Table of Contents
- ICT AND DIGITAL BUSINESS
- CLOUD COMPUTING & STORAGE
- Cloud Storage and Cloud Computing
- Advantages of Cloud Computing
- Disadvantages of Cloud Computing
- Suitability (Cloud Suitability)
- Applications of Cloud Computing
- Cloud Computing to Improve Digitalization
- Types of Cloud Computing (SaaS, IaaS, PaaS)
- Towards a Hybrid Cloud
- Privacy and Security Challenges
- Possible Measures: Privacy & Safety
- CRYPTOCURRENCY
- References
Importance of ICT in Digital Business
In terms of ICT, any digital technology that facilitates the acquisition and use of information by individuals, corporations, or other organisations is included. All electrical devices that can read and write digital data fall into this category. Therefore, ICT is concerned with the storage, retrieval, and transmission of digital data. ICT improves the efficiency, effectiveness, and responsiveness of the organisation to consumer needs. ICT can help with design, production, R&D, distribution, marketing, and feedback in the workplace (Li, J., Greenwood, D., Kassem, M., 2019). According to Prof. Nassef, contrary to common belief, ICT will lessen the necessity for face-to-face contact and therefore result in greater economic upheaval. ICT should foster industry integration, he says. Prof. Nassef also claims that online job search and employment provide potential benefits to the labour market and the economy by reducing transaction costs and improving employee space cooperation by spreading more information about work.
The widespread use of computers and software development has led to significant changes in the operations of accounting companies; however, the impact of these developments remains to be fully explored. As a result, future research into this field is needed to evaluate the effects of innovation in business accounting on research using a systematic questionnaire that can be submitted to financial firm managers (Hunhevicz et al., 2020).
Collaboration Tools
According to software developers, the coronavirus has had a significant influence on how and where people go to work. Many software businesses have already begun adapting their products and services to fit the wants of their consumers — who are not even aware they have these needs — since we have only lived in this new reality for a few months. This is all in the name of addressing their demands (Wang et al., 2017).
Having a large number of information workers working from home grew more crucial, therefore volume became more critical. All three of these well-known SaaS systems — Zoom, Google Meet, and Microsoft Teams — had to cope with massive traffic spikes fast. An increase in users has highlighted some of the vulnerabilities and security problems of many programmes, forcing them to adapt to usage conditions that could not have been envisaged when they were designed (Perera et al., 2020).
The work-from-home trend has taken a long time for software producers to make changes to more user-facing elements of their products, but we are already seeing a lot of improvement in the software categories that are most impacted. It used to be that collaboration tools were helpful but not necessary aspects of an office software package, but now they are crucial for not only business duties but also for employees’ social life and mental health (Scott et al., 2020).
As a result, we have not been posting as often to PCMag Labs. The emphasis here will be on the adjustments that these software businesses aim to implement in the next months to better serve their customers’ demands. These technologies were already in use before the epidemic, but their rapid adoption and the vast variety of ways in which organisations and individuals today utilise them illustrate how rapidly software can be produced when it is required.
Tool #01: Sketchboard
Sketchboard is a white online board that allows remote groups to engage in real time. For one user, it costs $8 per month. Consider it a permanent whiteboard that’s easier to reach online than in the conference room. Another option to envision jointly is to use a sketchboard, which allows team members to imagine abstract thoughts and drawings on visual paper at the same time. Software and website development, project management, and corporate intelligence all benefit from these qualities. Additionally, it may be utilised to facilitate online collaboration and education.
Linked components move in sync with each other thanks to dynamic linking. As a consequence, teams may collaborate more effectively since the whiteboard never ends. By making comments and swapping drawings on the sketchboard, users may communicate with one another through the in-system chat tool (Turk et al., 2017).
(To view everything at once, use a sketchboard instead of a drawing tablet. It’s also possible to double-click anywhere on the screen to zoom in and out and go to that location.) SaikItTanabe established Sketchboard.io. With Sketchboard’s integration with Google Drive, Slack, and GitHub, companies who currently utilise these services may improve collaboration. Sketchboard has been used in this fashion by some users.
Having access to earlier sessions and drawings in Sketchboard makes it appear like a visual counterpart of other systems like Slack, where all of the discussions are saved for life. For teams spread out throughout the globe, a central solution like this may help them remain connected to their work by providing visual components (Nakamoto et al., 2008).
First impressions of Sketchboard were that it was simple to learn how to use. We were able to quickly drag different graphic elements to our shared screen and create simple free drawings on a white board with no prior experience. We found the annotation tool and discussion, which allowed team members to comment on areas of the board while debating them, to be really useful.
