Digitalization as the future of asset management: Case of Diia

You are reading this article using the Internet on a laptop or smartphone. So, you’re engaged in technology. Still, I believe justifying the significance of technology nowadays is wasting time because nobody can imagine the modern world without technology. Digitalization, though, is a more complex phenomenon but not less crucial. Asset Management, in particular, can significantly benefit from digitalization and implementation of digital assets. How do I know? I followed the rise of Diia (‘action’ in Ukrainian), the Ukrainian governmental platform of services, knowledge, and databases. 

What is Diia?

Diia is the platform of governmental services for Ukrainian citizens. Are long lines in governmental structure to appoint meetings familiar to you? Well, Diia is meant to eliminate this and similar situations and facilitate governmental processes. You can view your documents, request duplicates, and even create new ones with the mobile app. Meanwhile, the app does not store your personal data, instead, it reviews registers and demonstrates the results of the search. This technology led Ukraine to win second place at the European open data maturity rate, although available datasets had to be closed to ensure data safety during the war. 

How can digitalization benefit asset management?

We can assess the benefits of digitalization on various levels starting with individual perception and ending with organizational transformation. However, we first need to agree that data is companies’ current most valuable asset. Proper data collection, analysis, and synthesis increase the company’s productivity, cost-effectiveness, and reputation. Digitalization of data benefits alignment with business goals, finding a personalized approach to each client, and maximizing efficiency from working with them. Diia, for instance, got 1 million users in only four days! This achievement demonstrates that the demand for digital services will only expand.

Organizational transformation is another bright side of digitalization that promote innovation. Of course, the company built off the traditional business model and the organization founded with an emphasis on digital transformation will differ. Implementation of data will require new skills and competencies, driving businesses to change and collaboration. As Diia is a governmental platform, it offers versatile educational opportunities for next-generation workers and current companies that perform digital reformation.

Diia and its asset management

Nowadays, Diia is more than just an initiative of a country in Eastern Europe. Now, Diia has become a business model and an example of digital transformation for European countries. The Ukrainian Ministry of digital transformation is responsible for its asset management, so assets are the ones for government—citizens, their investments, businesses, international partners, etc. How did digitalization facilitate asset management? First and foremost, it improved communication and became close to people. Secondly, digitalization stimulated investments in the state, offering obligation purchases. Thirdly, Diia ensures the sustainability of businesses, enabling the private sector and providing grants to private owners. The next benefit to asset management is ecological sustainability and reducing deforestation with digital assets and documents.

Huh, that was a lot, but definitely not every advantage of digitalization. Luckily, Diia expands quickly and constantly proposes new services. Recently, Estonia’s government announced that it will launch the app, mRiik, based on Diia’s algorithm and approach. Using Diia as the framework, the Estonian developers saved a lot of money that can be used for strengthening other weaknesses. What is that if not asset management?

Iryna Nykoriak

Published 20.01.2023


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