Digitalization has numerous implications for businesses, such as increased efficiency, improved data analytics, enhanced customer service and engagement and the capability to automate processes. In addition, digitalization of business enables businesses to run inexpensive experiments with new strategies and ideas in a risk-free environment.
Not so long ago the majority of business records were written in ledgers, or handwritten into paper documents. in the event that you wanted to share that data with colleagues, it was done by physically sending the document to another person or sending it by fax. As computers became more prevalent businesses began to convert their ink-on paper documents into digital files. This process, commonly referred to as digitization, is the base for a variety of tools and practices in business.
Increasing Efficiency
Digitization allows individuals to work more efficiently and faster which makes it easier for them to finish projects in time. Additionally, digitalization could help businesses reduce costs by automating some processes and freeing employees to focus on important tasks.
Improve Customer Service and Engagement
Information on interactions of customers with services and products can be collected by businesses through digitalization. These data can be used to improve the customer experience, increase revenue and boost loyalty. Digitalization also lets companies provide customized services and products to every customer.
It is crucial to know the difference between digitization and digitalization. The first is the conversion of data into digital format. The latter refers to the application and transformation of this data in business models and processes.
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