Have you ever thought about the extent to which digitalization is affecting your life? You probably spend your days travelling from one activity to another, like the majority of individuals. You carry out private errands. Another "to-do" item from your expanding list is crossed off. But do you ever pause to consider how the goods and services you use operate?
Most likely not, but that's alright. However, if you looked behind the surface, you would discover that many of the everyday activities you employ depend on technological advancements. Unquestionably, digitalization is changing your environment by making everyday chores more simpler. Here are just a few examples of routine, seemingly unimportant (but crucial) operations that make good use of technology.
1. Financial Transactions
You recently purchased something from Walmart online for later pickup. The setup of the transaction takes a few seconds.
But how does the money move from one account to another? It's probably moving over financial tracks installed by businesses like FIS. Unquestionably, one of the major effects of digitalization on your environment is the facilitation of quick, secure money transactions.
FIS offers hidden digital channels for moving money. You may then buy a last-minute costume for Halloween or pay for your Uber that way. The goal of FIS is to move money as soon as feasible.
The ultimate aim of the business? real-time transactions that further reduce payment friction. Their most recent collaboration with the Washington Nationals serves as a demonstration of what can be achieved when all these tools are utilised simultaneously to personalise fan experiences, reduce wait times, and enable live in-game betting from the stadium.
Blockchain appears to be a potential next-generation development for the financial services and transaction industries when looking to the future. Blockchain may be a means for digital currency to move between B2C or B2B parties due to its decentralised structure.
However, in the interim, the digital advancements in banking that have so far taken place are in line with customer demands for quick and, when requested, contactless payment methods.
2. Data Collection
You are aware that digital technologies make it easier to gather and organise data. You might not be aware of the potential value of data collecting that is motivated by technology.
One benefit is that it eliminates the need for manual data transmission across systems, like in IBML's use case for the aviation sector. The developers at IBML discovered how to extract data from airport tickets using software and transform the data into information. Due to its experiences, the business has established itself as many institutions' preferred provider of intelligent document processing.
When you require assistance from a customer support agent, you may rely on data collecting, which is the second benefit.
Your support representative can address your problems fast because to the advanced software that is now employed by so many businesses. How? Your previously gathered data is processed by AI-powered algorithms, which provide the agent with recommendations on how to put things right for you.
Advanced data collecting also makes it possible for firms to identify patterns earlier. You understand the value of being the first to market with developing concepts if you are a founder, CEO, or CMO.
3. Supply Chain Management
You are well aware that you are operating in the digital world while placing an order for meals using the Chipotle app.
From Chipotle's perspective, there is a lot more going on than there is from yours. One of several companies collaborating with Semarchy to eliminate supply chain hiccups is Chipotle.
There have been significant failures in supply channels ever since the epidemic started. The data management platform from Semarchy enables companies like Chipotle to make intelligent use of data. Semarchy's programme can inform Chipotle what resources it needs and when it needs them by looking for trends in data. This gives Chipotle the ability to precisely route supply so that clients like you are satisfied.
Naturally, the fast food industry isn't the only one that uses supply chain management.
Almost every company has a supply chain of some form. Systems that can transmit data in real-time can assist businesses in making more informed decisions about purchasing, transportation, and other related decisions, lessening the impact of supply chain interruptions that are anticipated to endure until at least 2023.
4. Customer Service
The chatbots—or, more precisely, the creators of chatbot technology—are having a field day.
The commercial chatbot industry is expected to reach $7 billion in 2022. Even while some chatbot user interfaces are still a little sluggish and awkward, they are constantly improving. In fact, you may be one of those individuals who conversed with a chatbot without realising it!
As society becomes more digital, chatbot technology is evolving more fast to meet human requirements. Machine learning is widely included into chatbots nowadays. This implies that people get better at responding correctly with each interaction. They pick up knowledge through their encounters almost like humans.
Naturally, it's easy to tell when you're speaking with a bot. There are several telltale symptoms, such as irregular semantic use on occasion.
Thus, chatbot technology is evolving to a very high level. Some chatbots have mastered the use of pauses and slang. Therefore, be aware that you could be speaking with a bot the next time you wish to contact with an online support representative. (However, if necessary, you can typically request to talk with a real agent during regular business hours!)
Do you think the "big boss" or your supervisor approves your paycheck? Or that your local, state, and federal taxes are all manually calculated by your human resources department?
That could be accurate if you work for a tiny business or get checks that are written by hand. However, in the modern digital era, your employer could only ever view a report about payroll that was generated after the event.
The fact is that a huge number of businesses of all kinds depend on digital payroll systems. Many use cloud-based service providers. They may avoid worrying about IT or improvements in this way. Your paychecks will be delivered on schedule after they (or you) insert your information into the payroll administration system.
It is quick, practical, and safe. Additionally, you won't have to stress that a transaction wasn't started by someone, which can delay your compensation. And your business won't overpay for payroll-related chores.
Let's consider how much money payroll software solutions may save you.
One-fourth of small company owners report spending more than 60 hours a year on payroll. They may use that time to do duties and put in efforts that would result in profits. They can lessen the requirement for excessive manual labour by utilising digital payroll solutions. Additionally, managers who still want to take "one last look" at payroll can set up procedures for automated sign-up.
The effects of digitalization on your surroundings go beyond what is immediately apparent. The way we engage with the outside world is changing as it occurs all around us. It will undoubtedly extend much farther in the upcoming years given the acceleration of digital developments across all industries.