June 13, 2021

The Digitalization Of Everyday Life

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The Digitalization Of Everyday Life: How Far We've Come And What We Can Expect

After years of predictions, the digital era is here. In fact, the last year has cemented that fact. It is now commonplace for employees to work completely remotely thanks to video conferencing technology, businesses use name generators for name ideas, and consumers turn to their mobiles for online research on a product before heading in-store. The progress made in digitalizing our everyday lives has been nothing but remarkable. In fact, from 2017 to 2024, spending on digital transformational technologies rose from $0.6 to $2.39 trillion. By 2025, the digital transformation market is expected to hit $3.3 trillion, according to predictions by Research and Markets. Yet, with such transformational changes, there have been both successes and failures. While the digitalization of everyday lives has mostly been welcomed, there are a few roadblocks it has created. However, there is no denying that it has transformed life as we know it - and will continue to in the coming years.

The Future: Augmented Reality, Artificial Intelligence And Robotics

According to a recent article in the Business Standard, businesses will prioritize digital transformation spending on augmented/virtual reality, robotics, and artificial intelligence this year. Rounding up the Top 6 will be the Internet of Things (IoT), BFSI, and retail consumerism. This makes sense since robotics process automation revenue is pegged to reach almost $2 billion in 2021.

This year has been dubbed the year of artificial intelligence and robotics. In the highly anticipated CES 2021, Samsung introduced two AI-powered companions that focus on Bot Care, and LG introduced its autonomous disinfecting robot - fast-tracked to aid in the pandemic. Similarly, the payments and restaurant industries have accelerated their digitalization plans by using contactless payments and digital menus powered by scannable codes in their bid to shift to touchless technology. This makes payment easier, and reduces contact between staff and customers. However, with the rise of robotic technology, concerns have been growing over the rapid pace of digitalization and what it could mean for life.

The Bad: Isolation And The Increasing Decline Of Human Connectivity

On one hand, digitalization has both created and replaced jobs. With the advancements in robotic technology like logistics, cleaning, or the transport industry, many have feared that robots are taking their jobs. Also, millions of employees have found themselves having to retrain later on in their careers.

Digitalization has also created more instances of loneliness being reported. Loneliness and isolation affect one fifth of the population in the U.S. With the continued growth of technology, human connection is becoming a thing of the past. Companies are using chatbots for customer service, and outsourcing their business processes to bump up profits. More recently, Amazon opened its fully automated supermarkets, giving a glimpse of what the future may look like.

The Good: More Chances To Create Cheaper, More Effective Business Services

On the bright side, digitalization has opened doors for better business management. Thanks to technology, businesses can now offer 24/7 customer service. Digitalization trends like robotics and artificial intelligence have also paved the way for lower operating costs, and allow businesses to better cater to customer needs. Using artificial intelligence and big data, businesses can now analyze customer behavior and plan for upcoming trends. Robotic technology has also meant that overheads (labor costs) have reduced, and productivity is up in many industries.

While the digitalization of everyday life has its pros and cons, there is no denying that it has certainly changed lives. Everywhere you look - in your home, your workplace, and your shopping habits - life has been transformed by digital technology.

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