Tool #02: Askaway
Remote workers may organise question and answer sessions with Askaway, a free remote work application. It facilitates the exchange of information and ideas amongst individuals. For many conferences and events after the epidemic, digital or web-only formats have made it easier to communicate with those who live far away. “As the demand to transmit a large amount of information to a large number of people at once has grown, so has the need for those large numbers of people to ask questions and ensure they truly comprehend what’s being said,” said Leigh Bryant, Myplanet’s Brand and Content Manager (Tezel et al., 2020).
Some of Askaway’s newest capabilities, according to Bryant, are especially useful for firms dealing with the COVID-19 pandemic. “As we face extremely difficult talks that people are generally shy about discussing, we have observed an increase in the use of anonymous mode.”
Askaway, a Google G Suite powered video conferencing service, may be used with any other service. An individual query interface that is clear and easy to comprehend is available for more advanced capabilities. Other team members may join and ask questions both during and after a conference call by setting up their own meetings. Gale Moutrey, vice president of Steelcase, noted that when we return to work, remote Q&A would be even more critical.
Cloud Storage and Cloud Computing
Cloud computing refers to a method of storing and retrieving data over the Internet. It does not alter the hard disc of the computer. Using cloud computing enables access to data that is stored on a remote server. Our world is always evolving, thus all companies and organisations must adapt to new technologies. It’s because of this that Digital Transformation has become a catalyst for change. The success of a company is increasingly dependent on the quality of the customer experience it provides.
The following sections provide a structured overview of the advantages, disadvantages, suitability, applications of Cloud Computing and its role to improve digitalization.
Advantages of Cloud Computing
Cost Savings
One of the most significant advantages of cloud computing is the possibility to save money. It enables significant cost savings by obviating the necessity for physical hardware (Swan, M., 2015).
Strategic Edge
Cloud computing gives an advantage in the business world, so it can perform better. One of the most appealing things about Cloud services is that you don’t have to spend time or money downloading new programmes.
High Speed
You can launch a cloud-based service in the location with only a few mouse clicks. It may be able to obtain the resources needed for the system in a shorter period of time with faster deployment.
Back up and Restore Data
To back up and restore data when it is stored in the cloud is much easier than when it is stored on-site. This can be a long process when done on site (Cearley et al., 2019).
Automatic Software Integration
Automated internet storage and computer program integration are already commonplace. Because of this, you don’t have to spend additional time customising and integrating the apps to meet unique needs.
Reliability
The dependability of virtualization is one of its most essential advantages. You will always know what’s going on.
Mobility
In both on-site and distant locations, staff will be able to utilise all of the company’s tools rapidly. All they need is an internet connection.
Unlimited Storage Capacity
The amount of storage provided by a cloud-based service is almost limitless. You will be able to rapidly increase storage space with the same monthly fees at any moment (Bech et al., 2017).
Collaboration
The use of a cloud-based system allows personnel in different parts of the world to work together in a safe and acceptable way.
Quick Deployment
Finally, you will be able to get up and running quickly thanks to the cloud. Consequently, if you do decide to utilise the cloud, the whole system may be functional in a matter of moments rather than days or weeks. The amount of time required will depend on the kind of technology employed in the company.
Other Significant Benefits of Cloud-based Computing
In addition to the above, a few other Cloud-based Computing advantages include:
- On-Demand Self-maintenance
- Multi-tenancy
- Offers Resilient Computing
- Fast and effective virtualization
- Provides low-cost software
- Offers advanced online security
- Location and Device Independence
- Always available, scales automatically to demand
- Allows pay per use
- Control and interfaces accessible online
- Availability of API access
Disadvantages of Cloud Computing
Cloud Computing has a number of important drawbacks, including the following:
Performance Can Vary
As a cloud-based company, your application is hosted on a server that also serves other companies (Christidis et al., 2016). A denial of service attack or other tenants’ selfish behaviour might put the shared service at jeopardy.
Technical Issues
Problems with other technologies may quickly wipe away cloud computing’s potential. Even the most meticulous cloud service companies may encounter difficulties.
Security Threat in the Cloud
When you utilise the cloud, it might be difficult to keep data secure. Make sure the company’s critical data is protected by using cloud computing. This means that you will be handing the whole database of the business to a third-party service provider. There is a chance that this information will get into the hands of hackers.
Downtime
When it comes to cloud computing, it’s crucial to consider downtime. Because of power outages or poor internet connectivity, the cloud service provider may not be able to meet the needs. Service maintenance is another possibility.
