Impact of Digital Technology on Modern Economy

The modern world is deeply influenced by digital technology, which has transformed various aspects of our lives, including communication, education, workstations, tablets, and cell phones. Digital technology has enabled faster communication, data storage, and online payment systems, making it easier for people to access information, shop, and entertain themselves. Additionally, digital technology has revolutionized the banking and finance sector, allowing for web-based transactions, bill payments, and remote money transfers. The impact of digital technology is not limited to specific sectors or industries; it has permeated all aspects of modern life, making our lives easier, faster, better, and more fun.

Digital Technology
In the present situation and condition, the use of mechanized headways like social media and
digital platform is exhaustive and they are all around generally used by individuals in all settings.
Electronic advances make an impact upon what, why, where and how the general population
takes in and who they gain from. The no matter how you look at it use of automated progressions
is as PCs, workstations, tablets, mobile phones, PDAs, and so on. The standard inspiration
driving propelled advancements is to outline a relationship between the general populations
rapidly, effectively and cost-suitably. The general population gets related with each other with an
enormous extent of cutting edge organizations and resources. There are different preferences of
learning with cutting edge progress, on the other hand, they are joined by specific troubles
similarly as perils for the understudies.
Introduction
In simple language digital technology can be defined as an electronic tools, devices, system and
resources which help in generating, storing and processing of data in an effectively manner
through electronically. The well-known and recognized examples include online games,
multimedia, social media, and mobile phones. In an era of globalization and technological
advancement, there is a need for digital technology. Our time has come to see the essential
significance of advanced innovation in our day by day lives. It enables us to open a tremendous
accumulation of data and correspondence information. Every sort of assignment, be it an
ordinary errand or an occupation explicit undertaking requires advanced capability or education.
Computerized proficiency can be characterized as "the capacity to utilize advanced innovation,
specialized devices, and additional systems to get to, oversee, coordinate, assess, and make data
so as to work in an information society.
Digital technology is the need of the hour as nothing is confined to a particular nation
everything’s is going out of the nation due to globalization and advancement in technology. Now
a days almost all the business organization is using digital technology in their operational
activities. It is because digital technologies help the business organization in performing the
activities in an efficient and effective manner. It also enhances the operational effectiveness at
large which in return help the organization in attaining competitive as well as a strategic
advantage in the market. In an ear of technological advancement and development, there is a

1
Human Behaviour in Organisation
huge need for adopting digital technology. It is because digital technology like social media
helps the organization in promoting its offerings to a wide network in a fraction of time. The
reach of social media is high which help the business organization in promoting its product and
services at large in an effective manner. Proper communication and coordination are also
possible with the digital economy. Communication through social media and other technology
help in establishing faster communication process.
Latest Digital Technology
We are all living in an era of technological advancement. Now a days there is an increase in
competition among the industries which demand digital technology adoption. Hence from time
to time, there is new innovation and trends in digital technology emerging. Moreover, digital
technology has captured almost all the industries and making compulsory for all the business
organization to effectively utilize the digital technology such as social media, virtual leaning and
so on in a way to enhance the effectiveness and efficiency at large for the longer period of time.
Distributed ledger technology, extended reality, artificial intelligence, and quantum computing
are some recent digital technology which is helpful in performing operational activities within
the organization effectively and efficiently.
Digital technology is electronic instruments, frameworks, gadgets and assets that produce, store
or procedure information. Understood models incorporate web-based life, internet diversions,
media, and cell phones. Computerized learning is any sort of discovering that utilizations
innovation. It can occur overall educational program learning zones.
Importance of Technological Advancement
Digital technology has changed about each part of present-day life. Travel, work, shopping,
excitement, and interchanges are only a portion of the regions that have been reformed in late
decades. It's presently uncommon to locate an electronic gadget or bit of apparatus that doesn't
consolidate computerized innovation somehow or another.
Digital technology implies that gadgets can be progressively conservative, quicker, lighter, and
increasingly adaptable. Enormous measures of data can be put away locally or remotely and
moved around for all intents and purposes momentarily. Indeed, even the expression "data" has

