Digitalization has numerous implications for business, including increased efficiency, improved data analytics, improved service and engagement with customers and the capability to automate processes. Digitalization of business processes also enables companies to explore new strategies and concepts in a a low-cost environment.

In the past business information was written or handwritten into ledgers. To share the data with colleagues, you had to physically send or mail the document. When computers became mainstream the majority of businesses began converting their ink-on-paper records into digital computer files. This process, referred to as digitization, forms the basis for a lot of modern business practices and tools.

Increasing Efficiency

Digitalization lets people work more efficiently and quickly, making it easier for them to finish projects and meet deadlines in time. In addition, digitalization can help businesses cut expenses by automatizing certain processes and allowing employees to concentrate on more important tasks.

Improve Customer Service and Engagement

Data about the interactions of customers with services and products can be gathered by businesses through digitalization. These data can be used to improve customer experience, increase revenue, and boost loyalty. Digitalization also permits companies to provide personalised products and services to each customer.

It is important to understand the distinction between digitalization and digitization. The former refers to the conversion of data into digital format. The latter is the process of transforming and utilizing this data in business models and processes.

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