Digitalization is a subject that many people don’t understand but it can have major implications for any business. Understanding how to make the most of modern technology will give your business a competitive edge and help you grow. This article will discuss what digitalization means and how it can benefit your company as well as the challenges could arise as you embark on your journey to digitalization.

Digitalisation refers to the use of digital technology to transform a firm’s business model and create new revenue streams and opportunities to create value. The concept is applicable to a range of scenarios which include improving internal processes and communication, creating a more efficient distribution chain or opening up new sales channels.

A number of interviewees mentioned that digitalisation has changed consumers’ behaviour. They are now more demanding in terms of the quality of the items they purchase and aren’t satisfied with just the offers of their direct competitors. Instead, they evaluate their goods against those of other providers or industries as well (A6, A8 M1).

To tackle these challenges, businesses must adapt their business model to be agile and responsive to changing market conditions. They should also be able to offer products and services that are suited to the specific requirements of their customers. This requires a high-level of customer service, and collaboration within the company. Digitalisation enables firms to create such collaborative groups and share knowledge, which in turn allows them to develop innovative business models.

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