The Impact of the Pandemic on Digitalization
Digitalization
is the process of making interactions, communications, business processes, and
business models more digital. This often results in a hybrid of digital and
physical processes, such as omnichannel customer service, integrated marketing,
or smart manufacturing, which combines automated, semi-automated, and manual
processes.
Without
digitization, which is the process of turning information into a digital
representation, digitalization cannot take place. In contrast to analogue data,
which normally degrades slightly with each copy or transmission, digital data
can theoretically be propagated indefinitely with no quality loss. This makes
the digitization process crucial for data processing, storage, and
transmission. This is why, especially in the current climate, it is a preferred
method of information preservation in an organisation.
In addition to
other factors and behaviours, the Covid-19 pandemic epidemic has impacted
consumer preferences and caused a move toward more digital channels for a
variety of activities, including banking, supermarket shopping, business
operations, etc. People of various socioeconomic backgrounds, levels of
literacy, and age groupings have been compelled by the pandemic to at least
attempt the transfer to digital media.
More people began using
internet/web-based banking and mobile banking in place of visiting a bank
branch for various banking activities such as KYC (Know Your Client), making or
cashing fixed deposits, inter-bank fund transfers, filling out forms, etc. due to
the lockdown imposed by the government and the fear of coming into contact with
an infected person.
Here are a few
instances: With the help of a video conversation with a bank executive, a
customer can use Standard Chartered India's video KYC option to have their
identification cards—such as PAN cards and Aadhar cards—verified rather of
bringing in physical copies of them to the bank branch. This has been done to
simplify and remove friction from the account opening procedure for customers.
With the use
of mobile apps from ICICI Bank, Axis Bank, and numerous other financial
institutions, customers can now open an account, access their bank statements,
and complete transactions with just a few clicks from any location at any time.
This is a step forward from online banking, for which most individuals utilise
desktop computers and laptops.
Online
shopping patterns have altered dramatically as a result of the epidemic, with a
higher percentage of internet users now purchasing necessities including fruits,
vegetables, other grocery goods, cosmetics, and medications online.
Nowadays,
nearly everyone owns a smartphone, making it easier than ever to access mobile
applications of companies like Amazon Fresh, Big Basket, Gofers, Pharm Easy,
etc. for essential/daily use products and have them delivered at your doorstep
for a small delivery cost. These programmes also give users the option of
choosing a desired delivery time slot, which prevents consumers from being
bothered by an unexpected doorbell ringing and the inconvenience of having to
leave a virtual conference to accept a delivery.
These
programmes also offer the option of same day/two hour guaranteed delivery,
removing the need for a person to run to the store to purchase an urgently
needed item like a medicine. Since one doesn't need to worry about preparing
correct change, the opportunity to pay for the order online is another step
towards making the procedure as frictionless and hassle-free as feasible.
Working from
home is a significant aspect of the shift towards digitization. To protect
oneself from the coronavirus, practically everyone was obliged to work from
home overnight. The centre of gravity for all educational institutions was
Google Meet and Zoom. Office workers began connecting and collaborating via
Microsoft Teams, increasing email usage, OneDrive, etc.
Even though
people were in two different countries, they began holding meetings and working
on the same file at the same time. Initially, businesses that had the necessary
digital infrastructure and processes to handle the load experienced
inefficiencies, low productivity, and delays, but with time, this method has
gained popularity in most offices. Many businesses are currently working to
develop a hybrid model that combines both physical and virtual work
environments for the post-Covid era.
Traditional/physical
channels have been anticipated to disappear by many people as well. Personally,
I don't think this will happen, and a lot of business professionals do too,
particularly in developing countries like India. remote areas struggle with
infrastructure problems and limited access to reliable internet connections.
Additionally, less educated individuals and members of older generations tend
to be less tech savvy and prefer traditional methods of communication since
they are more able to seek for assistance and find answers to their problems.
Information
security is another significant problem with digitization. No security barrier
will ever be able to completely thwart cybercriminals. Cybercriminals and
hackers inevitably find new ways in, despite the best efforts of payment
gateways and other websites to implement as many security measures as possible.
Customers must
exercise vigilance on their part in addition to security measures like two-factor
authentication, one-time passwords (OTPs), biometrics, etc.
It is possible
to prevent fraud by not sharing OTPs with others, making online payments
incognito window, and deleting browser history before and after the
transaction, creating complex passwords with multiple special characters and
random numbers instead of birthdates, avoiding storing passwords on your phone
or other devices, and periodically checking bank statements to make sure no
fraudulent transactions have taken place.
Even while
being extremely cautious, there is still a potential of making an unintentional
mistake, which is why many people refrain from using contactless channels
unless absolutely required, such as during the Covid-19 outbreak.
Additionally, attention should be paid to the banking and investment sector's contribution to economic growth because more individuals may participate in it because to technology and digitization. Next, the availability of more intelligent services thanks to 5G technology will help the nation's digital economy grow even further.
What is the sample of digitalization in area of technology application
Organizations
can use digital solutions to develop and strengthen their skills thanks to
digital transformation technologies. They give individuals the ability to
improve decisions, develop stronger business ties, and foresee the future when
employed successfully.
