The Role of Digitalization and its Impact on business growth
Definition of Digitalization
Digitalization is the key to the business world today and can be best described as a way of converting any written/oral information like pictures, text, or sound, into digital format. Which later can be easily processed by any computing device. This transformation was achieved by business networks & wireless networks.
Today museum posts its entire collection online in high resolution. This is a revolutionary way where anyone can enjoy the essence of art without going to the physical location.
How can Digitalization Impact your business growth?
Digitalization is also known as digital transformation as today’s business procedures use digital solutions as a key to improve quality. During the pandemic 2020 digitalization played a vital role. It used technology to upgrade our business models, which provides people with more revenue & value-producing opportunities. It also breaks complex business models into simple workflow streamlined.
These all changes happened a few years ago that completely transformed how businesses used to work, promoting an environment of growth where information and data are not blocked. It is advancing industry after industry.
Following are a few examples of digitalization impact,
Remote Working Transition
During the pandemic, working from home became an essential part of many organizations globally. The Survey Commission of London said 49% of UK companies were not ready for remote working during a pandemic, is almost half of the UK businesses are at a loss but a few companies took intelligent steps by transforming their workflow fully online by providing all employees with work-from-home facilities.
Now when the huge majority is working remotely. It makes operational processes less time-consuming and minimizes many obstacles. The only luxury is time today, one cannot waste minutes & hours on redundant processes, which can be easily eradicated. Improving a person’s overall lifestyle and happiness.
All thanks to digitalization, which transformed business processes by leveraging digital technologies.
Customer-centric digitalization era
Did you remember how we all used to buy 10-15 years ago? It’s changed today. We all go online do some research about the product we want to purchase and bingo! It’s delivered to our home. Because of Digitalization has blessed us in countless ways, helping businesses to grow & expand beyond the traditional boundaries.
In old working modules, a huge infrastructure was implemented to gather data & information and it was restricted to large businesses only. But now we all are through a digital transformation where knowledge & information on products, customers & market became available to everyone.
More and more people are demanding data, putting pressure on existing infrastructures. The digital infrastructure comprises the data centre, Internet exchanges, data connections, cloud, and hosting.
Digitalization for small companies & startups
Also, it cuts down the cost for many businesses, especially small companies, and startups. They can fully rely on digitalization today because it gives robust value creation and makes communication easier. AI & digital platform helps startups to become 40-50% more efficient, it opens a world of tremendous opportunities.
Startups can eradicate outdated legacy systems, handling processes manually that could be easily automated with less staff. They are small companies with a smaller number of people; hence they can resolve real problems using millions of digital solutions. This will increase speed and efficiency and they can constantly evolve and adapt to new business conditioning.
This article addresses some important real-world changes due to digitalization. It explains how digitalization can offer modern solutions to big and small-scale companies and impact business growth.