Digital Business is business that is based on digital
media like the Internet, computers or smartphones (not limited to digital
devices like IoT but also others). It is the business that derives most of its
working infrastructure from digital platforms.
Over the past few years we have seen the emergence of
digital web service companies as big behemoths of present business economy.
Companies like Uber are solely driving their revenue from the digital frontier
without any kind of physical capital investment on the end products of their
business, i.e., cars. Recent outburst of video on demand services like Netflix
has become huge compared to the traditional companies without digital business.
Amazon, Facebook, Google and many other digital businesses are booming as more
and more people get acquainted with the World Wide Web.
Traditional business houses that are switching to digital
business by using the perks of SAAS (software as a service) are doing well
compared to the ones non adaptive of technology. Now firms that will invest
some amount of their revenue to alter their current working mechanism to cloud
based solutions will get a benefit in the long run. This is because keeping the
resource that is being used to drive the company on the cloud helps in sharing
the resource in remote branches of the company. The custom tailoring of
resources for specific usage is also very convenient in case of cloud based
platforms.
Now most of the transactions we see are either cash or
digital money of their respective national currency. We are already seeing
transactions done in bitcoins. A bitcoin is a type of digital currency in which
encryption techniques are used to regulate the generation of units of currency
and verify the transfer of funds, operating independently of a central bank.
But in the near future we may see a digital economy where most transactions are
done using blockchain which is a distributed database that maintains a
continuously growing list of ordered records called blocks. Each block contains
a timestamp and a link to a previous block. This way we have assured prevention
of any kind of breach in the security of the transaction data.
Now it has been seen that most of the non-digital
business companies find it hard to incorporate digital platforms in their
existing infrastructure. There is a solution to this problem. Companies instead
of channelling their IT department to migrate their system to digital may adopt
a feasible technology start-up to begin with which can later power their
digital business.
With the invention of better techniques to implement technologies
like machine learning and internet of things, digital businesses are going to
thrive at their zenith in the coming years. New ideas like AI implementation in
customer relations will improve market capturing and drive growth.
In future there will be huge stress on governments all
over the world to transform every transaction into the digital form to
eliminate cases of theft, stealing, or black economy. The Government of India
is already on its heels to make the Digital India initiative successful and
effective. So it is best for every company or start-up to focus on digital
business as it is going to be the most successful domain in business.
4/17/2017 07:12:00 pm
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