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The process by which access to technology rapidly continues to become more available to more individuals is referred to as the democratization of technology. In recent years, there has been a marked trend to link smart manufacturing with multinational corporations in the automobile, aerospace, and process industries.
The democratization of information technology is essential for the lifespan of businesses, and it offers several benefits that will speed businesses down the path to digital innovation. As per a report, by the end of 2021, data-centric enterprises will have annual revenue of $1.8 trillion.
Most of the impetus for smart manufacturing comes from larger firms. However, if you look at it closely, IT democratization leads to the growth of an organization.
1. The Democratization of Data Creates an Equal Playing Field
Increased access, trust, and accountability are the direct results of data democratization. Wheeler believes that lifecycle issues may be mitigated by increasing the degree to which manufacturing platforms are democratized. Those with such data are in a better position to make decisions.
Companies can scale processes more quickly than ever before and reduce barriers such as infrastructure or cost thanks to leaps in technological innovation in areas such as artificial intelligence (AI), cloud computing, and software robotics. These innovations are powerful democratizing factors in the business world.
2. The Outcomes Are Encouraging
Data is essential in differentiating one company from another and is a primary source of value. It is estimated that 2.5 quintillion bytes of data are produced every day, and the growth rate is only escalating thanks to the IoT.
There are four important advantages of data democratization for companies:
- Better, quicker decisions
- Increased productivity
- Superior customer satisfaction
- Greater financial gain
3. Leads to Innovation
Even the largest and most well-established businesses are undergoing profound shifts as a result of the democratization of data.
It’s not enough to try to close the transformation gap by focusing on the upskilling of individual contributors to make up for the fact that technology is fundamentally changing companies’ operations. For businesses to be agile in innovation, they need to discover methods to raise the tide and boost the competencies of all the people working inside their company.
The democratization of technology is only a facilitator for social change. To generate value for your company, you must also make it possible for your employees to contribute their unique perspectives and experiences.
Creating opportunities for learning and knowledge-sharing across your organization means building communities of practice. It also requires offering integrated learning experiences for your employees to gain confidence with emerging technologies.
The democratization of data provides your company with the tools it needs to provide an amazing and consistent consumer experience across all touch points, from in-store to online.
When departments that deal directly with customers, such as customer service and sales, have access to reliable client contact data, it’s much simpler to communicate with customers and prospects through the channels of their choice. As a result, this creates a unified experience for your customers’ interaction with your brand.