Benefits of Digitalization

Digitalization involves exploring business models and platforms using digital technologies, devices or techniques to yield several benefits in various aspects of life. Digital solutions can simplify a country’s security and intelligence systems, and its economy and infrastructure, to name a few. For citizens, digitalization promises much needed improvement both in the delivery of public services, such as Government/Bank issued certificates, and other services, financial or otherwise. Digital solutions and services can facilitate trades and settlement between different countries, as well as defend against malpractices such as embezzlement and money laundering.

The impact of instant money availability for individual/corporate  for activities /workflows cutting across multiple departments in varied spheres will help in assessing cash flow and utilization of funds efficiently. For business customers, any improvement in the efficiency of liquidity and cash flow management would make a positive impact on their overall working capital lifecycle and profits.  The checks and balances instituted by Government or regulatory departments can be streamlined using a digital platform, which would also enable the concerned authorities to issue approvals online. Paper documentation can be digitalized, and workflow driven solutions employed to transfer content between departments to speed up transaction settlement and processing.

Digitalization of banking services would also open up avenues for other sectors to leverage digital solutions. Banking has always led from the front in terms of providing new services using technology . The current revolutionary practice of integrating banking and telecom can be extended to other fields thereby providing exemplary customer experience.

Digitalization is gradually enabling the transformation of unorganized sectors in many parts of the globe; this is slowly generating a regular income stream for the people working in these sectors. With more and more services getting chained through digitalization, many sectors are witnessing consistent development. Take agriculture for instance, where digital platforms are connecting buyer and seller directly, eliminating the middleman. We hope this would encourage more people, especially in developing countries, to work in agriculture and thereby contribute to economic progress.

To conclude, technology and the digital revolution can disrupt conventional models and bring benefits to the common man in many ways, for instance, by providing a platform that connects buyers and sellers across the globe and updates the status of transactions as they happen online. With more and more developing countries progressively reaping the benefits of digitalization, it is hoped that the digital revolution will also spread to the other nations and people who need it the most.