2
Human Behaviour in Organisation
extended to incorporate media, for example, photographs, sound, and video, and never again
alludes to simply words and numbers.
Social connectivity- Digital technology or computerized innovation makes it simple to keep in
contact with companions, family, and work remotely, regardless of whether you are in another
piece of the world. You can impart by words, video, sound, and trade other media. Sites,
applications, and programming have all been made to assist clients with socializing. With online
life, informing, messaging, workstations, tablets, and cell phones, no one need feel disengaged in
the computerized world. News and nearby occasions update clients normally.
Faster communication- Digital technology enhances the communication process at large.
Transfer of a large amount of data and information is been possible effectively with the help of
digital technology.
Advantages of Digital Technology
With the expanded significance of innovation in the public eye, advanced proficiency is picking
up acknowledgment as the most important apparatus for long-lasting learning. I don't get this'
meaning? Basically, as residents of a worldwide society, the impact of web based life,
innovation, and online assets are huge. For kids, the entrance to a home PC with web improves
their probability of school participation exponentially. For grown-ups, the consistently advancing
tech world can either enable them to succeed or keep them down.
Moreover, society has changed in the course of the most recent 15 years. It has turned out to be
progressively imperative to proceed with training in the wake of entering the workforce. The
impact of innovation in business is the principle explanation behind this new order. In early
learning through adulthood, advanced education is demonstrating the most guarantee for
progress. The edutech business has since a long time ago centered on the estimation of
computerized competency for youngsters. It's time computerized proficiency was joined into
grown-up instruction similarly, yet with a couple of alterations.
Versatile Working- The idea of work has been changed by advanced innovation or we can say
digital technology. Expanded network alternatives imply that numerous individuals currently
have unquestionably more open doors for telecommuting, as remote working turns out to be
progressively normal. Numerous employments should now be possible from hundreds, or even a

3
Human Behaviour in Organisation
huge number of miles away without trouble. Without the requirement for all laborers to be
available in a similar structure, numerous other adaptable working practices are currently
conceivable. Hence, expanded network alternatives imply that numerous individuals currently
have unquestionably more open doors for telecommuting, as remote working turns out to be
progressively normal.
Data Storage -Advanced innovation or digital technology empowers the capacity of enormous
measures of data in generally little spaces. A lot of media, for example, photographs, music,
recordings, contact data, and different archives can be conveyed on little gadgets like cell
phones. Just as physical areas, information can likewise be put away web-based, empowering it
to be gotten to from any gadget which has web get to.
Role of Digital Technology in the Modern Era
In a modern era technology has an impressive influence upon the economy as a whole. Digital
technology plays an imperative role in the modern economy. The role and significance of digital
technology are not confined to a specific field or sector. It has a wide range of the spectrum.
Digital technology or innovation in technology has made it feasible for the disclosure of
numerous multi-practical gadgets like the smartwatch and the cell phone. With these
insurgencies, innovation has likewise made our lives simpler, quicker, better and progressively
fun. In a globalized economy, the digital economy is playing an imperative role. Over recent
years, innovation and technology have transformed our world. Technology has created
remarkable tools and resources, putting useful information at our fingertips. Digital innovation
enables us to open a tremendous accumulation of data and correspondence information. Every
sort of assignment, be it an ordinary errand or an occupation explicit undertaking requires
advanced capability or education. Computerized proficiency can be characterized as "the
capacity to utilize advanced innovation, specialized devices, and additional systems to get to,
oversee, coordinate, assess, and make data so as to work in an information society.
Following are some points which highlight the impressive influence of the digital technology-:
 It has changed the way of communication- Technology especially digital innovation has
made the process of communication very smooth and effective.

