Digitalization is a subject many people don’t understand and yet it has huge implications for any business. Understanding how to make the most of technology will give your company a competitive edge and allow you to grow. This article will look at what digitalization is, how it can benefit your business and the challenges you might face when go right here you begin your journey to digitalization.

Digitalisation is the application of digital technology to alter the business model of a firm and create new revenue-generating and value-generating opportunities. The concept has a wide variety of applications, from improving internal communication and processes to establishing a more efficient supply chain or even opening new sales channels.

A number of interviewees mentioned that digitisation had changed consumer behaviour. They are more discerning in the quality of products they buy and aren’t content with the offers of their direct competitors. They compare their products with similar products from other industries or suppliers (A6 M1).

To tackle these challenges, companies must to alter their business models to be able to adjust quickly and effectively to shifting market conditions. In addition, they have to be able to offer their customers with products and services that are tailored to their needs. This requires a high standard of customer service and collaboration within the company. Digitalisation enables firms to create such groups of collaboration and exchange knowledge, which in turn allows them to come up with innovative business models.