Digitalization has many implications for business, including greater efficiency, improved data analytics, better customer service and engagement and the ability to automate processes. In addition, business digitalization enables businesses to run low-cost experiments involving new strategies and ideas in a risk-free environment.

In the past, most business information was handwritten in ledgers or typed into paper documents. And if you wanted to share the information with colleagues the process was accomplished by physically delivering the document to someone else or sending it via fax. As computers became more common and more companies began to convert their ink-on-paper documents into digital computer files. This process, commonly referred to as digitization, is the base for many modern tools and practices in business.

Improve Efficiency

Digitization allows individuals to work more quickly and efficiently which makes it easier for them to https://cloudycrowd.net/2020/07/30/business-digitalization-by-board-room/ complete their tasks and deadlines within the timeframes they need to. Digitalization can also help businesses cut costs by automatizing some processes, allowing employees to focus on more important tasks.

Improve Customer Service and Engagement

Digitalization has enabled companies to collect information about their customers’ interactions with products and services, which can be used to improve the customer experience and boost loyalty and revenue. Digitalization also allows companies to provide customized products and experiences for each customer.

It is important to understand the distinction between digitalization and digitization since the former is changing data into digital format and the latter refers to the use of this information to drive transformation within models and processes for business.