Some things in life are optional, other things are mandatory. It is the using of new ideas that lead to the making of any new products, services or processes. According to the IDC forecast, global diital transformation gspending will grow 17.9% year over year in 2019 and reach 1.18 trillion dollars. Acubiz has compiled a list of 5 reasons why increased focus on digitalization is an important step to company growth. Understanding Digital Transformation . By clicking “Accept”, you consent to the use of ALL the cookies. It is extremely important, not only because of its rapid growth but also because it is essentially the future of marketing. This results in varying service quality and your business reputation can take a hit as you scale. Consequently, before articulating a strategic digital vision, it is important to understand the difference between digitization, digitalization and digital transformation, all of which implies a massive change in business practice: Digital services eliminate unnecessary processing and time wasted as well as solving tasks faster and with fewer errors. Increases conversions. And there are advantages to doing just that. Companies are having a much more difficult time adapting to digitalization. Teams that don’t work well together rarely see any success. This category only includes cookies that ensures basic functionalities and security features of the website. Digitalization in many cases proves to be a prerequisite for success nowadays. Digitalization happens when a business starts using digital technology in order to change its business model and create new revenue streams and new value-producing opportunities. If you’re a business owner who hasn’t digitalized their business processes yet, you are missing out. Digitalization happens when a business starts using digital technology in order to change its business model and create new revenue streams and new value-producing opportunities. This is especially true if you are a business with many small details that need to be taken care of. It impacts the basis of business functionality and determines the way business is now managed today. Digitalization in many cases proves to be a prerequisite for success nowadays. We also use third-party cookies that help us analyze and understand how you use this website. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. This is one of the reasons why companies should proactively leverage social media marketing tactics to drive their branding efforts. No matter how much training you provide for your staff, this is something that you can’t avoid. This is one of the many benefits that come with using modern technologies. Digital business, as it relates to business technology, offers companies and individuals new ways to connect, collaborate, conduct business, and build bridges between people. Acubiz has compiled a list of 5 reasons why increased focus on digitalization is an important step to company growth. The old “paper-based” methods can’t keep up with the current pace at which the world is evolving. In the competitive world of port agencies, this level of efficiency can mean the difference between thriving and being out of business. Unlike humans, machines don’t make “mistakes”. Talking in terms of business, Digitalization is the use of digital technologies to change a business model and provide new revenue and value-producing opportunities; it … Leaving manual typing and other laborious processes to technology frees up employees’ time – time they can spend on optimizing customer relations, sales and other activities that create growth. And that’s why you need to keep up. Sticking to the old ways isn’t only hindering your business’ growth, it’ll leave you isolated. Companies today are requesting tools to ease administration while increasing efficiency, more than ever before. This is due, in part, to the fact that manual typing takes time, costs money and removes focus from companies’ core services. Digital Transformation in … By Lisa Caprelli, Author of Unicorn Jazz children’s unicorn book series; Director of Unicorn Jazz Presents The Thing I Do – now on its first season on Amazon Prime!. This format presents data that is represented as bits or bytes. Digitalize or risk being left behind. Companies today have optimization and digitalization of internal processes high on their list of priorities – and the same is true when companies look at how to make services aimed at customers more efficient. Often, the main goal of digitalization is to satisfy the needs of the consumer, which are changing along with the development of technology, namely, the creation of a more comfortable and efficient interaction between client and company. It is mandatory to procure user consent prior to running these cookies on your website. Asides from taking unnecessary time to complete, these tasks also make collaboration more difficult. Nowadays, thousands of companies around the world are trying to become more digital and spare no expense for that purpose. These cookies do not store any personal information. For example, if you have a port management agency, digitalization can help you operate with fewer agents. Pierre Nanterme, CEO of Accenture says that digital is the main reason that over half of Fortune 500 companies have disappeared off the list since year 2000. Read more in Danish here. Digital transformation: Why it's important to your organization Digital technologies – are changing the face of business. Enterprises today have access to … Transparency is a central concept in digitalization because companies gain more control over, and insight into processes and data as well as the tools to analyze these. The effect of these mistakes can vary from minor to disastrous, depending on the industry that you are in. And you’ll find increased importance of digitalization in business today more than ever. Digitalization of business helps to improve the efficiency of its process, consistency, and quality. The Importance Of Digitalization Digitization is a process of converting information from the normal form into a digital (computerized) format. There are many reasons why companies are making this change: Save Cost; Global Reach Why is digitalisation so important? Since