Business Digitalization Implications
Business digitalization implications include increased efficiency, improved data analytics, improved customer service and engagement and the capability to automatize processes. Digitalization in business also allows companies to test new ideas and strategies in the context of a low-cost environment.
Not so long ago, most business information was handwritten in ledgers or typed into paper documents. And in the event that you wanted to share that data with colleagues the process was accomplished by physically sending the document to a different person or sending it by fax. When computers became mainstream and widespread, many organizations began to convert their ink-on-paper records to digital computer files. This process is known as digitization, and is the basis of many modern business practices and tools.
Increasing Efficiency
Digitalization enables people to work more efficiently and faster so that they can complete projects and meet deadlines in a timely manner. Digitalization can also aid businesses in reducing costs by automatizing certain processes and allowing employees to focus on important tasks.
Improve Customer Service and Engagement
Digitalization has enabled companies to gather data on their customers’ interactions with their products and services. This information can be used to improve the customer experience and increase loyalty and revenue. Digitalization also lets companies offer customized products and services to each customer.
It is crucial to know the difference between digitalization and digitization because the former refers to the conversion of data into digital form, while the latter is the use of that data to drive change in models and processes for business.
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