Business entities around the world, private and public organizations have always been trying to provide a better experience for their customers. In doing so, utilization of digital technologies has become increasingly significant resulting in low cost and increasing productivity. Digital technologies have transformed many businesses including financial service, healthcare, utilities and media from what they were few years back. Compare the past with now-Today we do our banking online, purchase goods through an online merchant, channel a doctor through internet or mobile, pay our utility bills through electronic means, get our daily news updates via news alerts or social media and watch your most favorite film or listen to the preferred music through You Tube or any other online channel.

The Digital disruption has become so fast due to the availability of high speed broadband services, smart phones tabs and laptops, availability of cloud technologies, advancement of IP technologies including IPV6, Internet of Things etc. The digitalization is not only limited to high-technology sectors. Traditionally not too techy fashion sector is now disturbed by digitalization. You can find high end fashion stores online. Travel industry and transport industries have seen very successful players like Airbnb and Uber.

Let’s look at the key features of digitalization. In each of the given examples we see these business models are trying to increasingly “empower the customer”. Hyper personalization is the key to success. When a customer is highly empowered to make his or her own choice he or she can make informed decision. For example using the taxi application in your mobile you can see the available taxis around you and take your own decision to select the one you want. Compare the experience of ordering a taxi few years back. How truly are you empowered now? In order to facilitate all these we need to have reliable, seamlessly integrated platforms and systems. This is the other main aspect of digitalization.

Digitalization has challenged many exiting business models. Highly digital companies with small amount of capital have now become worldwide giants. Such company having 1billion USD valuation is called a “Unicorn”. Out of many such I have named few earlier. Digitalization continuously challenges existing business models. You can find construction industry also digitized. Check the www.houzz.com. How smartly it has been integrated and empowered the customers with different needs. The higher education sector which was mainly dominated by renowned incumbent universities are now challenged by emerging digitalized players like Coursera and Udacity who offers graduate level or postgraduate level programs at lower cost. How the professional organizations like IESL going to recognize and accredit these qualifications? This is a question to find answers in future.

Your ideas are welcome!

Eng. Indika Walpitage
Indika.walpitage@gmail.com