A VC Perspective – Staying Ahead of Digital Curve
Digitalization has been changing the society and our economies for the last twenty years and this evolution is gaining speed with the transformative powers of Artificial Intelligence, Big Data, Internet of Things, Mobile and Blockchain technologies that are on course for a fourth industrial revolution.
In simple words, Digital Transformation is the change associated with the application of digital technology in all aspects of human society which is overwhelmingly good for improving the living standards, life expectancy and quality of life. Nevertheless, it can also disrupt the labor markets.
With the occurrence of the first transformative stage, the impact of digital usages inherently enabled new types of innovation and creativity apart from simply enhancing and supporting the traditional methods alone.
It has had a profound impact on businesses and organizational activities, processes, competencies, and models leveraging the changes & opportunities of the digital technology and is accelerating impact across society in a strategic manner.
Quite a buzzword, the reality is, digital transformation is already impacting our professional and personal lives.
We buy, we work, we store information and we communicate with others through several digital platforms, welcoming the changes to be more digital as each day passes.
Since change is the only constant, digital transformation has become imperative for all businesses whether they are small, medium and large, helping us to serve our customers and employees with new innovative business applications.
According to a report presented at the Global Economic Symposium, there were several internal and external drivers to trigger this transformation, such as the growing popularity of Social Media and Big Data, which constantly helped in the technological progress driving transformation externally.
Many leaders and enterprise IT teams have started working together to meet the business requirements to drive innovation and march towards a continuous improvement, accelerating business activities, lowering cost, improving time and bringing a positive change in processes, people and competency models.
Let me share my view on how every level of the education system, from K-12 schools to higher ed has been affected by the transforming digital technologies.
With the increased connectivity, speed and cloud-based storage capabilities, schools and colleges have enhanced communication network making way for improved knowledge sharing, managed through online learning and knowledge management systems, providing students with digitalized learning materials.
Some universities are also experimenting with virtual learning spaces and have been providing free courses and learning material online. Gone are the days when certain courses were available only in few institutions or were designed with a rigid one-size-fits-all instruction.
The biggest trend to have impacted the digital transformation was when technology moved to the “Cloud” democratizing access to computing power, thereby providing everyone the access to information, storage and processing capability.
Looking ahead however, the six technology trends, such as Internet of Things (IoT), Augmented Reality/Virtual Reality, Robotics, Blockchain Technology, Artificial Intelligence and 3D Printing, will affect the next shift in how we improve customer experiences, improve what we do in the workplace, transform products and leverage machines at scale to augment humanity.
The Bottom Line Is
Digital transformation is not just about the new technology, but rather about the change in thoughts and organization’s culture, addressing the change in official scenarios and dynamic business demands.
When businesses shift from their traditional mode of operation and management to the modern technology, it gets in sync with the digital aspect of business transformation.
Be it retail, health, travel or education, there is no sphere of our lives that has not been touched by the digital revolution, which is rapidly evolving and transforming the way knowledge is imparted and absorbed.
Digital transformation has made everything faster, easier and more accurate, with a willingness to adopt and adapt a more efficient and productive way to help the humanity at large. Can’t wait to see what this holds for us in the coming years.