How to thrive in the world of digitization
We are embarking on a new era of digitization. Data has become ubiquitous and an integral part of our existence. 40% of the world populations are connected to the internet. By 2018, there would be more connected devices (machine to machine), overtaking the number of humans. As machines churn out more data, there will be a glaring need to store and glean them for more meaningful results. The technology, which had helped us for the last 3 decades, is slowly making way for more advanced technologies to store this humongous amount of data and analyze them. In 2013, 90 percent of the world’s data had been created in the past two years, and 80 percent of that is what’s called unstructured data, meaning clicks, comments, posts, pictures, chats, and so on. And while this digital exhaust often lives in different systems across the digital ether, the data is being aggregated. As the technology advances and more people use the internet, we are ushering our way into the era of digitization. Things will be different - with more advanced technologies,
- It will be easier for companies to reach their customer easily and effectively as they understand their customer better via social listening and purchase patterns.
- Easier to get competencies in this networked economy - (peer to peer network.) and do things more efficiently.
- Decision making becomes more centralized and data driven by the advent of Artificial Intelligence and smart analytics.
- Internet of things where we can achieve unimaginable use-cases and the only limitation will be our own imagination.
What is listed here is just the tip of the iceberg - more efficiency will be unearthed as we evolve our technology and improve our networked economy. The list below gives some tips which can help us thrive in this world of digitization.
- More learning: I see MOOC playing a greater role in making us aware and excel in the new technology era. Some of the sites which can help us are Coursera, Udemy and other Mooc site. I would request the readers to put in their MOOC site in the comments section.
- More co-innovation: Corporation will try to tap into the competency of the vast community via co-innovation and co-creation. There will be more open systems in place where communities can dock and create their own systems - Threadless is a great example of this concept. Recent example, of #Pepsicrashtheipl , is the classic example of how the company created its ads by tapping into the creativity of its Fans.
- More trust and consistency across the various brand outlets - With digitization, it is paramount that the customer feels the same while interacting with various Omni channel outlets of the brand.
- More Networks: We will achieve more by being less with the power of networked economy where we can add and make temporary team to accomplish our task.
Digitization is the next disruption. We have to be ready for it or be disrupted. The next generation of successful entrepreneurs and corporations will be the one who comprehend this well. Don't you think so? Please give your comments below.
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