Prospects of Digitization

Global Digitization in Lending Market Size, Share, Prospects ...

It’s no longer news that factories and industries are digitized and have gone beyond the manual and analogue production process. Digitization is the process of converting information into readable formats the computer can understand (digital formats). It involves arranging information into bits. The information could be objects, sound, texts, etc. There are four fundamental elements of digitization which include; cloud, IoT, 5G networks, cybersecurity. Cloud computing and IoT are the technological pillars with which the digital part is Built.

Digitization is essential in the processing, storage, recovery and transmission of data because it enables all manner of information to be transmitted and accessed with ease.

A digital factory is one that makes use of digital technology in its operation. It makes use of software and computers to manipulate machines. The primary purpose of digitization is to encourage fast and smooth production. The application of digitization will help improve the productivity and competitiveness of factories. Also, small and medium scale enterprises can grow into more prominent companies and also penetrate new markets. In other words, digitization can strengthen the industrial sector because it will increase the number of large companies that can compete in large markets; and also the number of people employed by these large companies.

Other Areas of Application

There are other areas of application of digitization apart from the manufacturing industry, one of which is Human resource management. Digitization is becoming the next big thing in human resource management. Employers can avoid the stress of going through thousands of applications with the use of computers. Softwares such as ATS (Applicant Tracking System), etc. can quickly scan through employee applications and select the best candidates based on keywords, skills, qualifications, etc. for further interview.

Other areas include finance, customer service, procurement and supply chain, business, etc.


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