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Monday, April 17, 2017

Foresee Digital Business

Posted by Subham  |  No comments

Digital Business is business that is based on digital media like the Internet, computers or smartphones (not limited to digital devices like IoT but also others). It is the business that derives most of its working infrastructure from digital platforms.

Over the past few years we have seen the emergence of digital web service companies as big behemoths of present business economy. Companies like Uber are solely driving their revenue from the digital frontier without any kind of physical capital investment on the end products of their business, i.e., cars. Recent outburst of video on demand services like Netflix has become huge compared to the traditional companies without digital business. Amazon, Facebook, Google and many other digital businesses are booming as more and more people get acquainted with the World Wide Web.

Traditional business houses that are switching to digital business by using the perks of SAAS (software as a service) are doing well compared to the ones non adaptive of technology. Now firms that will invest some amount of their revenue to alter their current working mechanism to cloud based solutions will get a benefit in the long run. This is because keeping the resource that is being used to drive the company on the cloud helps in sharing the resource in remote branches of the company. The custom tailoring of resources for specific usage is also very convenient in case of cloud based platforms.

Now most of the transactions we see are either cash or digital money of their respective national currency. We are already seeing transactions done in bitcoins. A bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. But in the near future we may see a digital economy where most transactions are done using blockchain which is a distributed database that maintains a continuously growing list of ordered records called blocks. Each block contains a timestamp and a link to a previous block. This way we have assured prevention of any kind of breach in the security of the transaction data.

Now it has been seen that most of the non-digital business companies find it hard to incorporate digital platforms in their existing infrastructure. There is a solution to this problem. Companies instead of channelling their IT department to migrate their system to digital may adopt a feasible technology start-up to begin with which can later power their digital business.

With the invention of better techniques to implement technologies like machine learning and internet of things, digital businesses are going to thrive at their zenith in the coming years. New ideas like AI implementation in customer relations will improve market capturing and drive growth.

In future there will be huge stress on governments all over the world to transform every transaction into the digital form to eliminate cases of theft, stealing, or black economy. The Government of India is already on its heels to make the Digital India initiative successful and effective. So it is best for every company or start-up to focus on digital business as it is going to be the most successful domain in business.

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About Subham Ram

Subham is an undergraduate student pursuing his studies in IT. He is a curious fellow who wants to know everything about everything except somethings. He loves learning web-designing, singing, reading novels and a little bit of writing. Follow him on Twitter.

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