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Industry Trends on Digital Services

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Industry Trends on Digital Services

Digital services refer to services that are provided and consumed through digital means, typically over the internet. These services can be in the form of software applications, online platforms, cloud-based services, or other digital offerings. Examples of digital services include online shopping, social media, online banking, cloud storage, online entertainment, and many others. The main characteristic of digital services is that they can be delivered and consumed instantly and from anywhere with an internet connection. They offer convenience, accessibility, and often, lower costs compared to traditional, non-digital services.

Types of Digital Services

  • Web Hosting: This is when companies provide online storage space for websites so that visitors can access them over the internet;
  • Cloud Computing: This involves providing users remote access to computer and software resources — such as databases, software development tools, analytics capabilities etc., so that these resources can be shared throughout an organization;
  • Streaming Services: These enable customers around the world to stream content or perform tasks without downloading anything onto their device – from watching movies/tv shows on Netflix, Hulu or Amazon Prime Video; listening music on Spotify and Apple Music; playing videogames in realtime with no download required etc.;
  • Mobile Applications: Apps enabled through devices like smartphones have become increasingly popular since 2007 (when Apple first introduced its App Store). Whether it’s messaging apps like WhatsApp, productivity tools like Microsoft Office 365 Suite etc., there has been an explosive growth in app usage by customers across all age groups from millennials upwards.

Upcoming trends in Digital Services for 2023

  • Hyperautomation: Hyperautomation is the application of advanced technologies, including artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA), to automate tasks that are typically performed by humans. Hyperautomation is often used in organizations to improve efficiency and reduce costs. Hyperautomation solutions can be used to automate a variety of tasks, including data entry, document processing, and customer service.
  • Data and analytics: Data and analytics solutions are already being used extensively in all organizations, and this trend is only set to continue. Data and analytics solutions will be increasingly used in shared services to deliver outcomes to businesses. Data analytics can help identify issues and trends, and predict future behaviors. This information can be used to improve service delivery, reduce costs, and increase efficiencies. Additionally, data analytics can help measure and assess the impact of shared services on business outcomes.
  • Blockchain: Blockchain is a distributed database that allows for secure, transparent, and tamper-proof transactions. Unlike traditional databases, which are centrally managed and require trust between parties, blockchain provides a decentralized, consensus-based platform that can be used by anyone without the need for intermediaries. Shared services organizations can use blockchain to create a secure, tamper-proof record of transactions. This is particularly useful for processes like procure-to-pay or order-to-cash, where accuracy and transparency are critical. Blockchain can also be used to create a digital identity for employees, customers, or suppliers. This can help reduce fraud and improve compliance in shared services and global business services.
  • Metaverse: The Metaverse is the post-reality universe, a perpetual and persistent multiuser environment merging physical reality with digital virtuality. It is based on the convergence of technologies that enable multisensory interactions with virtual environments, digital objects and people such as virtual reality (VR) and augmented reality (AR). Hence, the Metaverse is an interconnected web of social, networked immersive environments in persistent multiuser platforms. It enables seamless embodied user communication in real-time and dynamic interactions with digital artifacts. Its first iteration was a web of virtual worlds where avatars were able to teleport among them. The contemporary iteration of the Metaverse features social, immersive VR platforms compatible with massive multiplayer online video games, open game worlds and AR collaborative spaces.

Conclusion

Digital services offer tremendous potential for both businesses and consumers when used appropriately — greater convenience & accessibility across multiple use cases combined with cost efficiencies compared to traditional means makes them incredibly attractive. Plus , they open up new avenues for innovation too – deep-learning techniques powered by machine learning capabilities help create more intelligent & personalized customer experiences compared ever before thereby helping organizations better compete globally in an increasingly competitive business environment.

References

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Industry Trends on Digital Services

Digital services refer to services that are provided and consumed through digital means, typically over the internet. These services can be in the form of software applications, online platforms, cloud-based services, or other digital offerings. Examples of digital services include online shopping, social media, online banking, cloud storage, online entertainment, and many others. The main characteristic of digital services is that they can be delivered and consumed instantly and from anywhere with an internet connection. They offer convenience, accessibility, and often, lower costs compared to traditional, non-digital services.

Types of Digital Services

  • Web Hosting: This is when companies provide online storage space for websites so that visitors can access them over the internet;
  • Cloud Computing: This involves providing users remote access to computer and software resources — such as databases, software development tools, analytics capabilities etc., so that these resources can be shared throughout an organization;
  • Streaming Services: These enable customers around the world to stream content or perform tasks without downloading anything onto their device – from watching movies/tv shows on Netflix, Hulu or Amazon Prime Video; listening music on Spotify and Apple Music; playing videogames in realtime with no download required etc.;
  • Mobile Applications: Apps enabled through devices like smartphones have become increasingly popular since 2007 (when Apple first introduced its App Store). Whether it’s messaging apps like WhatsApp, productivity tools like Microsoft Office 365 Suite etc., there has been an explosive growth in app usage by customers across all age groups from millennials upwards.

