Digitalization is the future

November 1, 2021
Digitalization is the future

 “Digitalization is no longer an option. It is a necessity,” 

                         -Mariana Mazzucato (Economist, Director of the Institute for Innovation and Public Purpose at University College, London.)

The involvement of technology in all aspects of a business is commonly referred to as digital transformation or digitalization. It has a huge influence on how a business operates. Firms utilize this approach to restructure their operations in order to make them more productive and profitable. 

Digitalization establishes a technological foundation for transforming services and data into actionable insights that helps a company improve their operations.

The way a company runs is changing as a result of the rigorous digitalization of all industry types. This change impacts every level of a company and brings data from many departments together so that they may collaborate more efficiently. Sophisticated processing such as artificial intelligence and machine learning are coming into action for automatizing workflow to reduce errors.

The company's exposure and sales channels are increased by having a presence on the Internet using tools such as blogs, social media platforms, interactive websites, and webpages. For some businesses, this is the focal point of their digital strategy, and they've even changed their business from traditional forms to online commerce.

Similarly, digitalization offers up new sales channels as well as new methods to communicate and interact with clients. Email, applications, social media sites, etc. are the essentials for any business.This is an additional tool to boost sales and improve customer  loyalty, however it comes with a new set of obligations. That is why delivering service to all of these new communication channels necessitates excellence.

Most businesses gather vast amounts of data on their customers, but the actual value comes from analyzing that data and using it to push the business forward. Digitalization creates a system for getting accurate data and fully integrating it for higher-level business insight. It offers a technique for converting raw data into insights across many touchpoints for various organizational functional units. It creates a single perspective of the customer experience, operations, production, finance, and business possibilities. 

Information and resources are consolidated into a set of business tools through digitalization. It brings together all of the company's resources in one place, rather than having fragmented software and databases.

Did you know that:

Currently about 15 percent of the global goods trade is conducted via international e-commerce, with much of it driven by platforms such as Alibaba, Amazon, eBay, Flipkart, and Rakuten. Beyond e-commerce, digital platforms for both traditional employment and freelance assignments are beginning to create a more global labor market. Some 50 percent of the world’s traded services are already digitized. These transformations enable small and medium-sized enterprises around the world to export at far higher rates and reach customers and suppliers in ways only large companies were able to do previously. 

Source: mckinsey

Organizations become more agile due to digitalization. Businesses boost their agility to improve speed-to-market and implementation. This enables speedier invention and adaptability, as well as a development route. Having the right IT solutions that work together may help you increase productivity and streamline your processes. It enables team members to perform more efficiently by automating a variety of time-consuming tasks and linking data throughout the organization.

You may also use systems like CRM, ERP, and HCM to make your company smarter and agile. OneHash CRM is one of the most popular CRM solution, especially for small businesses. It's an all-in-one solution for automating your company's workflow that's fully featured, agile, affordable, robust and scalable.