With the pandemic on the rise keeping thousands of lives in stake, now staying home has been a dire need more than ever. While some people find it extremely painstaking to just remain confined in a small space, why don’t we look at it as an opportunity to see the world in a different light? The possibility of a utopian digital world, where everyday things would be just at the end of our fingertips. Whether it is simple as getting your groceries from an online store to holding big conferences and sealing that business deal, a world where our everyday lives is efficient by exploring the digital alternatives to the activities.
We will explore the different possible services that can be provided digitally and see the benefits from three different perspectives: the ones who will benefit from the digital services, the entities or organization that provide these services and the party that is responsible for creating the mediums to help the former accomplish these tasks.
Education is the foundation of forming a society with dynamic individuals who can create an impact in society. When we think about digitizing such an important factor, a lot of facts come to light which may seem like simple numbers but have a very powerful indication. According to the Brandon-Hall Study, learning through e-learning typically requires 40% to 60% less time than learning the same material in a traditional classroom. The primary reason is there is no workflow abruption due to student’s freedom in reviewing the material whenever they want and this saving of time results in better quality learning. The Research Institute of America found that eLearning increases retention rates 25% to 60% than the retention rates of face-to-face training which are low in comparison: 8% to 10%. This is because with eLearning, students have more control over the learning process as well as the opportunity to revisit the content as needed. After implementing an eLearning program in their company, IBM found that participants learned nearly five times more material without increasing the time spent in training. By teaching more material in a shorter amount of time, companies can reduce the time employees spend on training, thus allowing them to get back to work faster, which in return translates into reduced costs. All these research and statistics are a clear indication of how the method of digitizing can make the method of imparting and gaining education becomes less hectic and more effective.
One of the major areas may be the method of digital payment. One Billion people are predicted to use a mobile payment app worldwide in 2020. It is forecast that by 2023 this will grow to 1.31 billion people worldwide using mobile payments apps over 6 months (Source: E-marketer). Why is the number in an increasing manner? Well from a user’s perspective, it is the efficiency. If we take an instance of E-commerce, where the digital payment method is crucial, according to the Global Consumer Report by KPMG International in 2017, the number one reason people shop online is that they’re able to shop at all hours of the day. Other key reasons include the ability to compare prices, lower prices, to save time, and the convenience of not having to go out shopping. Similar areas cover the premise of any form of online transaction, be it bill payments or any form of service that requires currency to be digital as possible. For the organizations that provide the goods and services, it is the less overheard price. In the case of e-commerce, without the costs of maintaining a physical store and large inventory, e-commerce drop shipping businesses can keep overheads low. If we see where the third-party e-commerce platforms that act as a mediator can benefit from this, it’s acting on the general public’s preference. According to a study, 67% of Millennials and 56% of Gen Xers prefer to shop online rather than in-store (Source: Big Commerce). These mediators can work better if they have a perfect novel interface and interactive and responsive customer service. Mobile apps, extremely dynamic web applications can be some possibilities. Needless to say, the method of digital payment is important and it’s increasing trend will very soon dominate the world’s economy.
The other possibility to be explored can be remote work. First if we see it from the perspective of the workers there are striking statistics as to how the worker’s state correlates with where they work from. And since employees are also one of the most integral parts of the company’s welfare, that also results in data that just proves how we are overlooking the benefits of the provision of remote work. The top reasons remote workers choose to work remotely include: better work-life balance (91%), increased productivity/better focus (79%), less stress (78%) and avoiding a commute (78%) (Source: Owl Labs, 2019). A healthier employee who is satisfied with his/ her work will result in a healthier work environment for the company. Remote workers claim that they work more than 40 hours per week 43% more than on-site workers do. Even if the workers do work longer because it is a compulsion to them, the remote workers enjoy their work. (Source: Owl Labs, 2019) If you see it solely based on the company resource point of view, it comes down to looking at the benefits of having to not invest too much in maintaining the physical entities of the organization. That involves, office spaces and the resources to maintain the space. Also according to the same research by the Owl Labs, it is said that the companies that allow remote work are likely to have 25% less employee turnover than companies that don’t allow remote working for their employees. The platform that facilitates these can improve the experience by making interacting as easier and convenient as possible. Because most of the hurdle seems to be the fact when there is a technical problem when creating a meeting or functioning so we can improve that by things. If we could make as many companies as we can to allow remote working, we already are resulting in the benefit in several ways.
These are just some of the many areas that can be revolutionized by adopting the digital method of doing things. With the rapid increase in the horizon to how much is possible with the technology we have today, these things wouldn’t be really hard to achieve if we could just brainstorm and come up with ways that can result in the ideal digital world we dream of.
1. Brandon Hall Study http://www.brandon-hall.com
2. The Research Institute of America
3. IBM Report: “The Value of Training”
5. Report by KPMG International “The Global Online Consumer”, 2017