Let's look at the sample of digitalization in area of technology application:
1. A key component of the digital transition is mobile technology.
The pace and frequency of contacts between businesses and their customers are increased by mobile devices. Real-time data is accessible through these interactions, which is practically impossible to recreate using any other method. Additionally, they let marketers gather important information to expand their clientele or tap into untapped areas. Over the next five years, the importance of mobile solutions will rise. A mobile-friendly interface is also essential for every company's online presence. This include developing mobile-friendly websites, applications, and online communities for membership-based organizations. company leaders.
2. Internet of Things (IoT)
The Internet of Things (IoT) is a vast network of
interconnected devices that can gather and distribute data automatically. The
technology connects the device sensors to a centralised IoT platform, which
gathers and saves data from the sensors. These are then examined in order to
provide the leaders with useful information.
Additionally, IoT can determine which data should be kept and which should be safely removed. It can be used to spot trends, make recommendations, and anticipate potential problems. IoT can be used alone or in conjunction with other tools to help member-based organizations speed their digital transformation. By presenting cutting-edge solutions to their members, it may increase productivity, cut expenses, and future-proof their enterprises.
3. Robotics
When integrated with AI and IoT, intelligent
robotics can help businesses achieve impressive results. They can improve
productivity tenfold, increase efficiency, and improve user experience. The
usage of gamification technology at virtual events to enhance attendees'
experiences is a fantastic illustration of smart robotics in member-based
organizations.
To keep participants interested, it includes gaming concepts into the virtual meetings, such as challenges, goals, and competitions. As a result, it breaks the ice by fostering conversation and the sharing of solutions to issues among participants.
4. Artificial Intelligence and Machine Learning
Artificial intelligence is the term used to describe a computer's capacity to replicate human thought and behavior. It is present in practically all modern high-end technologies, such as voice assistants, computer vision, smart devices, and natural language processors. It enables businesses, including membership organizations, to automate processes, reach decisions more quickly, and interact with customers using chatbots.
A subset of artificial intelligence known as
"machine learning" focuses on using algorithms and data to mimic how
human brains learn, progressively improving its accuracy. From the incoming
data, it draws conclusions and patterns to operate. It enables systems to
analyze and contextualize data in order to automatically activate information
or actions without the need for human intervention.
Organizations may obtain a better understanding of their data and take more rapid, informed decisions by including potent digitalization tools like machine learning and AI into their digital transformation roadmaps and goals. analyze data to discover intricate patterns and develop forecasts free from human input.
5. Big Data and Real-Time Analytics
Big data analytics, a crucial piece of digital
technology, decodes complex data to expose key details like customer patterns
(including their behavior and interests), market trends, and undiscovered
correlations.
Big data can be structured, unstructured, or
semi-structured and range in size from terabytes to zettabytes. Big data can
provide real-time analysis to aid in making judgements because standard
analysis methods are unable to decipher the information due to the complexity
of the data.
Membership organizations benefit from real-time
analysis in a few ways, including:
- Businesses may
access and analyze vast amounts of data from numerous sources to learn new
things and act.
- Flexible data
processing and storage solutions enable more effective analysis and storage of
large amounts of data.
- Based on consumer
demands and potential hazards, develop new goods and services.
Work will seem to change forever as the world
begins to recover from the COVID-19 pandemic. Faster digitization across
businesses and adaptability to this new reality are two changes that 2021 will
bring. Reboot the Skills Revolution: The 3R's—Renew, Reskill, Redeploy, a
recently published study on how the pandemic is affecting technology and
skills, examines these effects. The impact of COVID-19 on digitalization, the
future of work, and how digitization is altering the workplace are some of the
important trends that Manpower Group addresses.
1. Flexibility
is created via digitization.
If everyone could reserve a conference room, many
organisations may not have even considered virtual meetings in the past.
However, social distance is prompting businesses to embrace video conferencing
technologies, making employees' physical locations essentially irrelevant.
Additionally, this new method of working has accelerated and increased personal
choice. More people desire the best of remote work and hybrid workplaces, as
well as flexibility and choice.
2. The
new digital giant
Superstar organizations like Amazon that made rapid progress in digitization before the pandemic are already going strong. Those who are already investing more in digitalisation, workforce skills and innovation command a larger market share, pulling away from peers and benefiting employees and customers as the way we work, use, learn and socialize shifts to remote places almost overnight. In short, the most digitally focused companies succeed.
3. Waves
of digitization occur
There is an increasing trend among companies of all sizes toward digitalization, even if larger enterprises (250+ employees) intend to digitize more and hire more people. Smaller companies are more likely to digitize support, customer-facing, and financial services, whereas larger enterprises expect to automate production and manufacturing functions first, followed by administration, IT, and front office. Prior to the epidemic, several industries took their time automating but now they are multiplying in size. In the research, Manpower Group also offers businesses a doable road map for how to find, cultivate, engage, and keep the greatest personnel as work continues to be transformed by digitization.
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