Upcoming trends in Digital Services for 2023

  • Hyperautomation: Hyperautomation is the application of advanced technologies, including artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA), to automate tasks that are typically performed by humans. Hyperautomation is often used in organizations to improve efficiency and reduce costs. Hyperautomation solutions can be used to automate a variety of tasks, including data entry, document processing, and customer service.
  • Data and analytics: Data and analytics solutions are already being used extensively in all organizations, and this trend is only set to continue. Data and analytics solutions will be increasingly used in shared services to deliver outcomes to businesses. Data analytics can help identify issues and trends, and predict future behaviors. This information can be used to improve service delivery, reduce costs, and increase efficiencies. Additionally, data analytics can help measure and assess the impact of shared services on business outcomes.
  • Blockchain: Blockchain is a distributed database that allows for secure, transparent, and tamper-proof transactions. Unlike traditional databases, which are centrally managed and require trust between parties, blockchain provides a decentralized, consensus-based platform that can be used by anyone without the need for intermediaries. Shared services organizations can use blockchain to create a secure, tamper-proof record of transactions. This is particularly useful for processes like procure-to-pay or order-to-cash, where accuracy and transparency are critical. Blockchain can also be used to create a digital identity for employees, customers, or suppliers. This can help reduce fraud and improve compliance in shared services and global business services.
  • Metaverse: The Metaverse is the post-reality universe, a perpetual and persistent multiuser environment merging physical reality with digital virtuality. It is based on the convergence of technologies that enable multisensory interactions with virtual environments, digital objects and people such as virtual reality (VR) and augmented reality (AR). Hence, the Metaverse is an interconnected web of social, networked immersive environments in persistent multiuser platforms. It enables seamless embodied user communication in real-time and dynamic interactions with digital artifacts. Its first iteration was a web of virtual worlds where avatars were able to teleport among them. The contemporary iteration of the Metaverse features social, immersive VR platforms compatible with massive multiplayer online video games, open game worlds and AR collaborative spaces.

Conclusion

Digital services offer tremendous potential for both businesses and consumers when used appropriately — greater convenience & accessibility across multiple use cases combined with cost efficiencies compared to traditional means makes them incredibly attractive. Plus , they open up new avenues for innovation too – deep-learning techniques powered by machine learning capabilities help create more intelligent & personalized customer experiences compared ever before thereby helping organizations better compete globally in an increasingly competitive business environment.

References

Blogs

Industry Trends on Digital Services

Digital services refer to services that are provided and consumed through digital means, typically over the internet. These services can be in the form of software applications, online platforms, cloud-based services, or other digital offerings. Examples of digital services include online shopping, social media, online banking, cloud storage, online entertainment, and many others. The main characteristic of digital services is that they can be delivered and consumed instantly and from anywhere with an internet connection. They offer convenience, accessibility, and often, lower costs compared to traditional, non-digital services.

Types of Digital Services

  • Web Hosting: This is when companies provide online storage space for websites so that visitors can access them over the internet;
  • Cloud Computing: This involves providing users remote access to computer and software resources — such as databases, software development tools, analytics capabilities etc., so that these resources can be shared throughout an organization;
  • Streaming Services: These enable customers around the world to stream content or perform tasks without downloading anything onto their device – from watching movies/tv shows on Netflix, Hulu or Amazon Prime Video; listening music on Spotify and Apple Music; playing videogames in realtime with no download required etc.;
  • Mobile Applications: Apps enabled through devices like smartphones have become increasingly popular since 2007 (when Apple first introduced its App Store). Whether it’s messaging apps like WhatsApp, productivity tools like Microsoft Office 365 Suite etc., there has been an explosive growth in app usage by customers across all age groups from millennials upwards.

Upcoming trends in Digital Services for 2023

  • Hyperautomation: Hyperautomation is the application of advanced technologies, including artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA), to automate tasks that are typically performed by humans. Hyperautomation is often used in organizations to improve efficiency and reduce costs. Hyperautomation solutions can be used to automate a variety of tasks, including data entry, document processing, and customer service.
  • Data and analytics: Data and analytics solutions are already being used extensively in all organizations, and this trend is only set to continue. Data and analytics solutions will be increasingly used in shared services to deliver outcomes to businesses. Data analytics can help identify issues and trends, and predict future behaviors. This information can be used to improve service delivery, reduce costs, and increase efficiencies. Additionally, data analytics can help measure and assess the impact of shared services on business outcomes.
  • Blockchain: Blockchain is a distributed database that allows for secure, transparent, and tamper-proof transactions. Unlike traditional databases, which are centrally managed and require trust between parties, blockchain provides a decentralized, consensus-based platform that can be used by anyone without the need for intermediaries. Shared services organizations can use blockchain to create a secure, tamper-proof record of transactions. This is particularly useful for processes like procure-to-pay or order-to-cash, where accuracy and transparency are critical. Blockchain can also be used to create a digital identity for employees, customers, or suppliers. This can help reduce fraud and improve compliance in shared services and global business services.
  • Metaverse: The Metaverse is the post-reality universe, a perpetual and persistent multiuser environment merging physical reality with digital virtuality. It is based on the convergence of technologies that enable multisensory interactions with virtual environments, digital objects and people such as virtual reality (VR) and augmented reality (AR). Hence, the Metaverse is an interconnected web of social, networked immersive environments in persistent multiuser platforms. It enables seamless embodied user communication in real-time and dynamic interactions with digital artifacts. Its first iteration was a web of virtual worlds where avatars were able to teleport among them. The contemporary iteration of the Metaverse features social, immersive VR platforms compatible with massive multiplayer online video games, open game worlds and AR collaborative spaces.

Conclusion

Digital services offer tremendous potential for both businesses and consumers when used appropriately — greater convenience & accessibility across multiple use cases combined with cost efficiencies compared to traditional means makes them incredibly attractive. Plus , they open up new avenues for innovation too – deep-learning techniques powered by machine learning capabilities help create more intelligent & personalized customer experiences compared ever before thereby helping organizations better compete globally in an increasingly competitive business environment.

References