The digital democracy is consistently growing up. The outbreak of pandemic COVID-19 has put it on the rapid track. The two countries- the USA and China are taking up most of the profit margins through it, which is nearly 90 percent of the whole global market. On the flip side, the Europe is making only 3.6 percent of it.
Now, the global trade is quickly gearing up for shifting all trades to digital platforms. Even, the transnational companies based in the USA have disclosed their intentions to radically incline to data digitization for becoming future-ready.
Effect of Digital Transformation On Economies
The trading methods are way better and advanced today than before. The revolution of digitization has surprisingly shown some amazing economic growth, which includes the data exchange of data also. To regulate this practice, the World Trade Organisation came up front with one of the key agreements called the Information Technology Agreement (or ITA) of 1997.
It apparently helped member countries to heave a sigh of relief by removing the burden of import duties on the information technology goods like laptops, smart phones and other hardware. This has boosted the resources for IT-BPM sector’s growth. Now, this IT-BPM sector of India, for example, is steadily earning 7.9 percent of its GDP, employing around 4.4 million people in the last five years. This profit margin is going to exceed $310 billion by 2020.
Accelerating Demand for Digital Data Driven Intelligence Automation
Data digitization has created a massive requirement for the cloud computing due to its benefits. It’s quickly becoming a household name. Together with it, organizations are demanding for data quality, as the information should be relevant and accurate during cloud migration so that discrepancy cannot interfere with the end result, i.e. business intelligence.
However, a report by IDC states that 60 percent of organizations are still struggling with the quality. It’s indeed a major challenge that can disturb the final decisions or strategies. In the present scenario, the demand for AI-driven intelligence is on the rise for introducing automation. Alexa, voice assistance by Google and a lot more AI-based apps are taking organization to the radically digital future. This cannot happen unless organizations have cleansed databases, which can later feed AI algorithms to trigger automation in various business practices.
Advantages of Having Digital Business
Now, the global trade is quickly gearing up for shifting all trades to digital platforms. Even, the transnational companies based in the USA have disclosed their intentions to radically incline to data digitization for becoming future-ready.
Effect of Digital Transformation On Economies
The trading methods are way better and advanced today than before. The revolution of digitization has surprisingly shown some amazing economic growth, which includes the data exchange of data also. To regulate this practice, the World Trade Organisation came up front with one of the key agreements called the Information Technology Agreement (or ITA) of 1997.
It apparently helped member countries to heave a sigh of relief by removing the burden of import duties on the information technology goods like laptops, smart phones and other hardware. This has boosted the resources for IT-BPM sector’s growth. Now, this IT-BPM sector of India, for example, is steadily earning 7.9 percent of its GDP, employing around 4.4 million people in the last five years. This profit margin is going to exceed $310 billion by 2020.
Accelerating Demand for Digital Data Driven Intelligence Automation
Data digitization has created a massive requirement for the cloud computing due to its benefits. It’s quickly becoming a household name. Together with it, organizations are demanding for data quality, as the information should be relevant and accurate during cloud migration so that discrepancy cannot interfere with the end result, i.e. business intelligence.
However, a report by IDC states that 60 percent of organizations are still struggling with the quality. It’s indeed a major challenge that can disturb the final decisions or strategies. In the present scenario, the demand for AI-driven intelligence is on the rise for introducing automation. Alexa, voice assistance by Google and a lot more AI-based apps are taking organization to the radically digital future. This cannot happen unless organizations have cleansed databases, which can later feed AI algorithms to trigger automation in various business practices.
Advantages of Having Digital Business
- Undisturbed Automation
- Addressing Data-based Challenges
- Data Warehousing
- Fast Turnaround Time (TAT)
- Data Governance