Internet Connectivity
Cloud computing requires a high level of stable Internet connectivity. If you don’t have access to the internet, you can’t utilise the cloud. Data from the cloud is also no longer accessible (Crosby, M., et al., 2016).
Lower Bandwidth
Many cloud storage companies impose restrictions on the amount of bandwidth their users may access. This means that if the company goes over its budget, the additional expenses might be substantial.
Lacks Support
Cloud computing employees complain that their employers don’t provide adequate assistance. They also urge consumers to look at FAQs or receive assistance online, which might take a long time for those who are not extremely tech savvy.
Suitability (Clouduitability)
“Clouduitability” is a term for cloud fitness. The concept of “Cloud Fitness” lies at the heart of Clouduitability. An application’s name will appear in these parts to demonstrate how effectively it integrates with the cloud and how much of a load it is on the IT infrastructure.
Identifying whether or not a given software is truly cloud based and hence beneficial to the company is critical when IT and the business collaborate on cloud planning and management.
Applications of Cloud Computing
A broad variety of businesses may benefit from cloud service providers, including the arts, commerce, data storage and backup, education, entertainment, and administration.
These cloud computing applications are used by the vast majority of people:
1. Art Applications
- Moo
- Vistaprint
- Adobe Creative Cloud
2. Business Applications
- MailChimp
- Salesforce
- Chatter
- Bitrix24
- PayPal
3. Data Storage and Backup Applications
Cloud computing allows us to store data and files on the cloud. We can then use an internet connection to get to it. Fortunately, because of their role in ensuring data safety, cloud service providers have a wealth of backup and recovery methods at their disposal.
4. Entertainment Applications
Multi-cloud: this is the approach that the entertainment sector uses to interact with its clients. Fun programmes like online gaming and video conferencing may be accessed with cloud-based computing.
5. Management Applications
One of the most important advantages of cloud computing is that it enables IT managers to do a wide range of tasks linked to the cloud. It also allows administrators the ability to manage platforms, applications and infrastructure (Schroeder, S., 2017).
Cloud Computing to Improve Digitalization
Types of Cloud Computing
The cloud consists of three types of services:
Software as a Service (SaaS)
Software programmes are stored on a third-party cloud service provider’s servers and made accessible to anybody, everywhere at the same time. Examples: Google Apps, Dropbox, BigCommerce, HubSpot (Taylor, P., et al., 2020).
Infrastructure as a Service (IaaS)
Third-party suppliers may provide computer platforms, operating systems, databases, and other software and hardware solutions. These include Microsoft Azure, Amazon Web Services Elastic Beanstalk (AWS), Heroku, and Google Cloud Platform (Cachin, C., 2016).
Platform as a Service (PaaS)
Storage, data centre space, and security may also be available from a third party provider. Servers and network components may be available as well. Digital Ocean and Rackspace are examples.
Cloud Computing Empowers Digital Business Transformation
When it comes time to replace an outdated IT system, every firm should embrace the digital transformation process in order to remain competitive and offer value to the organisation. New technologies that accelerate, automate and optimise processes, including AI, machine learning and big data, should also be used by businesses (Nakamoto, S., 2008).
Cloud Computing Benefits (Cost & Scalability)
Businesses may save money by using the cloud since they don’t have to invest in their own IT infrastructure. In a rapidly changing company, this is extremely critical. Cloud solutions are particularly cost-effective since they can be customised to match the requirements of a given organisation. Business customers only pay for the services they utilise via a scalable framework approach. Businesses may not want to spend a lot of money creating and maintaining a costly IT infrastructure in this scenario.
Towards a Hybrid Cloud
Businesses are shifting away from utilising the public cloud exclusively in favour of hybrid cloud architectures, which combine private and public resources on a single platform. To ensure compliance with laws, businesses may use this hybrid cloud to access a larger amount of data, save money, and protect their data.
An on-premise system may be linked up with a cloud service provider for greater operational efficiencies. A faster distribution of apps and services is made possible by this method. As long as the programme is running on the public cloud, customers may use it.
Privacy and Security Challenges
Developing a worldwide digital civilization that is both trustworthy and dependable is hampered by concerns about cybersecurity and privacy. Because of limited capabilities, unsupervised nature, and dependency on components that may or may not be trustworthy, hackers are increasingly focusing on cyber-physical systems and the Internet of Things (Patton, M. Q., 2001).
1. Adapting to a Remote Workforce
The number of individuals who work from home has increased significantly. As the virus continues to spread, a number of organisations are considering hybrid work arrangements. There are a number of ways to do this, including reopening offices or employing remote workers.
