The Digitization of Business and the Industry: Opportunities, Challenges and the Technology Behind

  • Spyridon Adam
  • Loukas Pol. MichalisEmail author
  • Spiros Panetsos
Conference paper
Part of the Springer Proceedings in Business and Economics book series (SPBE)


We go through automated passport checking, at airports and use automatic cashiers at supermarkets. Google and Tesla are road testing their autonomous vehicles and in a while we will do our online banking not through forms or graphical interfaces, but through chatbots with which we will be able to speak in our natural language, as we do with a human operator over the phone or the bank’s counter. These changes are merely the beginning of the deep changes that digitization and AI will bring to businesses and the industry, transforming them to an extent that to a special report by the Economist, will amount to the third industrial revolution. In this paper, we set out to discuss how digitization and AI will transform business and the industry, the key technology and ideas—deep learning, Internet of Things, Graphics Processing Units that will underlie this transformation and how this transformation will enhance productivity and innovation.



The authors Spyridon Adam, Loukas Michalis and Spiros Panetsos acknowledge the financial support, for the dissemination of this work, from the Special Account for the Research in ASPETE, through the funding program “Strengthening ASPETE’s research”.


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Copyright information

© Springer Nature Switzerland AG 2018

Authors and Affiliations

  • Spyridon Adam
    • 1
  • Loukas Pol. Michalis
    • 1
    Email author
  • Spiros Panetsos
    • 1
  1. 1.Department of Electrical and Electronics Engineering EducatorsSchool of Pedagogical and Technological Education (ASPETE)Neo Heraklion 14121Greece

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