What is Digitalization?
Digitalization refers to the use of digital technologies to change a business model and offer new revenue as well as value-producing opportunities. It is nothing but the process of transitioning to a digital business. While digitization is more about systems of record and engagement, digitalization pertains to systems of insight and engagement, leveraging digitized data and processes. Digitalization cannot take place without digitization. In digitalization, digital technologies and digitized data are used to affect how work gets done, transform how companies and customers engage as well as interact and thus create new digital revenue streams. To elaborate further, digitalization is a process or strategy that goes beyond implementing technology to mean a deeper, core change to the entire business model as well as the evolution of work.
Business Benefits of Digitalization
- Enhances employee productivity
- Mitigates operating costs
- Strengthens your brand equity
- Opens new market avenues
- Improves the overall customer experience