DIGITOPIA: The Opening Gates by Digitalization

What is Digitalization?

Digitalization in the business world means using technologies in order to improve or change a business model, create new streams of income and to convert any physical task that can into a digital medium. In simplest terms, it enables, improves or transforms business processes using digital technologies and digitized data. 

In our current digitalized situation, customers and consumers turn to businesses and companies that create value. This evaluation at the point of purchase and consumption has also paved the way for digitalization of companies with development of technology. Beyond business, the coexistence of technology and life makes digitalization no longer an alternative way that we can benefit from. But also, it makes the key to the system that will shape the future.

The Importance of IT in Digitopia

Information technologies is responsible for the creation and growth of computer systems and management of computer networks. It has become a driving force in innovation and transformation. The technological tools that IT offers to the digital world have paved the way for it’s transformation. Using the power of IT enables us to take even stronger steps in the changing world.

Every industry in the economy now has a software platform designed to of their business model. Now software platforms in the cloud can monitor everything digitally. In other words, IT has become the most important element for the advancement of daily operations with both software and hardware tools. Naturally, this gives companies more access to powerful algorithms to save costs and generate more revenue. 

How Is Digitalization Affecting the Business World?

Digitality has been used effectively in business life over the years. Thanks to digitalization, the business world is making great gains in many areas, from the production and processing of information, to decision-making processes and access to new markets. Here are the concepts that are most affected by digitalization when it comes to the business world:

Hybrid Operation

Thanks to digitalization, employees can now choose how, where and when they work. This has made possible as data and information can easily be converted into digital formats and stored on digital platforms. It can also be accessed anytime, anywhere via mobile devices. Technological progress and digitalization make it possible to tailor work schedules to personal needs. Most companies are adopting flexible forms of work such as freelancing or working from home. In fact, according to a study by the International Workplace Group, working remotely increases productivity by 85%.

Innovation

Digitization is not only about transferring data to an electronic platform. But also about finding new ways to use and develop these platforms effectively. Today, there are many innovative solutions on the market that can be applied to almost every area of the business world. It enables businesses to develop new ideas, reach a wider audience and to use advanced tools to organize and manage their business. And most importantly, it offers better products and services to keep their customers happy and improve their quality of life.

Artificial Intelligence

While discussions on artificial intelligence have been around for a long time, it has been considerably intensified the past few years. The results of a study conducted by The Boston Consulting Group and the Massachusetts Institute of Technology's Sloan School of Management have presented surprising findings. According to the research, one-third of executives believe that artificial intelligence will open new business opportunities for their businesses and close to 85% thinks it will enable them to gain or maintain a competitive advantage. Artificial intelligence has already changed the business world to a certain extent. Today, you can already find businesses who has already started using AI to automate workflows other key activities. These workflows include analysing data, creating algorithms and even improving communication between the company and customers!

Digital Competencies Gain Importance

Digital competence, which is accepted as a basic skill in the Europe 2020 Strategy, is one of the recruitment criteria in the new generation of human resources management. It means understanding the media, searching and questioning information, being critical, and communicating with mobile tools. To be able to talk about being digitally competent, the employee must be able to think analytically, embody thoughts quickly as well as communicate quickly and effectively. 

Augmented Realities Will Change Strategies

Augmented Reality continues to unfold by opening the gates of the virtual world. It can be expressed as superimposing real images by making use of the device's object recognition feature. It will be frequently used by many institutions in reaching their customers and determining strategies. This is a sign that the days are near when many companies will take full advantage of technology. Besides, the market created by this technology is expected to reach $117.4 billion by 2022.

It's "Bitcoin" Time

As the business world evolves and changes, the arguments used continue to adapt accordingly. Virtual money seems to change the business world from top to bottom. In an environment where everything is increasingly digital, many commercial transactions can now be made with virtual currencies. On September 7, El Salvador became the first country to legally accept Bitcoin as a currency. Beyond that, Prime Minister, Nayib Bukele, recently announced that he will establish a Bitcoin city worth $1 billion.

Digital IQ Grows in Importance

While many systems continue to gain momentum with the acceleration of digitalization in every field, many people who take active roles in the business world have started to develop their competencies with digitalization. Now, several managers have begun to focus less on human experience and started focusing only on the benefits of digitalization. This marks the beginning of an era where companies and executives are discussing their digital IQ and EQ.

The Concept of “Freelancer” Is Spreading

The rapid digitalization process has created a digital employee concept. Freelancers not only carry out their work without being tied to any place and time but also completely change the way of production. These people cause the concept of efficiency to be questioned again.


 article writer profileWritten by - Ceren Aydın