Digital data is developing at an exponential rate, with the
majority of all data today created in the last three years. The concept of the
Internet Of Things and cloud computing is bringing together more and more
devices into interconnectivity. With high speed telephone 4G networks now
available to the masses, a huge amount data is stored and is readily available
for analysis. The heart of digitalisation lies in automation and data exchange
that is a natural result of such connectivity among devices. At its core is the
integration of cyber and physical systems that results in the Internet Of
Things capturing big data, which is analysed using cloud computing.
Device connectivity is becoming ubiquitous, especially with
cheaper internet access, increased mobility and falling prices of components
like sensors. Research and advisory firm Gartner estimates that the number of
connected thing will touch 21 billion by 2020.
The technology that connects devices, captures data in real
time, and delivers cutting edge analytics is useful only when it impacts the customers
in a meaningful manner. The very idea of IoT and digitalisation is to address
several pain points of customers that are currently being ignored. The concept
of offering a service, together with a product, that will make lives easier and
enhance the user experience is gaining importance. That is where digitalisation
and IoT are scoring. Going forward, digitalisation will become an area where
companies can build capabilities and secure a competitive advantage over their
competitors.
Large corporations around the world that are ignoring such
writings on the wall are likely to become extinct. Successful companies are the
ones that are gearing themselves up for such a digital transformation. These
companies have started looking totally different today, compared to what they
used to be a decade ago. There are few other sectors where digitalisation is
making an impact.
Digitalisation is already being extensively used in
healthcare industry. Emerging digital technologies, automation, analytics and
machine learning will revolutionise global healthcare. In the coming decade,
healthcare is expected to look completely different than what it is today. With
exponentially growing mobility mobile health is likely to become the dominant
mode in chronic disease management. Access to doctors and healthcare
professionals today is vital, as they have the technical knowledge to diagnose
the problem based on patient history. The near term future will be different
though, in which the focus will shift to the enormous amount of patient data
and history that is being collected through wearable devices, stored digitally
and analysed in the cloud. Digitalisation in healthcare will reduce face to
face time with doctors, and patient knowledge is completely democratised.
Leading banks are already blending digital innovation and
technology with the human touch. The primary focus for banks when it comes to
digitalisation stems from improving customer experience with digital
technologies, expanding digital capability while controlling complexity. Traditionally
banks have always believed they are the important entity, and they would decide
how the customer banks with them. Now, however the situation has changed. The
customer will decide how he wants to bank- on the phone, through ATMs, on the
internet, or by walking into a physical branch.
All and all, legacy IT systems are becoming a thing of the
past. Digitalisation, automation, machine learning and cloud based services are
gaining importance for big data capturing, and smart business intelligence and
analytics capability.
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