Digitalization is a topic that is often misunderstood by the majority of people and yet it has significant implications for every business. Understanding how to make most of the latest technologies can give your business a competitive edge and allow you to grow. In this article, we’ll discuss the concept of digitalization and how it can benefit your company, and some of the challenges you may face on your digitalization journey.

Digitalisation is the use of digital technology to alter a company’s business model, and to create new revenue-generating and value-generating opportunities. The concept is applicable to a myriad of situations that include improving internal processes and communication, creating an efficient distribution chain or opening new sales channels.

Many of the interviewees said that digital revolution had altered the way consumers shop. They are now more demanding in terms of the quality of products they purchase, and aren’t satisfied with only the digitalization of a business offers from their direct competitors. They compare their offerings with similar products from other industries or suppliers (A6 M1).

To meet these challenges, businesses must adapt their business model to be flexible and quick to adapt to the changing market conditions. They should also be able to offer products and services that are tailored to the specific requirements of their clients. This requires a high level of customer service and collaboration between different departments within the company. Digitalization allows companies to form such collaborative groups and share information, which allows them to come up with innovative business models.