A lot of people do not understand digitalization, but it is a major issue for any business. Understanding how to make most of modern technology will give your business a competitive edge and help you expand. This article will explain what digitalization means, how it can benefit your business and the issues you might face when you embark on your digitalization journey.

Digitalisation is the process of making use of digital technologies to change the business model of a company and create new revenue-generating opportunities and value-producing opportunities. The concept is applicable to a myriad of situations, including improving internal communication and processes, establishing an efficient distribution chain or opening new sales channels.

Several interviewees pointed out that digitalisation has changed consumers’ behavior. They are more demanding in regards to the quality of products they purchase and are not satisfied with the only offers offered by their direct competitors. Instead, they examine their products against similar products from other companies or suppliers as well (A6, A8 M1).

To meet these challenges businesses must www.cloudycrowd.net/2020/03/23/business-digitalization-implications-and-solutions/ change their business model so that they are able adapt quickly and effectively to changing market conditions. They must also be able provide products and services that are tailored to the specific requirements of their customers. This requires a high standard of customer service and collaboration between departments within the company. Digitalisation lets companies create groups that collaborate, share their knowledge and develop new business models.