Digitalization is the use of digital technologies to convert information into a digital format. It changes a business model and provides new revenue and value-producing opportunities to move the business on a digital platform.
Many businesses are now transitioning online in a bid to streamline the management and day-to-day running of operations like storing documents, online backups, workflow, and document management to remote working. This shift is being powered by a new wave of technology that allows companies of all shapes and sizes to be more vital and efficient. This trend is set to maintain as more businesses understand the benefits of digitalization and move to capitalize on them. Therefore, making the process faster, more efficient, and safer in comparison to offline equivalents. This will help you in saving your time, money, and space.
The impact of digital technologies is prevalent in every coloration of our lives and consequently, the current eon is also termed as the “digital age”. The process of digitalization started some five decades back with the arrival of computing technologies and digital electronics. Today digitalization can be seen as a tool of variation that extends beyond our lifestyle to the way we transact, manage, interact and conduct business. Across all sectors, be this communication, media, healthcare, retail, and manufacturing, we are increasingly seeing the use of digital technology. The landscape of this digital age is increasingly being driven by innovations in e-communications, e-commerce, and ever-increasing deployment of the internet to create economies based on high technology, massive communication, knowledge creation, and innovation. It is important to understand and appreciate the factors that are ushering in such changes and how these are impacting modern-day business.
Some benefits of digitalization are :
- It increases efficiency
- It reduces operational costs
- It enables data to be analyzed
- It allows safer data storage in the cloud
- There is a lack of human error
Digital technologies have the potential to boost more inclusive and sustainable growth by stimulating innovation, generating efficiencies, and improving services. They are also an important tool in helping countries to confront and recover from the COVID-19 pandemic that has disrupted economies and societies globally.