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A lot of people do not understand digitalization, but it has significant implications for any business. Knowing how to harness the potential of new technologies for your business will give you a competitive advantage and help you grow. In this article, we’ll go over the concept of digitalization, how it can help your company, and some of the challenges you may face on your digitalization journey.
Digitalisation refers to the use of digital technology to transform the company’s business model and create new revenue opportunities and value-creating opportunities. The concept is applicable to a variety of situations, including improving internal processes and communication, creating an efficient distribution system or opening up new sales channels.
Interviewees in various interviews pointed out that the digital age has influenced consumer behavior. They are more discerning in the quality of the products they purchase, and are no longer satisfied with the offerings of their direct competitors. Instead, they compare their products to similar products from other industries or providers as well (A6, A8 M1).
To address these challenges businesses must adapt their business model to be flexible and quick to adapt to the changing market conditions. Additionally, they need to be able to provide their customers with products and services that are tailored to their specific requirements. This requires a high standard of customer service and collaboration between departments within the organization. Digitalization allows firms to establish groups of collaborators, share information and create innovative business models.
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