Many people don’t know about digitalization, however it has significant implications for all types of businesses. Knowing how to make the most of new technologies can give your business a competitive edge and allow you to grow. In this article, we’ll discuss the concept of digitalization and how it can benefit your company, and a few of the issues you could encounter on your journey to digitalization.
Digitalisation refers to the use of digital technology to transform the business model of a company, and create new revenue opportunities and value-creating opportunities. The concept is applicable to a range of scenarios which include improving internal communication and processes, establishing an efficient distribution chain or opening new sales channels.
A number of interviewees mentioned that digitalisation has changed consumers’ behaviour. They are now more demanding in regards to the quality of the products they buy and aren’t satisfied with only the offers from their direct competitors. Rather, they examine their products against those of other companies or suppliers as well (A6, A8, M1).
To address these challenges companies must alter their business model so that they are flexible and quick to adapt to changing market conditions. They should also be able to provide products and services that are tailored to the specific requirements of their customers. This requires a high level of customer service and collaboration between departments within the organization. Digitalisation allows firms to establish these groups of collaboration and share knowledge, which lets them develop new business models.
