Mumbai: Marc Andreeson prophesied that ‘software would eat the world’, and I believe this statement is taking more and more precedence over our realities as years pass. Realities in terms of our day-to-day lives, our work environments, the practices we adopt for growth, and the very future of our planet. We now live in a world of ‘hyperconnection’, and it’s giving birth to the acceleration of innovation, disruption, and a new age of modernity and technology.
Digitisation and the industries across the globe
Digital transformation has disrupted traditional industries, ironically creating equal opportunities and challenges for companies across the globe. The PR industry for instance, is now able to enjoy advantages due to the boons it offers to the industry – such as enhanced communication, crisis management, artificial intelligence, real-time feedback, measurement and evaluation, and much more. However, hyperconnection also threatens to bring crises at the drop of a hat, and there is less we can do about it.
Another example of how digitisation has surprised me personally as a millennial is the exchange of money itself. It is absolutely amazing how everything is so easily documented and analogged, from business records, to client payment information, to an individual’s banking information.
Such transformations have given a push to E-commerce, blockchain technology, QR code payments, and even practices in the healthcare industry. For instance, during the COVID-19 pandemic, telemedicine played a crucial role in providing care to patients while minimising the risk of infection. It was extremely simple to enable remote monitoring of patients, which helped prevent hospital readmissions and reduce healthcare costs.
Additionally, online marketplaces like Amazon and Zomato are dominating the industry – people don’t want to step into physical markets to shop for necessities when they can be at their doorstep in minutes. This, of course, has been exacerbated by retailers personalising their offerings, providing a more targeted shopping experience for customers. For example, many retailers now use customer data to provide personalised recommendations and offers – methods possible only due to digitisation.
Global markets and adoption
India’s quick adoption of transformation trends in digitisation is helping us get access to global markets. We are able to reach consumers in different parts of the world, giving us a chance to learn about and begin to cater to audiences that could greatly profit us in the long term. Of course, there is much talk around Artificial Intelligence and whether we should stop digitisation till it actually ‘eats us’. Machine learning softwares are on the verge of being more and more sentient as we perfect their codes and make them more efficient. However, even the achievement of globalisation is not enough to counter the potential of such grave implications.
Embracing digital transformation
I have firsthand witnessed the power of digital technology to transform businesses for the good. With the continued advancement of technology, we can expect even more significant changes in the years to come – both good and bad.
As business leaders, it is crucial that we embrace digital transformation while also adapting to the changing landscape by safeguarding our futures. This can only be achieved by understanding, as leaders, the technology we invite into our organisations and introduce to our employees. Without understanding, we are either lost or not making the most of the right resources.
The author of this article is Communicate India founder & CEO Akshaara Lalwani.
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