What is Digitization?
In our advanced era of technology, competition is fiercer than ever. Due to this, businesses need to distinguish themselves and have their own competitive advantage(s) in order to survive. The reason why business competition is growing and it oftentimes seems harder to close sales is because of digitization. You may be wondering what digitization is. There are many definitions of it across the internet, but many fail to accurately describe what it means in regards to the business world. The most straightforward definition of digitization for business is the transforming of offline business efforts into computer supported & network capable processes. In other words, digitization is the connection between businesses, people, processes, and data. Keep reading so you can discover the advantages of digitization!
Is Digitization The Future?
Digitization has been growing year by year. Due to the internet & mobile devices, we have access to almost anything we want to know at the tip of our fingers. When your company has visibility online and a number of different business-related resources that can be attained through the web, it only makes the process of branding and advertising easier. When done effectively, digitization improves customer relationships, increases cross selling opportunities, and enables corporate growth. CEB research indicates that 87% of senior business leaders view digitization as a priority for their company and 66% of them fear failure to properly incorporate digitization will put their competitive position in harm’s way. Now let’s examine what you’ve all been waiting for, the advantages of digitization.
Advantages Of Digitization
Eager Consumers: The majority of consumers, especially millennials, have already adapted to our current digital climate. They expect to always be connected, they don’t have a problem sharing personal information on various platforms, and they trust referrals from people close to them regarding certain brands. Since individuals are sharing their information, companies must take advantage of interpreting their interests and concerns and finding a way to allocate services/products in a simple yet professional way.
Tech Boost: Access to the internet is becoming increasingly affordable due to services like broadband which are expanding their reach to billions of consumers. By 2020 customers will manage 85% of b2c relationships without human interaction and by 2018 70% of professionals will do business on mobile devices. Companies that fail to adapt or aren’t as aggressive as other companies when it comes to digitization will be in jeopardy of disappearing.
Staying Connected: Thanks to the internet and cloud based services, it’s easy to stay connected with your potential customers and also individuals in your company with services like sip trunking, hosted voip, and video conferencing. With these services, communication is less of a hassle because there isn’t a restriction on location and they are extremely cost effective.
Digitization isn’t going anywhere, but the methods and technology used in digitization will continue to evolve. Make sure your business makes digitization a priority and be on top of any changes or developments that may occur.