Digitalisation is the incorporation of digital technologies into everyday life by the digitisation of everything that can be digitised. The literal meaning of digitalisation gives an outward perception of a development and technology-dependent world. The primary phases of digitalisation had their biggest impact on industries such as music, film and media, and on the travel sector.
Digitalisation has certainly brought huge advantages, but in order to see where the prospects lie, we should ask ourselves what we have learnt from the first waves of digitalisation. Have they taught us anything about how digitalisation and newer developments in areas such as artificial intelligence (AI) will affect other sectors? What lessons can we learn about what can be outsourced to algorithms and which competences should remain in human hands?
Looking back at what has happened, so far it is useful to distinguish between the influence digital technologies have had on different segments in terms of manufacturing processes and distribution and sales. Nowadays, in banking, we are seeing an upsurge of fintech start-ups leveraging the potentials that digital technologies afford.
When it comes to manufacturing, digitalisation has brought distinctions to the market structure because it has permitted access to information that was previously unavailable. The ability to process that information is, perhaps, making the market more efficient.
On the distribution side, digitalisation can alleviate the rate of delivering the service because of electronic channels and digital opportunities. Nevertheless, one facet new technologies have not changed is the cost of obtaining a customer. It is and continues to be much higher than many new fintech businesses would have expected. Furthermore, the regulator is rapidly catching up with the fintech subdivision, corroding a substantial amount of their potential competitive edge in the course.
In healthcare, as in banking, setting parameters plays a key role. It affects the way both sectors are able to function. Several promising new digital technologies are being developed or are already accessible. These could bring great advances, from the possibilities that arise through processing big data, to new treatments and diagnostic procedures.
Indubitably, digitalisation brings with it a smorgasbord of exciting and pioneering developments both in the business and leisurely world. That being said, technology advancements in themselves automatically open up a Pandora’s Box of complications. This is why when investing in hardware, whether for personal or commercial use, it is of utmost importance to invest in top-notch quality software.
To find out more about the different types of software and how you can make the most of the digital world safely and securely, contact AIS Software today.