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Enhance your Digital Quotient

Enhance your Digital Quotient

In this challenging world, technology is becoming more and more disruptive. In this post, we shall look at some of the most important disruptions and it’s impact to engance your digital quotient.

Block Chain

What

  • Blockchain is a distributed decentralized database technology that maintains a growing list of transactions and verifies their permanence. Simply put, it’s a shared ledger for recording the history of transactions – that cannot be altered.
  • It can be public or private based on who has permission to access the ledger and verify transactions
Impact
  • Blockchain has the ability to streamline the transfer of any value (currency, data, information assets) in a secure and cost-efficient way and in real-time.
  • It has the potential to revolutionise transactions across industries. This is especially true of transactions that require multiple authorisations and verifications, contracts and any type of record verification
  • Across industries, Blockchain technologies can improve operational efficiencies via better asset management

Robotics Process Automation

What

  • Robotics Process Automation (RPA) is the use of software with artificial intelligence (AI) and machine learning capabilities to handle high-volume, rule-based, repeatable tasks.
  • What distinguishes RPA from traditional IT automation is RPA software’s ability to replicate the actions of a human being interacting with the user interface of a computer system.
Impact
  • Reduced Costs: Manual or repetitive tasks are carried out by RPA software at a fraction of the cost.
  • Greater Compliance: Business processes can be set to operate in accordance with the necessary regulations and standards.
  • Higher Quality Services: Better accuracy and better customer service.
  • Increased Speed: Processes can be completed at unprecedented speeds.
  • Employee Experience: Increased staff productivity and overall experience.
  • Increased Agility: Reduced overhead and more flexible business resources
  • Comprehensive Insights: Improved efficiency by digitizing and auditing process data.

IoT – Internet of Things

What

  • The Internet of things (loT) is a network of physical objects that contain embedded technology – sensors, actuators, software, network connectivity – that enable them to communicate, sense, interact, collect and exchange data.
  • loT comes to life when its multiple building blocks – objects and devices equipped with sensors and actuators, connectivity, cloud, storage, applications simultaneously operate and communicate with each other.
Impact
  • loT has the potential to transform operations and business models in every industry by driving efficiency and improved decision making. loT benefits include increased operational efficiency, resource optimization, heightened security and safety, automation, productivity gains, enhanced customer experience and environmental sustainability.
  • It has industrial, consumer and business applications

3D Printing

What

  • 3D printing or additive manufacturing is a process of making three dimensional solid objects from a digital file.
  • The creation of a 3D printed object is achieved using additive process in which an object is created by laying down successive layers of material until the object is created. Each of these layers can be seen as a thinly sliced horizontal cross-section of the eventual object.
Impact
  • Greater creativity – Lets you create virtually anything you can imagine using any plastic, metal, ceramic, glass or alloy material you want.
  • Faster product delivery – The 3D printing process can be completed anywhere in the world as long as a printer is available. That means you can produce your products locally, right where your customers live.
  • Creation of small-scale, lightweight models and prototypes – You can easily and quickly produce detailed, to-scale models and prototypes of larger products, parts and components.
  • Risk mitigation – Being able to verify a design by printing a production-ready prototype before investing in expensive manufacturing equipment eliminates the risk during the prototyping process.

About The Author

CA, ISA, CISA, BCAF. Friends call me Techno Savvy Chartered Accountant. I work at EY in System Audit

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