the invention of the computer, it has made everything easy and digital. Physical receipts fade quickly, the text becomes unintelligible, they get lost easily and take up a lot of space in the archives. We expect digitalisation to have a fundamental and lasting effect on society which is comparable to the invention of the steam engine, the introduction of assembly line … The savings you will make depend on how labor-intensive your business is. Collaborating on tasks is easier with digitalized business processes. Helps in achieving mission and vision. Asides from making businesses better and more efficient, digital processes are changing the core fundamentals of how companies work. Online businesses have provided the customers with service which has made the customers satisfied with the deals they are getting into. The reason why digitization plays such an important role in the business world is the fact that it makes work much faster, smoother, and efficient. Collaborating on tasks is easier with digitalized business processes. Since most of the work you do is digitalized, you can easily scale your business to accommodate more clients. It will also allow your existing agents to get more done in less time. Hiring new staff members is a risk by itself since you cannot guarantee the performance of every single one of them. Retaining documents electronically makes them easy to retrieve and ensures that they are readable! Digitalisation is the process of converting information into a digital form. The Yara Birkeland – the world’s first fully autonomous cargo ship- will make its first trip in 2020. While such changes will not happen overnight, they certainly are already happening. Digitalization has long become an intimate part of our daily routines outside the workplace. When that’s the case, scaling isn’t only expensive, but also difficult, as you need to find people with the right skills. the study “ICT, Innovation and Productivity Growth“, made for the Danish Business Authority, which has shown that productivity grows on average 2,4 percentage points faster in companies who focus on digitalization. Read about Acubiz as widget on your smartphone and about our future customer onboarding solution. Digitalization is the process of using digitized information to work more simply and efficiently. Here at Acubiz, our experience is that customers achieve more control and insight by using digital services. There are many reasons why companies are making this change, some are moving because they need to gain speed and agility, others are moving because they want to save cost, others are moving because they want a global reach, etc. Your team can easily coordinate work and see what everyone else is doing. 6 Reasons why digitalization is a must for any business. What was science-fiction technology a decade ago is now outdated. Manual workflows are full of redundant tasks that are pulling your business down. Find and download ebooks, whitepapers, webinars and much more within Expense Management. Nowadays, most business work is done on the computer … Customer demands are increasing, customers have less time and less patience – decision making is fast and dealing with companies should be easy. Digital transformation is changing the way you conduct your business. It’s like speaking a language that nobody else speaks. Increases interaction with customers. Things like tasks distribution and progress tracking are easy with the cutting-edge solutions that are available today. Several studies point to a positive correlation between productivity and digitization – e.g. Our solutions scale with your business, so you can focus less on the technical issues, and more on growing your business. While online retailers were initially dismissed as a niche option for computer nerds, e-commerce sales continue to rise dramatically. In this article, when I say digitalization, I am referring to the process by which organizations move from the typical analog to digital processes. Gathering information from different connected digital systems is much easier than doing the same thing with traditional systems. Digitalization allows you to improve your workflow and make your team work together more efficiently. The Digital Accountancy – Part 3: Why your bookkeeping practice is important, Working from Home: How to keep your administrative business processes intact. The digitalization is also connected to the automation of internal processes of the company, the goal is to become more efficient, lower expenses and increase the sales. This big-picture view is essential for success. You can’t use old-fashioned corresponding methods to communicate with an autonomous vessel, which will become the norm in the near future. You will also free up more of your time to put your mental effort where it matters most. The more digital technology becomes available, the more that business digitalization becomes the norm. We are living in an era of Digitalization. Why digitalization is so important for local businesses Digitalization has had a profound effect on the commercial landscape of the USA. This website uses cookies to improve your experience while you navigate through the website. However, there is still room for improvement – business models need to be challenges and traditional ways of doing things must be revised in order to keep up to date. Why is the digitalization of your business important. The best thing about collecting data with digital business solutions is that it’s relatively easy. Some of the best ways to achieve this are: Knowing which metrics are most important to company success – the key to getting impact from data is knowing what your organization wants to get from it. It is the promotion of products or brands via one or more forms of electronic media. The ways to boost your brand via social media are by tweeting, blogging, posting recent wins, press releases, new products or services, job openings and key promotions and hires. This is why tech- and business analyst Jan Horsager says that transparency is the core of digital and that it gives an invaluable insight which, when used correctly, can become a significant source for innovation. 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