Digitization has not entered our lives all of a sudden. It had been going on for a long time, but the pandemic accelerated the process.
The onset of the COVID-19 pandemic plunged the world into the worst recession since World War II. Preventive measures imposed to curb the growing contagion, including social distancing and periodic lockdowns, have led to the emergence of digital transformation as a quick way to prevent the global economy from further collapsing. Agility has become the key to survival added to the resilience, efficiency and productivity of businesses around the world. As a result, organizations that have actively embraced digital technologies have become essential engines of growth and development for themselves and for the country as a whole. Some have even called the new digital age the “fourth industrial revolution”.
The unique feature of this revolutionary era has been the fine blend of human-intensive elements and technological advancements, with human interaction with technology becoming the new normal. Global digital acceleration has permeated all aspects of life, including kids who take distance education, employees working from home, businesses embracing digital operations, and businesses doing virtual transactions with their customers. and their employees. According to a new report, COVID-19 and E-Commerce: A Global Review, by UNCTAD, the e-commerce sector has exploded amid the pandemic, especially in the past year and a half, becoming one of the most powerful global and regional industries.
Meanwhile, countries have started to rely on and benefit from online apps created to “track and trace” the spread of the pandemic. Medical researchers have used artificial intelligence (AI) to learn more about the virus and accelerate their work on developing a vaccine. On an individual level, people have used digital counseling and virtual appointments to see doctors. Medical files are now replaced with digital files, saving the patient’s medical history to the cloud. It has made it easier for doctors and patients to download and retrieve critical information at any time. In addition to doctor-patient relationships, most operations are performed on digital platforms in the age of social distancing. The virtual interaction, as well as the consumption of information via social media has increased considerably. According to a report by the Organization for Economic Co-operation and Development last year, Internet traffic in some countries increased by up to 60% shortly after the coronavirus outbreak.
To put some perspective, it is essential to note that digitization has not entered our lives all at once. It had been going on for a long time, but the pandemic accelerated the process. He transformed the way organizations did business, leading to the restructuring of production, supply chain, operations and delivery model, with customer convenience and safety in mind. For the past decade, the world’s largest companies have mainly been those that are technology-driven. These companies were already doing well until the arrival of COVID-19. After the pandemic outbreak, they started to thrive even more. Companies in fields such as EdTech, FinTech, HealthTech, Consulting, Cybersecurity, Gaming, Analytics, Cloud Computing, AI, ML, and Data Analytics have flourished amid the global crisis.
Taking inspiration from the bigger picture, organizations began to seek out a tech-savvy workforce who could turn looming challenges into opportunities. Despite the economic crisis, organizations have not hesitated to attract suitable candidates by offering premium packages to those who are followers of digital transformation, process automation, technological integration, business analysis. data, artificial intelligence and machine learning. To fill most of the existing gap in the new labor market, many job seekers and even experienced professionals have taken training courses to acquire new skills and re-enter the labor market or to remain relevant and sought after with their newly acquired skills. According to research, the eLearning market is expected to reach $ 325 billion by 2025.
Therefore, the responsibility for the growth of the digital economy lies with educational institutions. Institutes of higher education are now expected to restructure course curricula and teaching practices to equip students with practical skills focused on technology instead of theoretical concepts. As businesses and other businesses have started to think ahead and beyond the current crisis, most institutes, especially B schools, are rapidly reforming the design of their programs to meet the needs of the hour. and the future of work. These institutes now have the responsibility of acclimating learners to new market demands and associated skills to help them launch or relaunch their careers without any problem.
Digital technologies have opened up a host of new possibilities. These have become essential catalysts in bringing our lives closer to what we might call normalcy. With great uncertainty over the end of the pandemic, nations are still reluctant to fully open their economies. Without further ado, businesses and organizations have transformed their productions, supply chains, operations and delivery structures for good, blurring the lines between digital and traditional models. As technology permeates all facets of modern human life, it is only a testament that the digital economy has become our new reality and is here to stay. All that is needed to sustain and thrive in this new reality is to understand the nature of change and to adapt to it at all levels: societal, educational, corporate and personal.