Did you know that more than 90% of businesses are now on the cloud?
The digital transformations have increased across every industry,due to the recent upsurge of the worldwide global pandemic ,and its aftermath.At the initial outbreak of the pandemic, very few companies knew the power of remote working and technology. However, today, more and more businesses want to improve working structures for employees to receive high operational efficiency.
Even the fourth industrial revolution is about digitization to a large extent. It includes technologies like artificial intelligence, the Internet of Things, etc.
Can this revolution help grow our business? Is it possible to transform your business with proper digitization technology?
Let’s find out everything about digitization.
What is Digitization?
Before we step foot in the world of the digital, here’s what you should know about the concept:
A definition by Gartner says:
Digitalization is the use of digital technologies to change a business model and provide new revenue and value-producing opportunities; it is the process of moving to a digital business.
If you look at it, then this definition includes a series of factors:
- Change of business model.
- New revenue streams.
- Value-added opportunities.
- A digital business.
Changing our business model such that every process of the company is driven and executed using advanced technologies helps us streamline processes. These streamlined processes give rise to new value-added opportunities, which paves the way for new revenue streams. Finally, with these efforts, we move towards a digital business, or we can say that a digital business helps us move towards these value-added goals.
The idea behind digitization is multi-fold:
There are many activities that are better achieved by machines instead of human labor. For instance, using machines for repetitive tasks help us improve operational efficiency, reduce errors, and optimize costs.
Benefits of Digitization
Through the above discussion, we can see that digitization is a way of business, rather than implementation in your business. This is to say that using digital technology to drive business processes is an entirely different concept to run a business than using more manually-driven processes.
Based on this, some of the advantages of digital businesses are:
- Better operational efficiency
- Better business productivity
- Fewer errors in processes
- Secure data transactions
- Optimized business costs
- Advanced data analytics
The ability to improve operational efficiency, business productivity, and reduce errors are all intertwined. When digital technology is helping you achieve time-intensive activities without hassle, you are able to reduce errors. Machines don’t make errors unless the input by humans is incorrect. Therefore, fewer errors improve operational efficiency. We are able to achieve more in less time. This also improves the productivity of your business because your employees are able to focus on strategic roles, such as ideation, innovation, etc.
Technology helps us secure our online transactions. If you are sharing sensitive data over email without encryption, isn’t it open to all hackers?
Finally, digital technologies help us capture, clean, and use data for advanced analytics. These insights and analytics are driven by data collected from disparate sources. Using these analytics and insights, you can understand trends, improve productivity, and enhance customer experience.
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How Digitization Supports Business Growth?
Through advanced markers and key important factors connecting businesses to the digital, we have explained three key elements that transform your business. In each one, we have discussed the role of digitization and related technologies.
1. Insights and Trends
The first important factor or digitization is the ability to draw upon data. If you analyze the situation, you will understand that most thriving technologies are working on data.
Whether it is artificial intelligence telling us which products to buy or IoT connecting our devices, data is present everywhere.
Did you know that 37% of organizations are either willing to or are already using AI? It is also known that the AI market has touched the USD 35 billion previous year only.
Hence, for digitization, we need to start with data. Your business needs appropriate technology to collect, clean, and process data. Now here one thing doesn’t work without another. If you just collect data from disparate sources, it will be of no use when you fail to cleanse it.
Use analytics and insights drawn from data to understand your business market deeply. You should be aware of shifting trends, new elements, etc. to move in the right direction.
Here are some technologies that may help you:
5G
5G is the fifth generation of the network which will replace 4G LTE used for connectivity today. 5G is expected to offer exponential internet speed (2 Gbps), which will make the browsing experience seamless.
5G is definitely more than browsing speed. It features dense deployments, low latency, and cellular excellence. Therefore, 5G makes other technologies thrive, as it will also make using IoT and cloud hassle-free – more affordable.
Artificial Intelligence
Many industries are yet to adopt artificial intelligence and the benefits offered by it. However, a major part of digitization is using automation and AI. It helps automate monotonous tasks, reduce maintenance efforts, decrease wastage, and improve workflows.
If you look at it, then AI can help companies become more efficient, highly productive.
For example, AI can be used for predictive maintenance, which helps us know about machine downtime before it actually happens.
Cloud Computing
Cloud computing is already on the rise due to the pandemic. Every business is operating digitally to some extent. Hence, many are adopting cloud computing to access, transport, and collaborate over data seamlessly.
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A valuable benefit of cloud computing is scalable storage. Without setting up a server in-house, businesses can enjoy the power of the cloud and scale on-demand. Therefore, collect, clean, and analyze data without restrictions.
Everything as a Service
Due to the connectivity offered by IoT paired with technologies like the cloud and AI, everything can be delivered as a service.
You need Desktop as a Service, you can have it.
You need Software as a Service, it is possible.
You need Backup as a Service, that is also possible.
Amazing, right?
2. Collaborative Leadership
From the start of digitization, you need to combine collaborative leadership with change. This means you need tech leaders, change managers, and other experts to drive a change in the organization. There’s a high chance that with this leadership, your employees might not accept the change or they won’t be able to adjust to it.
Hence, you need collaborative leadership to drive out fires, improve change progress, and use the right technology.
For example, digitization is in everything. If your remote teams are not able to share and communicate with data, you need DaaS implementations. If your website bounce rate is more, you need to improvise your website and make it more accessible. For these changes, you need the leadership to identify and move towards these changes.
3. Appropriate Technology Use
The final step is using the right technology and software platforms. This means based on the needs of your business, we should be able to implement the right technology that would help us achieve our goals.
Therefore, we need the above change managers to know the tech needs of the business, find the right digitization provider, and transform the business.
For example, a customer-based bot to help users resolve their queries immediately anytime through AI-powered technology. You can implement something like this when you are facing too many queries from customers when your representatives are not available.
Summary
Digitization is a part of today’s world. Every business has to adapt to the changing landscape to avoid falling behind. Therefore, understand the roots of digitization and know where you can start from the above data. Once you know the technology-based modifications you need to make in your organization, find the right provider, and become a digital business.
Desuvit can help you become a digital business through a series of advanced implementations. We are a software development company serving a multitude of customers across the globe. Our wide client base offers us the power to regularly upskill, improve our processes, and provide an optimum user experience. Reach out to us now and get a quote for your technology-based implementation today!
Desuvit is a Norway-born software development company delivering Custom Software Development, Mobile Apps, and Web Applications Development for various verticals and business domains. We offer end-to-end solutions for companies with no software or IT division, Startups, and companies that need to scale their software development efforts but lack the expertise required. We help our clients in growing their businesses so we can grow with them. Some of the technologies we work with: .Net, Azure, Microservices, Azure functions(Serverless computing), React Native, Flutter, React JS, TypeScript, Angular, NServiceBus, Azure Service Bus, Azure Queues, SQL Service, MySQL, Cosmos DB, etc.
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