Digitalization is all about using digital technologies to find new opportunities and revenue streams for your business. As more and more individual companies become ‘digital businesses’, the effect on the wider economy will be far-reaching and profound.
Already it’s having an impact.
Because of digitalization, consumers are able to do what they want faster. Online transactions now happen in just a few minutes – even seconds – with products delivered very quickly to the door – now even by drone!
Email has changed the way we communicate, while thanks to cloud-based services, teams can now collaborate on documents in real time, wherever they are.
Digitalization improves productivity
At an everyday business level, digitalization also means much less duplication of effort because once information is created and recorded it can be seamlessly transferred and reused. That cuts costs, makes digital businesses more profitable, and helps the economy grow faster.
And once businesses become digital, they often find they can slide their technology and expertise across from one sector to another with very little effort because the barriers to entry are easier to overcome.
With digitalization, marketing also becomes totally different. Now you can reach niche markets with minimal cost and get an instant response to your offers, allowing you to adjust your strategy or message very quickly for optimum effect.
This allows smaller companies to really punch above their weight against bigger, more established companies, by offering a better, faster and more responsive service.
Cloud services create ‘digital businesses’
Because of digitalization, companies are now reinventing themselves. Virtual businesses have sprung up, composed entirely of remotely working teams using cloud technologies.
In such an economy, it will be increasingly difficult to survive if you aren’t a ‘digital business’. That’s why more and more companies are turning to cloud-based services, like ours, to help them in such areas as marketing, communications, customer support and social media.
Of course, it’s not always obvious where to start to start with digitalization. One way to find out is to calculate your Digital Index using our unique big data algorithm. You will then have a much better understanding of which digital technologies are the right ones for you to be using next. You can find out more here.