What Is The Role Of Digitalisation In Business Growth?
Digitalization is when you use digital technologies to change a business model and provide new revenue and value-producing opportunities.
Digitalizing your organization can give you a competitive advantage by doing things better, faster, and cheaper than your competition.
Using creative digital solutions gives you a competitive edge in your business world and a proper digitalization plan can help reinvent processes, improve quality and promote consistency.
Gone are the days of direct sales. Hail the era of indirect sales.
There are many reasons why companies are making this change:
- Save Cost
- Global Reach
- Customer interaction
- Achieve their mission and vision
- And being at par or ahead of their competitors
Benefits Of Digitalisation
- Digital solutions can simplify a country’s security and intelligence systems, and its economy and infrastructure.
- For citizens, digitalization promises much needed improvement both in the delivery of public services, such as Government/Bank issued certificates, and other services, financial or other consultancy services.
- Digital solutions and services can facilitate trades and settlement worldwide.
- Defend against malpractices such as embezzlement and money laundering.
- Digital platforms are connecting buyer and seller directly, eliminating the middleman.
- Digital platforms are encouraging the youth.
3 Pillars that Support a Successful Digital Business
1. Market Insight
Market insight combined with modern technology only gives the traditional/conventional form of market awareness or business understanding of a digital dimension.
2. Collaborative Leadership Team
Combining insight and technology from the beginning serves to guide teams of business leaders and tech engineers to address the needs of the consumer.
Once these foundations are laid, as with any business, these consumer demands need to be monitored and taken for the duration of the business lifespan. A better understanding within the team will automatically attract more consumers. To cater to the demands of the consumer, the inside team should be able to analyze the requirements and also their own ability.
3. One or More Technological Platforms
From a technological angle, digital businesses include one or more software platforms, using the best technology available to suit the company’s individual needs.
The final pillar which is a primary component to the digital business and its success is the platform. These technologies enable businesses to strive for their goals, instituting their vision and achieving their objectives.
Role of IT Department
To truly collect the fruits of what digitalization can offer requires a series of changes regarding the internal way people collaborate within the company. One of the main functions that must especially reinvent itself is the IT department.
IT services are not only about the hard skills comprised in activities such as web and software development etc.; but about the combination of these skills with other disciplines such as design, marketing, and sales.
Thus, the days where the “IT-nerds” were completely isolated from the rest of the business should be over! Digitalizing your business will only be successful with highly skilled IT Members.
To understand what business leaders expect of their IT departments, The Economist Intelligence Unit – sponsored by SAP – surveyed 812 senior executives, from both the IT department and non-IT functions. Here you can see the key findings.
Technology today is no longer seen as a helper of everyday business practices. It has now become the heart and soul, the only help and the center of every business strategy.
Optimum utilization of the technologies will lead to a better positioning in the online market.
Digital business, as it relates to business technology, offers companies and individuals new ways to connect, collaborate, conduct business, and build bridges between people.
An organization that adopts today’s digital technologies will enable decision makers to have access to all the information they need all the time, from anywhere, and from any device they choose.
The digital revolution is powered by technology – the internet, mobile technology, computer processing, artificial intelligence, machine learning, nanotechnology, robotics and information processors are all tools that we can use to perform tasks in various ways.
Perpetually innovating, adapting and improving solutions and solving more problems create a digitally transformed business.
To conclude, technology and the digital revolution can disrupt conventional models and bring benefits to the common man in many ways. For instance, by providing a platform that connects buyers and sellers across the globe.
Digitalization leads to Globalization…