It was the early 1950s when a novel word had started to perch onto the minds of people back then – Digitization. Although Google shows the usage of this word to as back as the 1930s, the actual sense had started to emerge with the advent of computers. These were the times when business used to be dealt with through face-to-face meetings and visits, when the advertisement meant flyers and billboards, and when a mail meant the presence of a postman. The world has come a long way since. It is this human desire to analyze, think, adapt, and invent that brings pace and progress to things. Back then a man had to commute amid cities for signatures: Now you can digitise your Checkbox USA document execution workflow to get your business deals across the line faster and get those signatures in no time. But what all good has this digitization done to this business world?
The origin of business digitization and the journey thereafter.
Forget not the midst of the 1990s when this world had first seen the possibility of a world connected through technology – The World Wide Web. Now you could access information anywhere from the world with the use of an internet connection. The first-ever GUI was Erwise, followed by Mosaic, Netscape, and many others. Although the Internet has helped boosting business digitization dramatically, it alone does not mean digitization. Digitization happens when the tasks that were previously handled by a person now get handled by the computer hardware and software by converting the analog information into digital information. For instance, the accounting that used to be done by Tom sitting before a register in his cabin, making entries with his pen, it now gets done completely into an accounting software. But technology has advanced manifolds and digitization has evolved drastically. Business Automation, Deep Machine Learning, and early Artificial Intelligence have changed it much. The businesses that used to suffer earlier due to their lesser reach, those small and medium businesses are bringing their presence amid public by using digitization and the Internet. The impact of digitization and workflow automation has muffled different facets:
- The pace of data processing has improved due to better computing powers.
- Business communication has gained pace due to technology and better business automation. You can now digitise your checkbox document execution workflow to get your business deals across the line faster.
- Errors have dropped by a big margin due to better analyzing power of machinery.
- Creativity has got steered towards innovation and vital business areas. The redundant tasks that had no creative involvement and were consuming meaning from the lives of people, Automation has freed human brains from that redundancy.
- Flexibility has eased the lives of people who earlier were stuck in grunt and redundant office works. For the same work that used to require Mr. Maverick to travel 500 miles, it now gets done through improvised automation; Where a lawyer had to communicate back and forth to gather all the necessary information from potential clients, it now gets handled by legal workflow automation through the decision-tree logic system.
Statistics has it that by 2023 the digital process automation market is set to surge to $12.61 billion – with a CAGR of 13.3%. The business world is changing around, automation is becoming a business need, and those still stuck at old-school practices might see a huge drop in the revenue and business reach. Check this out to know how you can help your business not just survive but thrive in this evolving world.