Good Impact of Digitalization
The digital transformation has been a major debate on the social impact of policymakers, economists, and industry leaders. Since digitization hampers society more profoundly, there is a growing concern as to how it is affecting issues such as employment, wages, inequality, health, resource capacity and security.
We have conducted a detailed quantitative analysis of the value
at stake against the digitization of 11 major industries to help argue the
prospective effect of digital. In each case, we have evaluated the potential
value of digitization for industries and emerging sources of value for a wider
society measured by deliberate narrow indicators. Over time, this approach can
be broadened and refined.
So how can digital transformation make a positive contribution to society, we have focused on three major areas?
1. Employment and skills:
Current estimates of global job loss due to digitization limit
of 2 million to 2 billion by 2030. There is uncertainty about its impact on
salary and working conditions.
2. Environment sustainability:
According to this historic trend, emission for every 1% increase
in the world, GDP has increased by about 0.5% and its resource intensity is up to
0.4%. The existing trading practices contributed to a global gap of 8 billion
tones between the supply and demand of natural resources by 2030, translating
to 4.5 trillion lost economic developments by 2030.
3. Trust:
Social media, radio frequency identification (RFID) tags and
websites generated by the consumer such as trip advisor has played a key role
in enhancing transparency and addressing information. However, as per the
Edelman trust barometer, there has been a decline in confidence in all
technology-based areas and the concern for data privacy and security is key
factors. Comprehensive moral questions, as the organizations use digital
technology, are posing a threat to erode confidence in institutions where it is
used.
·
Make a workforce for
machine age:
In logistics and power industries, there can be 6 million jobs
worldwide created due to digitization from 2016 to 2025. Automation displaces
human beings elsewhere. As a result of digital transformation, being both
winners and losers, there is a huge premium on the ability of a business to
upgrade employees and shape the next generation of talent for the machine age.
4. Focus on making a workforce for the machine age:
The Digital revolution has led to new roles (like search engine
optimization manager and social media account manager), new types of
organizations (cloud computing providers and social media agencies), and even
newer sectors of the economy (digital security and data science). The impact of
digitization has also catalyzed the growth of employment in the wider economy.
For example, in India, it is estimated that three to four jobs are created for
each activity within the business process outsourcing and enabled service
sectors.
5. Challenges:
With the pace of technology change, digital technology is
fundamentally transforming organizations that make the challenge even more
challenging. Organizations should have a consistent strategy, including a plan
to innovate workers. While the previous technological revolutions (most
particularly the industrial revolution) were taking place over a longer period,
the need for business to move faster is the speed of digital transformation.
This challenge is equally compelling for governments. There is an urgent need
to create a task force for the digital future for potential inequality and wage
deflation or social unrest.
How Can Digitization Affect Your Business?
The impact of digital transformation on your business varies,
but will often lead to the following benefits of digitization:
·
Increase in income
·
Decrease in operating costs
·
Higher customer satisfaction
·
Reduced fragmentation
·
Optimized operations
·
And more
All of the above benefits of digitization are valuable as they
can strengthen your company's grip on the designated market and continue its
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