Due to a dispersed work environment, cybersecurity issues that affect employees who work from home are becoming more prevalent. A security breach is more likely to occur if there are more persons working from home and connecting to their home networks.
2. Emerging 5G Applications
A lot of companies were interested in taking advantage of the promise of 5G — whether it was mobile phone providers offering it to consumers or manufacturers attempting to better their processes. The new 5G technology has a bright future, making wireless connections quicker and more responsive.
3. Blockchain and Cryptocurrency Attacks
More people are interested in the blockchain and cryptocurrency areas than ever before, and this trend is expected to continue. Because bitcoin transactions are conducted online, safety steps should be taken to avoid identity theft and other risks (Huckle, S. et al., 2016).
4. Internet of Things (IoT) Attacks
For those unfamiliar with the Internet of Things (IoT), it is a network of sensors that link physical objects to each other. Cybercriminals may be able to get their hands on more and more data when it is sent across devices.
Possible Measures: Protecting Privacy, Ensuring Safety
In the wake of the pandemic, governments, as well as public and private organisations, have taken necessary measures to stop the virus from spreading and assist those who have been affected. Several nations are using state-of-the-art technologies to help battle the illness.
A great deal of controversy has erupted about how best to respond to pandemics, recover from them, and safeguard people’s privacy in the process of collecting and processing private and health related information.
Cryptocurrency: Definition & Fundamentals
Cryptocurrency, often known as crypto, is any sort of digital or virtual money that employs encryption to secure transactions. The term “cryptocurrency” or “crypto” may also be used to refer to this kind of digital currency. There is no central authority that issues or controls cryptocurrencies. Decentralised systems are used to record transactions and create new units (Maese, V. A. et al., 2016).
A cryptocurrency is a kind of digital money that does not rely on traditional financial institutions to process payments. This so-called “peer-to-peer” technology may be used to send money from one person to another.
Importance of Cryptocurrency for Business
If you are a company, you may utilise virtual tokens or currencies to make transactions or investments. By the end of 2020, some 2,300 establishments in the United States, excluding Bitcoin ATMs, accepted bitcoin as a means of payment. A digital payment system that doesn’t depend on banks to verify transactions is known as bitcoin. This simplifies and speeds up the exchange of money. In the same way that a currency has positive and negative aspects, embracing cryptocurrencies in business has both.
Pros of Using Cryptocurrency in Business
According to technology specialists, the advantages of cryptocurrencies, particularly for organisations that operate only online, are enormous. Some of the advantages are listed below.
Safety and Security
People’s safety and security is a primary objective. The speed of transactions using bitcoin is superior to that of conventional money. Speed is critical in the business sector when it comes to collecting and processing payments.
Growth of the Company
Growth necessitates change, and we live in rapidly changing times. Shoppers and digital currency enthusiasts alike are looking for more convenient methods to pay. As the area of financial innovation continues to increase in importance, incorporating cryptocurrencies into the company can help it get a foothold in this rapidly expanding market.
Low Transaction Fees
Transaction fees are often tacked on by credit card processors. As an example, you may be charged up to 4% of the purchase price if you use PayPal to purchase something (or sometimes more).
In contrast, Bitcoin transaction costs are often extremely cheap, if not free. In terms of cryptocurrency trading platforms, Binance is a household name. Transaction costs range from 0.04% to 0.10%, depending on the amount of money transacted.
Cons of Using Cryptocurrency in Business
Despite its many benefits, bitcoin is not without downsides. Some of the disadvantages are as follows:
Complex Set-up Process
Making a bitcoin payment option may take longer and need more effort in certain situations than other forms of transactions. A third party exchange may operate as a go-between for you and your customers, or you can create your own company wallet. These may not be major issues in the long run, but they might be a major deterrent in the short term.
Volatility & Fragmentation
About 2,000 distinct cryptocurrencies exist, as previously stated. If this volatility affects the firm, the customers and other businesses may also migrate to another digital currency. The price can rapidly decrease.
Adoption of Cryptocurrency for Business (Bitcoin)
There are both advantages and disadvantages to adopting cryptocurrency for business transactions. With every new area, there are unknown dangers as well as great temptations to be taken advantage of. A firm that is contemplating employing cryptocurrency has to know why they are doing so and what questions to ask when they do so. It must plan ahead, be prepared, and conduct the bitcoin trading in the correct manner if it wants to succeed.
There are two options when it comes to employing cryptocurrency in the business: accepting crypto enabled payments or keeping bitcoin on the balance sheet. Finding the optimal route for the company requires a great deal of investigation. Before making a decision, weigh the advantages and disadvantages, expenses, risks, and system needs.
References
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