Many people do not fully grasp the concept of digitalization, yet it is a major issue for any kind of business. Understanding how to make the most of the potential of digital technologies for your business will give you a competitive advantage and help you grow. This article will explain the meaning of digitalization, how it can benefit your company, and the challenges that you may face as you begin your digitalization journey.
Digitalisation is the process of making use of digital technologies to change the business model of a company, and create new revenue streams board room and opportunities to create value. The concept is applicable to a myriad of situations which include improving internal communication and processes, establishing a more efficient distribution chain or opening up new sales channels.
Interviewees in various interviews pointed out that digitisation has changed consumer behaviour. They are more demanding in terms of the quality of the items they purchase, and aren’t satisfied with only the deals offered by their direct competitors. They evaluate their products against the offerings of other industries or suppliers (A6, M1).
To tackle these challenges, businesses need to change their business model in order to be agile and responsive to changing market conditions. They must also be able offer products and services that are tailored to the specific needs of their clients. This requires a high-level of customer service, as well as collaboration within the company. Digitalisation allows companies to form groups of collaborators, share information and develop new business models.