Digital transformation

[Audio] Digital transformation. Digital transformation.

[Audio] Introduction The exclusive utilization of modern technology by a business such as computers, mobile phone, tablets and digital note book. It is hard to think of a situation in which one can function very well without the aid of technology Utilizing contemporary technology in the workplace can improve marketing and production management tasks as well as how organizations operate. Technology has revolutionized the way business owners operate in recent years These days, it's a necessary instrument for corporate success. In this presentation I will examine the ways in which technology impacts the business.

[Audio] Impact of technology use in business Reducing business cost Increased productivity and efficiency Data Driven decision making Improved collaboration and flexibility Enhanced security.

[Audio] Reducing business cost Companies may maximize resources and cut operating expenses by implementing technology like Internet of Think and predictive analytics . For example, IoT powered predictive maintenance can reduce downtime in machines and save a significant amount of money..

[Audio] Increase productivity and efficiency By automating monotonous processes technology increases productivity by freeing up staff members to concentrate on more strategic endeavors Time spent on repetitive tasks is decreased by technologies and (A I ) driven automation, which promotes creativity and project completion more quickly..

[Audio] Data driven decision making Technology has made it possible for companies to gather evaluate and apply data more efficiently The data can also be used to pinpoint areas that want improvement. They can adjust as needed to remain one step ahead of competition.

[Audio] Improve coloration and flexibility Cloud-based solutions and communication platforms like Microsoft Teams and slack make remote work and teamwork easy..

[Audio] Critically evaluate Artificial intelligent and Machine learning Enhancement in productivity and decision making Across many industries, artificial intelligence (A-I---) and Machine Learning (M-L---) have brought revolutionary capabilities that boost output, allow for data-driven decision-making and spur innovation. Predictive analytics driven by (A-I ), for instance enables business to forecast demand, maximize resources, and provide services more quickly, all of which boost productivity and profitability..

[Audio] Enhanced productivity and decision making contd. Even while (A-I ) and ML increase productivity, smaller business find it difficult to use these technologies since they frequently need large investments and trained workers. Furthermore, ML model's predictions may be susceptible to biases in the data, which, if not rigorously controlled, could result in poor conclusions. Business may now provide individualized experiences due to (A-I ) application like systems for recommendation and the natural language processing (N-L-P--). E-commerce platform's recommendation algorithms, for instance, increase sales by fostering user involvement through personalized product recommendations.

[Audio] Security and Ethical concerns Privacy ethics are raised by the fact that customization algorithms frequently use personal data. Furthermore, as evidenced by a number of well-known instances when (A I ) based systems displayed racial or gender prejudices, the data used to train these models can occasionally reinforce stereotypes The "black box" problem the indecision of (A-I ) algorithms working also calls into question who is responsible for these systems errors.

[Audio] Cyber security contd. Because (A-I ) systems are quicker than humans at spotting odd patterns or possible dangers, they can improve cybersecurity. However, there are serious hazards associated with the arise of adversarial attacks, in which malevolent inputs control (A-I ) systems. Furthermore, there is a lot of discussion on the ethical issues surrounding (A-I ), particularly with regards to surveillance, decision transparency, and the improper application of (A-I ) for autonomous weapons. In order to address these issues, legal frameworks that guarantee ethical (A-I ) use must be established. The absence of uniform ethical standards makes it challenging for governments and corporations to lessen the possible harm caused by improper use of (A-I )..

[Audio] Job deplanement and workforce impact Many industries are becoming more automated due to (A-I ) and ML, which lessens the need for human interaction in repetitive operations Although efficiency is increased, jobs in industries like manufacturing, transportation, and customer service may be lost as a result According to the world economic forum, (A-I ) will lead to workforce polarization by both creating new jobs and making others jobs obsolete..

[Audio] Critically review digital revolution and intelligence Digital revolution, is characterized by the quick transition from analog to digital technologies Beginning with the invention of computers, digitalization the process of transforming information into digital formats has increased with the development of the internet, mobile devices and cloud computing Implementing different technologies, such automation, artificial intelligence (A-I---), and big data analytics, which improve processes, and improve customer experiences, is usually how digital transformation happens decision making streamline.

[Audio] Critically review digital revolution and intelligence contd. In order to remain competitive, business have embraced digital tools more and more. For instance, C-R-M systems enable companies to collect, evaluate, and use consumer data for tailored marketing, which increases engagement and loyalty. In order to handle massive volumes of data and produce actionable insight, businesses are depending more and more artificial intelligence and machine learning as digitalization progresses This is referred to as "digital intelligence"..

[Audio] Critically review digital revolution and intelligence contd. By using this intelligence, business may change their decision-making processes from reactive to proactive by predicting customer behavior as well as identifying and reacting to trends in real time. Moreover, by facilitating data sharing and communication between linked devices, the Internet of Things (IoT) has transformed a number of business and improved procedures like inventory control, predictive maintenance, and even city infrastructure management. While digitization increases productivity, it also puts some occupations at risk, especially those that need repetitive work, as automation takes the place of human labor.

[Audio] Critically review digital revolution and intelligence contd. While digitization increases productivity, it also puts some occupations at risk, especially those that need repetitive work, as automation takes the place of human labor Comprehensive digital literacy initiatives, strong cybersecurity standards, and regulations to guarantee fair access to digital resources are all necessary to address this problem. Therefore, even while the digital revolution is still spurring innovation, it calls for well-balanced approaches to optimize its advantages and minimize its risks..

[Audio] Digital technology and future of the business The future of business is being profoundly reshaped by digital technology, which is providing new value propositions, efficiency, and innovation to a variety of industries Advancement in (A-I ) and ML, big data analytics and IoT. Business may use real-time data insights to make well-informed decisions, anticipate trends, and improve consumer experience due to advancement in (A-I ) and ML, big data analytics and IoT The emergence of blockchain-powered digital and decentralized finance..

[Audio] Digital technology and future of the business contd. The emergence of blockchain-powered digital and decentralized finance Another revolutionary trend is the emergence of blockchain-powered digital and decentralized finance, which is especially affecting how companies manage capital and conduct transactions. As alternative financial solutions, decentralized finance, smart contracts, and cryptocurrency are becoming increasingly popular. They promise to improve transaction speed, security, and accessibility on a world-wide scale.

[Audio] Digital technology and future of the business contd. Expansions of remote work tool Work place layout is also changing with many industries adopting remote and hybrid work as standard. The COVID-19 pandemic has sped up this change by proving that digital collaboration tools can preserve productivity while giving workers more freedom. With business investing in flexible work schedules virtual communication platforms, and tactics to promote team culture in a digital environment, this trend is probably here to stay. Emphasis on data security and privacy.

[Audio] Digital technology and future of the business contd. Emphasis on data security and privacy Business must nevertheless also have to deal with issues such cybersecurity risks and the moral ramifications of utilizing (A-I ) and data-driven technologies. Establishing confidence and safeguarding consumer data will be crucial as digital transformation advances. Business will have to carefully manage these issues, striking a balance between privacy, social responsibility, and technical innovation. In general, companies that embrace agility, give sustainability first priority, and use digital technology to keep in touch with clients and anticipate their requirements will be the ones who prosper in the future.