The fourth industrial revolution is currently underway, and according to experts, sectors all over the world are undergoing a digital transition. These industries are becoming more and more dependent on digital systems as a result of the innovative technologies, particularly those that are currently being used in areas like education, health, finance, security, and commerce.
Digital transformation, however, can be a lofty idea whose implementation necessitates complex procedures that businesses aren’t always able to fully comprehend. According to numerous publications evaluating real-world case studies, a startling 70% of all digital transformation fails to yield the anticipated benefits and, in some instances, turns out to be worthless. Numerous factors contribute to these consequences of digitization efforts, but at their core is the requirement to redesign traditional corporate procedures and customer attitudes.
The COVID-19 pandemic poses an extraordinary threat to the entire world right now. This has temporarily halted the majority of industrial research and digitalization efforts, but it has also highlighted the vast prospects that firms confront when fully implementing contemporary advanced procedures and methodologies.
Nearly $900 billion of the $1.3 trillion invested in digital transformation efforts in 2019 went toward projects that fell short of the required end goals. A crisis that no one anticipated has pinned enterprises around the world with the start of 2020. With the widespread use of labour management, productivity-boosting, and digital finance technologies, businesses are learning exactly what they need to do to adapt their operating cycles to operate with contemporary technology.
It has become clear that there is a need for quick measures to embrace digital systems on all levels across the country in light of the appearance of the Coronavirus pandemic and the accompanying lockdowns that have led to a general economic slowdown.It necessitates re-engineering of fundamental conventional processes that have been used since the beginning of time.
There are significant developments taking on in our financial industry. Transactions of all sizes are becoming considerably more straightforward, quick, and reliable thanks to digital banking solutions offered by retail financial institutions and mobile banking applications. In Pakistan, 100 million adults lack bank accounts. This group does not have access to digital banking, and up until recently, moving a particular amount from one location to another required enduring severe hassles.
If we are to survive the current threat and on a steady course for attaining our digital goals, a sizable amount of work is still required. Collaboration between the public and private sectors is necessary. Experts should also be consulted when formulating policies in this area. It remains to be seen whether these modest projects will be able to lead to a broader, more prosperous, and ultimately full digital revolution in the nation, but the indicators are quite encouraging and nature has already demonstrated that it is essential.