4
Human Behaviour in Organisation
 It has changed the way of paying the bills and money- Innovation in the technology
especially in the digital world made the payment system more flexible and convenient. It has
made the online payment system easier, now people need not to go anywhere to transfer the
money or to clear the bills and dues. People in their comfort zone can make various payment
and can clear their dues in an effective and efficient manner.
 It has changed the way of shopping and marketing- On line shopping and marketing is one of
the gift given by the digital innovation and technology. Now almost all the people use digital
platform to do their marketing and shopping. People across the globe can shop easily from
anywhere to anywhere. In this era of digitalization people need not to go outside of their
comfort zone to make necessary things available for them, instead they shop through digital
platform.
 It has changed the way of getting entertainment- Now with the evolution of digital
technology way of getting entertainment has also increased. Now people use to spend time
with their mobile phones and get entertained. List of entertainment has increased with the
increase in the digital innovation. Now student and children use to play online games and
spent their quality time surfing and chatting.
 It has changed the manner of how we live out and Inside of our homes- Innovation in the
digital field changed the manner and way of how people are living inside and outside of their
home. Now a days almost all the people use to find the sources of entertainment and other
daily lives stuff online which make their life easier and pleasant. Now with the increase in
the use of digital platform people are not required to go out of their comforts zone to manage
their livelihood and to get entertained.
 It has changed the way of shopping and marketing- On line shopping and marketing is one of
the gift given by the digital innovation and technology. Now almost all the people use digital
platform to do their marketing and shopping. People across the globe can shop easily from
anywhere to anywhere. In this era of digitalization people need not to go outside of their
comfort zone to make necessary things available for them, instead they shop through digital
platform.
Innovation and technology has imperative effects on business activities. Regardless of the size of
the undertaking, innovation has both substantial and elusive advantages that will enable the
origination to earn maximum profit and deliver the outcomes of its client's request in most

5
Human Behaviour in Organisation
effective and efficient manner. Mechanical foundation that is technological infrastructure
influences the way of life, effectiveness, and connections of a business.
Role of digitalization in banking and finance sector
There's no uncertainty that digitalization has prompted a revolution in money related issues that
is financial matter. Web based banking done either through a PC, tablet, or telephone application
is presently the standard. Bank clients would now be able to check their approaching and active
installments remotely, just as mastermind cash moves and bill installments. Outside of banking,
other monetary issues, for example, purchasing and selling money and offers can be managed on
the web. Moving cash between records both broadly and universally has likewise observed a lot
of development as of late.
It's even simple to pay for things utilizing just your cell phone. You don't need to convey money
when you go out on the town to shop. Google Wallet and Apple Pay interface your financial
balance to your cell phone, where your cash is safe and secure. Moreover, similar machines you
use to swipe your charge card at the store currently permit versatile installments from your
telephone. Moreover, Outside of banking, other monetary issues, for example, purchasing and
selling money and offers can be managed on the web effectively and efficiently. Moving cash
between records both broadly and universally has likewise observed a lot of development as of
late.
Digital organisation or computerized organizations use innovation and technology to make new
plans of action and to add values to the business model, client encounters and the inside
capacities that help its center tasks. The term incorporates both advanced just brands and
customary players that are changing their organizations with computerized innovations.
Conclusion
It has been comprehended that computerized innovation has picked up noticeable quality
everywhere throughout the world. At the point when people utilize computerized innovation,
they have a reason. They either need to speak with others, share data, obtain data, create
mindfulness, overhaul their insight and aptitudes, devise imaginative methodologies and
strategies in their work, etc. So as to accomplish the reason, it is crucial for people to have
productive learning and abilities to utilize advanced innovation. To encourage comprehension

6
Human Behaviour in Organisation
and accomplishment of objectives and targets, it is crucial that people be furnished with the
apparatuses and hardware that is required to team up and work in mix that in integration. To
wind up the motion it can be concluded that digital technology or innovation in digital world has
made the entire economy effective and efficient. Digital innovation has made the economy
versatile and simple. Now with the passage of time digital innovation and technology has gained
prominent importance in the economy. Almost all the business organisation and corporate
business institution use digital innovation and technology in their operational activities as well as
in their marketing activities mainly to make the brand image stronger in the competitive
environment. Moreover, business organisation gained strategic advantage with the help of digital
innovation and technology by fostering their communication process. Digital innovation has not
only impacted business organisation, but it impacted the general people as well in a drastic
manner.