By Ali Nawaz Rahimoo
The process of digitalization is moving our processes, products, and services online. We build e-commerce websites, we move our documents and storage to the cloud, we build platforms, and apps, and make everything quicker and more attainable. Digitalization is essential for many businesses to exist in the digital age. This is not an assertion to say those changes are not crucial or beneficial. It’s important to be able to share documents with co-workers, collaborate on projects, and make our products and services more beneficial and accessible for our consumers. This form of inequality is starkly evident in developing countries where women cannot afford connectivity services. Research from Plan International, a development and humanitarian organization that works to advance children’s rights and equality for girls, shows that the digital gender divide in internet access remains largest in the world’s least developed countries at 32.9 per cent. Equal access to technology provides women with education, healthcare, financial services, and economic engagement opportunities. This fundamental right is a vital component for women to receive information that can significantly improve their livelihood and support their families and communities. Without technology, women are not given a fair opportunity to participate in society, impacting their ability to contribute to the economy. Compounding this issue is the fact that women do not have access to banking and insurance products. Currently, women make up 55pc of the world’s unbanked population, meaning almost one billion people today have no means to financial services. Digital banking, which uses mobile and internet technology, gives women from marginalized communities the opportunity to not be financially excluded. Mobile and digital banking has the potential to bridge the gap and transform the financial inclusion landscape by offering cost-effective solutions.
Today, mobile phones are a pivotal tool for economic prosperity, and investing in women to be technologically literate boosts the overall wellbeing of communities everywhere. Empowering more women with mobile phones can accelerate social and economic development. The McKinsey Global Institute estimates that fully incorporating women into the economy would add $12 trillion to the global GDP by 2025. In other words, eliminating the gender divide lifts all nations. A golden opportunity exists where governments, financial institutions and private organizations can foster financial inclusion and create solutions that support an equal society. Closing the digital gender gap and increasing women and girls’ digital adoption is the logical step to equal economic participation. We must work towards building a new generation that has equal opportunity and access to the increasingly digital world of work. As part of Standard Chartered’s commitment to contribute to sustainable social and economic development, its Futuremakers program supports disadvantaged youth, especially girls, in learning new skills and improving their chances of getting a job or starting their own businesses. Last year, the Futuremakers’ programmes reached more than 168,000 young people globally. The bank’s Goal programme aims to develop adolescent girls’ confidence, knowledge and skills to become economic leaders in their families and communities.
The scope of digital technology is vast and continually evolving as technology advances. Digital technology encompasses a wide range of tools, systems, and applications that rely on digital information and electronic processing. Here are some key aspects of the scope of digital technology:
Communication: Digital technology has revolutionized communication, enabling real-time, global connectivity. This includes email, instant messaging, video conferencing, social media platforms, and more.
Information Management: Digital technology allows for the creation, storage, retrieval, and manipulation of vast amounts of information and data. This includes databases, cloud storage, content management systems, and data analytics tools.
Entertainment: The entertainment industry relies heavily on digital technology, including streaming services, video games, virtual reality, and digital art and media production.
E-commerce: Online shopping and digital payment systems have transformed the way people buy and sell products and services. E-commerce platforms are a significant part of the digital technology landscape.
Education: Digital technology plays a crucial role in education through e-learning platforms, online courses, digital textbooks, and interactive educational tools.
Healthcare: In healthcare, digital technology is used for electronic health records (EHRs), telemedicine, medical imaging, wearable health devices, and data analysis for medical research.
Automation: Digital technology is central to automation and robotics, impacting industries such as manufacturing, logistics, and transportation. This includes the use of sensors, IoT devices, and AI-driven automation.
Cybersecurity: With the increasing reliance on digital technology, cybersecurity has become a critical field. Protecting digital assets and data from cyber threats is a constant challenge.
Artificial Intelligence (AI) and Machine Learning (ML): AI and ML technologies are transforming various industries, from autonomous vehicles to recommendation systems and predictive analytics.
Environmental and Sustainability Applications: Digital technology is being used to monitor and mitigate environmental issues, such as climate change, pollution, and resource management.
Space Exploration: Digital technology is used extensively in space exploration for communication, data transmission, navigation, and scientific research.
Financial Services: The financial industry relies heavily on digital technology for online banking, stock trading, digital currencies, and algorithmic trading.
Transportation: Digital technology is transforming transportation with the development of autonomous vehicles, ride-sharing platforms, and smart traffic management systems.
Government and Public Services: Governments use digital technology for citizen services, digital IDs, e-voting, and data-driven decision-making.
Agriculture: Digital technology is improving agricultural practices through precision farming, remote sensing, and data analytics for crop management.
Energy and Utilities: The energy sector uses digital technology for smart grids, energy management, and renewable energy integration. The scope of digital technology will likely continue to expand as innovation and technological advancements occur. As such, it presents numerous opportunities and challenges across various industries and aspects of daily life. Keeping up with the rapid pace of change in the digital technology landscape is essential for individuals and organizations to remain competitive and informed.
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