What is the Digital Revolution?
The digital revolution is a scientific and technological revolution. It is the process of change which our society has and is experiencing on a daily basis. The arrival of technologies such as analogue, then mechanical and electronic, and finally digital technology, has caused a disruptive change in both society and the economy.
As with any revolution, it’s caused a paradigm shift across every arena – including education, health, business, politics, science and finance. It has left behind out-of-date, obsolete processes which happened after the arrival of modern technology, and quickly established itself as a part of society and the global economy.
The digital revolution has changed how we behave and how we interact, and it has redefined us as modern humans. Compared to 100 years ago, we think differently, work differently and live differently. And the disruption is set to continue, as across the globe the pace of digital transformation is accelerating, with private sector investing in technologies that adapt their business models to meet demanding customer expectations, and strive to get ahead of competitors.
Benefits of the Digital Revolution?
While disadvantages come with technological advancements, the benefits that are emerging far outweigh any negatives. Positive outcomes include: social connectivity, with digital technology removing any need for people to feel isolated in the digital era; learning opportunities and access, with lessons now able to be delivered online; storage of large amounts of information on relatively small devices; entertainment, through online and gaming platforms; GPS and mapping, through satellite technology; and the growth of e-Ecommerce, where the innovation of digital technology has resulted in fast and secure payment options, personalization through AI, more effective marketing through social media platforms and the optimisation of digital supply chains and data management.
Most importantly, the integration of new technologies has led to a revolution in cashless and contactless payments, and to financial regulators having to create policies in favour of the cashless stream. Digital disruptors are striving to make payments more ubiquitous, process-free, and automated, and bring about financial inclusion for the unbanked of the world.