for improvement. For instance, AI algorithms assess electronic health records to identify patients at high risk of readmission, allowing healthcare professionals to take proactive measures to prevent hospitalisation.

2. Pharmacogenomics:

• Is the study of how a person's genetic makeup affects their response to drugs.
• Is being used to personalise the delivery of healthcare through modifying treatments to each person’s unique genetic profile. This allows for more effective and efficient treatment, as the right drug can be selected and the appropriate dose determined for each patient.
• Testing can help predict the manner in which a patient will respond to a particular drug, improving treatment decisions. For example, it can reveal genetic variations that may cause a patient to metabolise a drug too quickly or too slowly, leading to either ineffective treatment or a greater risk of side effects.
• Is being integrated into electronic health records, assisting healthcare professionals with quick and easy access to important pharmacogenomic information.
• Is being used in drug development to help identify which patients will benefit most from a particular drug and optimise dosing.

3. Clustered Regularly Interspaced Short Palindromic Repeats (CRISPR) and gene editing:

• Is rapidly transforming biotechnology as these technologies allow scientists to precisely modify genes and genomes, leading to new discoveries and treatments for various diseases.
• Is being used by researchers to develop new drugs that target specific genes responsible for diseases. This means it has the potential to revolutionise the treatment of genetic disorders, cancer and other diseases moving forward.
• Allows for the editing the genes of laboratory animals. Scientists can use this to create models of human diseases that can be used to study the underlying mechanisms and test new treatments.
• Is being used to treat genetic diseases by repairing or replacing the mutated genes responsible for a disease. This type of therapy holds enormous potential for the treatment of conditions like cystic fibrosis and sickle cell anaemia.
• Is now used in agriculture to produce crops with improved yields, greater resistance to pests and diseases and enhanced nutritional value.

4. Stem cells:

• Have been a major area of research within biotechnology due to the potential to revolutionise medical treatments and therapies.
• Can be used to regenerate damaged or diseased tissues and organs. Scientists are exploring the use of stem cells as a therapeutic approach to treat a variety of conditions, including heart disease, diabetes and spinal cord injury.
• Are being employed to develop new drugs and test the safety and efficacy of existing drugs. This is because stem cells can be used to create functional human tissues that can be used to test the toxicity of drugs and evaluate their effectiveness.
• Are being used to study the causes and progression of various diseases. Researchers employ stem cells to create disease models, which can be used to study the effects of various drugs and therapies on the disease.
• Can help create customised treatments for individuals based on their unique genetic makeup. For example, a patient's own stem cells can be used to create new tissues that are an exact match for their body, reducing the risk of rejection and improving the chances of success.
• Can be genetically modified to correct genetic defects or introduce new traits. This can be used to treat diseases caused by genetic mutations or to develop new treatments for diseases that aren’t well understood.