Digital technology can help make our world more fair, peaceful and equitable. A digital progress can support and accelerate all sustainable development goals, from ending extreme poverty to reducing maternal and child mortality, promoting sustainable agriculture and decent employment, and achieving universality.
But technology can also threaten privacy, undermine security and create inequality. It has huge implications for human rights and popular activism. Just like previous generations; us, governments, companies and individuals must choose how we want to use and manage new technologies.
What is Digital Technology ?
The word «digital» comes from the Latin word for finger “digitus” and refers to one of the oldest counting tools. When information is stored, transmitted, or sent in digital form, it becomes a number, a machine at its most basic level, «zeroes and ones.»
In this chapter, the term refers to technologies used based on microprocessors; thus, computers and computer-dependent applications (such as the Internet), as well as other devices (such as cameras) and mobile devices (such as phones and personal digital assistants). Digital technologies are all the electronic tools, devices, systems and resources that produce, store or process data. Well-known examples are social networks, online games, multimedia and mobile phones.
Digital literacy is understood as any type of learning using technology. This can be in any field of study the student plans to pursue. Digital technologies include digital devices, systems and resources that facilitate the creation, storage and management of data.
An important facet of digital technology is information technology (IT), which involves the employment of computers to process data and information.
The Impact of Digital Technology
Digital technology is advancing faster than any innovation in our history, reaching around 50% of the population in developing countries and transforming society in just two decades.
With advances in connectivity, financial inclusion, business access and public services, technology can be the great equalizer. For example, in healthcare, advanced AI-powered technologies are helping to save lives, diagnose disease, and increase life expectancy.
In education, virtual learning environments and distance learning have created courses for students who would otherwise be excluded. With blockchain -powered systems , public services also become more accessible and accountable, and bureaucracy is reduced thanks to the help of artificial intelligence.
Big data can also favor more reactive and precise policies and programs. But those who are not yet connected remain cut off from the benefits of this new age and are left behind. Many of them are women, the elderly, people with disabilities or ethnic or linguistic minorities, indigenous groups and people living in poor or remote areas. In some districts, the pace of connectivity is slowing or even reversing.
The use of algorithms can reproduce and even amplify human and systemic bias when operating on data that is not diverse enough. The lack of diversity in the tech sector may mean that the issue is not adequately addressed.
Importance of Business Adaptation to Digital Technology
From searching and sharing information to buying actual products, consumer behavior is changing. To adapt, companies must use digital technologies to help customers through the buying process. Companies are also using digital technologies to improve profitability.
Since one of the advantages of technology is unlimited communication, companies can extend their reach beyond national borders and reach millions of customers around the world.
After all, digital transformation is not only important but a requirement for all businesses today as most businesses automate processes, and businesses that refuse to make changes will be left behind and lose their competitiveness. On the other hand, companies have different incentives to go digital. For example, production will be faster as machines replace humans in repetitive tasks. That’s why aligning business data into one system lets everyone work together seamlessly.
Why is Digital Technology Important in Business?
Companies are making extensive use of technology to manage internal processes and improve the customer experience. Digital technology grows and develops businesses through online platforms and virtual technologies.
Digital technologies are gradually changing the way we do business, offering significant opportunities in product invention and manufacturing resulting in the development of technologically savvy, flexible, adaptable, and skilled manufacturing methods and industries. SMEs are at the forefront of this, as they are more excited about adapting than larger companies.
Some important areas where digital technologies are having an increasing impact on manufacturing companies are supply chain organization, robotics, responsive manufacturing methods, better customization, and better sourcing. Investing time and money in new and updated digital technology will help companies grow in a competitive world.
Big Data: Growing in Volume and Speed
Big data is the ever-increasing volume and velocity of data. It can be classified into structured data and unstructured data. Structured data is stored in digital formats such as databases and spreadsheets. Unstructured data is not organized and does not have a fixed format. Data can come from a variety of sources, such as social media, websites, apps, questionnaires, online purchases, or records that help businesses identify customer needs.
- Advantages of big data:
It is better to tailor products and services to customer needs. Improve customer satisfaction resulting in higher sales.
- Disadvantages of big data:
Data overload and noise. It is difficult to determine the relevant data. Unstructured data like emails and videos are not as easy to process as structured data.
Today, many companies use e-commerce as their primary business function. Electronic commerce refers to the process of buying and selling products and services over the Internet. E-commerce stores can operate independently or complement existing traditional businesses. Some popular e-Commerce platforms include Amazon, Shopify , and eBay.
Advantages of electronic commerce:
– Reach a larger audience.
– Simpler to manage than a physical store.
– Reduce the need for employees.
– Opportunity to compete globally.
– Take advantage of online marketing strategies.
– Easier to create a database.
Disadvantages of electronic commerce:
– International competition intensifies.
– The cost of creating an online infrastructure.
– Lack of direct contact with customers.
How Has Technology Changed the World and Our Lives?
Technology has improved the way we communicate, meet, and interact with media of all kinds. The latest technology has paved the way for multifunctional tools like smartwatches and smartphones. Computers and laptops are gradually becoming faster, more convenient, and more powerful than ever. With all these innovations, technology has also made our lives easier, faster, better, more convenient, more comfortable, more accurate, and more enjoyable. It has also brought important security breakthroughs when it comes to home security and medical devices, and has made it easier for everyone to complete various tasks.
Among other things, technology makes agriculture, building cities, and travel more convenient; effectively connects all nations on the planet; promotes globalization, and facilitates economic and business growth to make it easier to do business.
Although technology comes with some disadvantages on society as a whole, it certainly can have more positive effects than negative effects on society. These influences are making life easier for many, providing them with the resources, education and tools they need to live better lives, having a major impact on the agriculture, transportation, communications, and education sectors of societies around the world.
The Future of Digital Technologies
The transformation of the digital industry has been in the plans of companies for many years, and 2020-2025 will be an important period for people to organize and implement digital transformation. This is expected to be a crucial time for leaders to plan and implement digital information technology in the industry.
To be successful in the near future, the digital industry must organize itself to improve the customer experience and optimize business outcomes in a variety of ways, creating strong and critical connections between people, infrastructure, and information for seamless communication.
The future of digital technology is something that wakes a lot of curiosity; it is almost impossible to imagine how new developments will revolutionize different sectors of society and what benefits will bring to the whole world. Exciting times are ahead of us!
If you have found this article interesting and want to read more, you can go through all of the related articles available on our website marlonk.com