Have you stopped to think about how digitization is affecting your life? Like many people who live their day moving between the present and the future. You run personal errands. You mark an additional “to-do” item from your list. Do you ever consider your interactions with the items and companies that you’re working with are working?
Most likely probably not, but that’s fine. If you only looked around, you’d discover that a lot of methods you employ every day rely on the digital revolution. Digitalization is transforming the world around us by making everyday tasks easy. Here are a handful of everyday routine (but essential) procedures that are making the most use of technology.
1. Financial Transactions
You’ve purchased something on the internet to take home at your leisure at Walmart. It took a couple of seconds to process.
What’s the flow of cash through one financial institution to the other However, what’s the flow of cash from one account to another? It’s probably riding on the financial rails that were set up by firms like FIS. Undoubtedly one of the most significant ways that digitization is affecting the world of commerce is by providing secure, quick payment processes.
FIS offers behind-the-scenes digital channels for moving money. So, you’ll be in a position to buy costumes for Halloween last minute and pay your Uber. FIS is determined to help you make money flow as swiftly as is feasible.
The company’s goal is Real-time payments that cut down on friction points further. Their recent collaboration in conjunction with the Washington Nationals is showcasing the power of all these tools together can do to customize the customer experience, cut down the wait time and allow live betting during games from the stadium.
As we look to the future, blockchain appears to be an potential next-generation step for the industry of financial services and transactions. Because of its decentralized nature it could provide an option for digital currencies to be transferred between B2C or B2B companies.
However, in the meantime digital advancements that have been happening in finance have been able to meet the desire of consumers to be able to pay in a hurry and, in the event of a need using a contactless payment method.
2. Data Collection
You are aware that digital tools are used to in the collection and sorting of data. What you may not know is how important a technologically-driven data collection could be.
In one way, it eliminates the requirement for individuals needing to transfer information manually between systems, such as for instance in IBML’s use-case for the airlines industry. IBML’s engineers came up with a way to make use of software to extract information from airline tickets and transform it into usable information. IBML’s experience led the company to become the smart document processing company of choice for a variety of institutions.
The other benefit of having the ability to trust data collection is when you require assistance from a representative of customer service.
Because of the sophisticated software that is used by many companies nowadays, your support staff is able to resolve your issues quickly. How? The information you have previously collected is processed by AI-powered algorithms which give the agent suggestions on how to improve things for you.
One final benefit of modern analysis of data is it enables businesses to recognize trends earlier. When you’re founder CEO or CMO You’re aware of how important it is to be first to market using new ideas.
3. Supply Chain Management
Of course, you know that when you make a purchase via Chipotle’s app you’re in an online world.
There’s a lot more going on from the perspective of Chipotle as opposed to yours. Chipotle is among the many brands that are working in partnership with Semarchy to improve supply chain problems.
Since the start of the pandemic supply chains have seen major disruptions. Semarchy’s tool for managing data helps companies like Chipotle make use of data in a responsible manner. Through analyzing data to identify patterns, the tool from Semarchy can inform Chipotle which resources it requires and when it will need these resources. This allows Chipotle to determine precisely the best route to take supplies, so that customers such as you are satisfied.
Supply chain management doesn’t just apply to fast-food restaurants Naturally.
Every business is likely to have an element of a supply chain. Systems that are able to relay information in real-time help businesses make smarter purchases, better transportation and other decisions that can take some stress out of disruptions to the supply chain that are predicted to last for at least 2023..
4. Customer Service
The chatbots are having a great day. Or, in fact, the people who invented chatbot technology.
In 2022 the business market for chatbots powered by AI is expected to grow to the $7 billion mark. Although some chatbot interfaces are sometimes a little slow and awkward, they’re getting better and better every day. You could belong to the group of people who have talked to an automated system and weren’t aware of that it existed!
Digitalization has enabled chatbot technology to better able to adapt to the requirements of human beings. Nowadays, chatbots are typically integrated in machine learning. This means that they improve their capacity to react appropriately to every interaction. Similar to humans they learn by their interaction.
It’s not difficult to tell when you’re talking to bots, naturally. There are indicators to look out for that are not obvious, such as an odd usage of words at times.
However chatbot technology is getting highly sophisticated. Chatbots are able to introduce pauses or phrases. Therefore, the next time you’re looking to talk to an online support agent it is possible that you will be talking to an automated system. (But you’re able to request to speak to live representatives during regular office hours, if you need to!)
5. Payroll
Do you think that your supervisor, or the “big boss” signs off on your pay check? Perhaps your human resources team calculates all of your federal taxes, state and local taxes manually?
This could be the case in the case of an extremely small business or receive checks written by hand. But in the digital age, your employer could never see anything directly, but an after-the fact report on payroll.
There is no doubt that thousands of organizations of all sizes depend on the use of digital payroll systems. Many companies choose cloud-based solutions. This way they don’t need to worry about upgrading or IT. When you (or you) input your personal information in the system for payroll, you pay checks are scheduled to arrive as normal.
It’s quick, easy and safe. Furthermore, you won’t have to worry about if someone forgot to start a transaction, which can delay your paycheck. Also, your business won’t spend too much on payroll-related tasks.
Let’s look at the savings from payroll software in perspective.
One quarter of small business owners work more than 60 hours a year on payroll. This is time they could invest into more productive responsibilities and work. With the help of automated pay systems for payroll, employees could cut down on the dependence on their hands. For those bosses that need to give the pay “one last look” can automate signing-up workflows.
The ways in which digitization is affecting your life isn’t just limited only to obvious ways. It’s all around us and changing how we communicate with one another. With the rapid growth of digital transformations across all sectors and industries, it’s likely to become increasingly commonplace over the next few years.