Is Digitisation A Hype?
If you are reading this, chances are you are either up to speed with the concept of digitization or are simply intrigued by the word. Either way, it is hard to ignore digitization because it is happening all around us.
Let us start with the basics — we live in age and time of extreme technological disruption. The pace at which we are driving innovation is rapidly changing the market landscape and business models. The industry fabric is evolving rather quickly.
Entrepreneurs and professionals across industries are looking at creative ways to boost their competitiveness and improve the quality of their services and operational efficiency. Needless to say, digitization has had an impact across industries, and on all professionals.
Benefits of digitization
If we wouldn’t enjoy the benefits of digitization in 2017, then when will we? Digitization is a continuous process. You may not realize the change right now but when you do, you will simply marvel at technology.
Take banking for instance. It is possible to make payments to a beneficiary at any time of the day, including holidays. From early in the morning to late at night, one can undertake financial transactions 24*7 via the desktop website or mobile phone.
Even if the banks are closed, you know your work will get done — all thanks to digitization! Similarly, payments made to a service provider (eg. Airtel, Faasos, AJIO, etc.) through a payment gateway in real-time is another prime example.
Contract bookings, their awards, and settlements — irrespective of their magnitude — are digitized now. The process of transferring social benefits to the community of rural poor in the country is digitized now and excludes pilferage and any additional costs.
Major ways in which the world’s getting digitized
As you can see — digitization has added a factor of comfort to the lives of people. It connects people, processes data and strengthens operational efficiencies among other things to transform industries into something better. Here are three major ways the world’s getting digitized:
As discussed previously, mobile banking, net banking and now video banking are the major ways of digitization. App-based payments through a payment gateway or BHIM are the other revolutionary ways. The eCommerce sector is booming because of the sole reason that one can shop from anywhere, at any time, with just a few tabs on the screen! As per the data of a leading bank 73% business transaction has shifted to digitization. All this has happened in a span of just 3 years! Isn’t amazing?
In the travel industry, a major part of bookings is done online. Be it hotel or travel across the globes. It has given choices to both the parties across the globe, reduced prices, given better control on inventories adding value to both sides. Travel is a delight now.
End-to-end solutions from tenders floating to payments made, including quality control, is being done on digitized platforms. A very effective tool of decision-making and curbing corruption. Direct Benefit Transfer of Govt Subsidies to almost 1/3rd of the population is possible only through digitization. Imagine the pilferages it saved for the govt and for the poor beneficiaries.
The entertainment industry, on the other hand, is also highly digitized. It has changed the way content is perceived and consumed. Big media houses are now exploring different avenues to cast a net at a wider target market.
5) Hospitality and Management
From booking a hotel room, check-in and check-out even payment for the parking space they will “eventually” use — all on their mobile phones! This is the power of digitization and the hospitality industry has greatly benefitted from it.
Areas where digitization is less relevant.
There are hardly any industries or sectors where digitization has not spread its wings to bring about a positive change. However, as always, there are certain exceptions here. For instance, areas of research and medicine still require a deeper dip.
Technology can’t enter the picture here without a human intervention. But such sectors can’t entirely remain unexplored. Data dissemination gives better results through digitization as compared to the physical method. And we all know research cannot afford an error.
Digitization — hype or absolute need?
I would say it is an “absolute need”. Because there is hardly any sphere of life which hasn’t been impacted by digitization. The faster we embrace it, the better we will move on ahead with the times. What are your thoughts?