Digitalization is the integration of digital technologies into everyday life to create new revenue and value producing opportunities. Digitalization can do astounding things, from development of solutions to complicated problems, to exploration of our universe.
A good example of digitalization is Uber. Uber’s disruptive technology and explosive growth in the Taxi industry makes it one of the most captivating companies to emerge in the last ten years. The introduction of digitalization in the Taxi industry has made the nine-year-old company become the highest valued private start-up company in the world.
Digitalization has undoubtedly reshaped the world, A journey that began two centuries ago and since the dawn of the Industrial Revolution largely continues to effect change in every industry and thus emerging as a driver of sweeping change in the world around us.
Digitalization has created lasting solutions to the problems existing and problems yet to arise across various sectors like health, safety, environment, education, medicine, telecommunications etc. With rapid advances in digitalization, the unparalleled opportunities for value creation cannot be over-emphasized. For instance, it used to take Fortune 500 companies an average of 20 years to reach a billion-dollar valuation but in today’s world, start-ups are getting there in four years.
Recently, GE announced the world’s first digital wind farm as part of GE’s expanded service agreements. The comprehensive hardware and software solution comprises of wind turbine products and a digital infrastructure that helps enable constant collection of data, visualizing and analysing data on site. This allows wind farm operators to optimize maintenance strategy and increase annual energy production.
Statistics in the National Geographic journalist, Joel K Bourne’s book called “The End of Plenty” shows that by 2050, there will be an estimated 9 billion people to feed, clothe, transport & educate. How will they be catered for? Yesterday’s world fixes would be insufficient in remedying these problems fast enough and at the heart of the solution to all these problems and challenges lies digitalization.
In digitalization lies such potential because currently more than half of the world’s population is still offline, now, imagine a future where every individual, in every part of the world finds a place in the digital world.
We talk of the future not in terms of the next twenty years, or thirty years but in terms of the future being now and our responsibility is not only to completely key into the digital transformation idea but to be core advocates.