MM#258--What is The Digital Revolution?

Welcome to the Theory to Action podcast, where we examine the timeless treasures of wisdom from the great books in less time, to help you take action immediately and ultimately to create and lead a flourishing life. Now here's your host, david Kaiser.

Hello, I am David and welcome back to another Mojo Minute. In our last Mojo Minute I told you land ho. The digital revolution is here and as a CEO or a small business owner, or perhaps just a personal development guru trying to maximize your systems and processes, you might have asked what is this digital revolution all about? What is it exactly? Well, please allow me to explain. Let's go to our author of the day. So what exactly is digital transformation? Here's my definition Digital transformation describes the strategic application of digital technologies software, hardware, services, skills and data to business processes and practices to improve efficiency, control costs, mitigate risks, expand your customer base, deliver better customer and employee experiences, respond to a rapidly changing business environment, develop new business offerings and uncover new business opportunities. Not particularly sappy, I know, but that's what it is. Note some people refer to digital transformation as the fourth industrial revolution, those called the second machine age. I'll stick with digital transformation, but if you run across these other terms, just know that they generally mean the same thing. This definition begs two questions, important questions. First, which digital technologies are applied to business processes, practices and products? The answer will likely change over time as digital technologies evolve and new ones emerge, but for now, the digital technologies associated with digital transformation are as follows, and there's four the cloud the cloud consists of remote computers that can be accessed via the internet or a local intranet and used for storage software or other computing purposes. There's a notable distinction between computers and compute. The former is a device, while the latter is a measure of data processing capacity. A lot of resources are available on demand at any time, from anywhere. Cloud computing is the bedrock of any digital transformation effort. It supports the use of all the other technologies associated with digital transformation. Number two, and as a service products. They call them AAS products. These include software applications, software development tools, compute resources and other digital assets that operate on computers in the cloud rather than on computers in a company's premises within a data center. Users access these products by connecting to them on the cloud via the internet or a local intranet. Essentially, users rent the product, paying as they go, and release it when they no longer need it. The third digital technology that we are going to talk about of the digital transformation is big data, machine learning and artificial intelligence. This is the one that's making the big splash in the news nowadays. These refer to the practice of using specialized techniques to acquire, integrate, prepare and analyze colossal quantities of data. Big data involves predictive analytics, or evaluating data to forecast the future. As for AI, it's all about prescriptive analytics, suggesting optimal actions or decisions to achieve a given outcome. The final digital technology of this digital transformation or digital revolution that we're witnessing is the internet of things. It's a network of physical objects, called end points, with embedded sensors and microcontrollers that detect and collect data from their environment and relay it to other connected objects or the cloud. This shared data might trigger some type of automated action, or it simply could serve as an input for the big data and AI operations to generate business insights. These four technologies, combined with advanced telecom technologies like 5G, are the foundation of the digital transformation. So that is a very long way around the mountain, just to give you a quick brief on what is going on in the digital revolution space. So in today's super quick mojo minute, I wanted to give you the lay of the land, so to speak, to keep you our captain, the ship analogy going from our last mojo minute. These four big technologies will change the way we conduct business. We are going through a digital revolution. You should learn them, you should see how to integrate with them, no matter if you're a business owner or trying to live the flourishing life Again. The big four are the cloud as service products, artificial intelligence and the internet of things. Now, I would highly recommend this book if you are a CEO or a small business owner, because so far, russell has some great ideas about looking at things from his point of view, from the big chair, as he likes to call it. Now we'll leave you with his final takeaway that is itself a golden nugget of wisdom. Quote this post COVID landscape has changed dramatically, as the shock of needing to digitize all or parts of businesses had to accelerate in weeks, not years. And the quote weeks, not years changes coming rapidly. Let's prepare for it. And a little PS here if you believe in America, if you believe in what America stands for, if you believe this is the greatest country to ever have been created, if you believe in traditional values, if you believe in the promise of America, you don't want to miss this Saturday's Liberty Minute. It will be one of the best ones we've ever put together. We're putting the final touches on it right now, and we will be covering one of the best authors this country has ever produced. So by all means tune in on Saturday to our Liberty Minute.

Thank you for joining us. We hope you enjoyed this theory to action podcast. Be sure to check out our show page at team mojoacademycom, where we have everything we discussed in this podcast, as well as other great resources. Until next time, keep getting your mojo on.