When that’s the case, scaling isn’t only expensive, but also difficult, as you need to find people with the right skills. 6 Reasons why digitalization is a must for any business. Asides from taking unnecessary time to complete, these tasks also make collaboration more difficult. Business digitalization: How much do companies spend? Collaborating on tasks is easier with digitalized business processes. Some things in life are optional, other things are mandatory. Teams that don’t work well together rarely see any success. Unlike humans, machines don’t make “mistakes”. Another benefit that comes with digitizing business process is better insights. And there are advantages to doing just that. With a solution like Abraxa, full digitalization is no longer a difficult thing to achieve. âToday, all retailers are under severe pressure. “Increased digitization can make companies more productive and enhance competitiveness” says Danish Minister for Growth and Business Troels Lund Poulsen in a press release (in Danish) and points to the Danish study “Report on Growth and Competitiveness” that shows that higher productivity, more cost efficient processes and fewer errors in production are among the advantages of digitization. The digitalization is also connected to the automation of internal processes of the company, the goal is to become more efficient, lower expenses and increase the sales. What was science-fiction technology a decade ago is now outdated. The digital race is becoming ever more competitive and companies risk being left behind if they do not evolve and keep up with the digital developments. And youâll find increased importance of digitalization in business today more than ever. Online businesses have provided the customers with service which has made the customers satisfied with the deals they are getting into. It is mandatory to procure user consent prior to running these cookies on your website. Understanding Digital Transformation . Digitalization of business helps to improve the efficiency of its process, consistency, and quality. 1. Acubiz has compiled a list of 5 reasons why increased focus on digitalization is an important step to company growth. Digital technologies are revolutionizing many industries, including the maritime sector. The old “paper-based” methods can’t keep up with the current pace at which the world is evolving. But opting out of some of these cookies may affect your browsing experience. Companies today are requesting tools to ease administration while increasing efficiency, more than ever before. In the competitive world of port agencies, this level of efficiency can mean the difference between thriving and being out of business. This website uses cookies to improve your experience while you navigate through the website. For example, if you have a port management agency, digitalization can help you operate with fewer agents. Our solutions scale with your business, so you can focus less on the technical issues, and more on growing your business. When done right, it can make a business more efficient, more sustainable and more profitable. Why is digitalisation so important? You will also free up more of your time to put your mental effort where it matters most. They don’t sleep or forget no matter how long they work. It is important to remember that it is the information youâre digitizing, not the pro⦠Alongside business innovation, digitalization â the development of digital innovations â is one of the most important business trends for the future of the economy. Digitalization has become one of these mandatory things that any business has to do. When you digitalize and automate as many tasks as possible, your monthly operational costs will drop. The Yara Birkeland – the world’s first fully autonomous cargo ship- will make its first trip in 2020. Unless your business is ready to handle the requirements of similar technologies, you’ll find yourself offering services that are no longer relevant to the market needs. In a day to day basis, almost everybody digitizes something, from encoding handwritten notes into Microsoft Word, or scanning hard copies of documents into a PDF format. Many people think that traditional promotion will soon be replaced entirely. Leaving manual typing and other laborious processes to technology frees up employees’ time – time they can spend on optimizing customer relations, sales and other activities that create growth. Once you have the right tools set up, you’ll see your business as you’ve never seen it before. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Companies need to develop digital strategies and focus on what are the key success factors of digital transformation. Increases conversions. Essentially, it is about customer convenience and this applies to the entire customer journey. February 25, 2014 Dr. House in the medical drama âHouse M.D.â sometimes ruminates over medical mysteries or rants wildly, while reviewing his patientsâx-rays or other images on an x-ray view box. Many businesses are now transitioning online in a bid to streamline the management and day to day operations. Digitalization has long become an intimate part of our daily routines outside the workplace. Manual workflows are full of redundant tasks that are pulling your business down. People nowadays are only expecting comfort and quality. Despite the initial setup cost of any digitalization process, the savings that a company makes over time outweigh these costs. Digitalization in many cases proves to be a prerequisite for success nowadays. This is why tech- and business analyst Jan Horsager says that transparency is the core of digital and that it gives an invaluable insight which, when used correctly, can become a significant source for innovation. The higher the human factor in your business processes, the more mistakes you’ll get. This shift is powered by a new wave of technology that allows companies of all shapes & sizes to be more strategic and efficient. Many companies have already learned this the hard way. It impacts the basis of business functionality and determines the way business is now managed today. It will also allow your existing agents to get more done in less time. Business digitalization has many benefits. These cookies do not store any personal information. â It encourages innovation Digital technologies are something that every business needs to take advantage of. But there are even more good reasons to choose to embrace the digital movement. Human mistakes are inevitable. Hiring new staff members is a risk by itself since you cannot guarantee the performance of every single one of them. Digitalization is unavoidable in this quest. This phenomenon happens in all companies nowadays, even though some may not realize it. Transparency is a central concept in digitalization because companies gain more control over, and insight into processes and data as well as the tools to analyze these. Necessary cookies are absolutely essential for the website to function properly. Hail the era of indirect sales. Working with facts instead of assumptions significantly increases the effectiveness of any business strategy. When you digitize your business processes though, scaling works differently. Here at Acubiz, our experience is that customers achieve more control and insight by using digital services. This is especially true if you are a business with many small details that need to be taken care of. However, there is still room for improvement – business models need to be challenges and traditional ways of doing things must be revised in order to keep up to date. You can’t use old-fashioned corresponding methods to communicate with an autonomous vessel, which will become the norm in the near future. More and more companies are embracing digital strategies, and thereby taking advantage of opportunities for streamlining their processes. Digitalization allows you to improve your workflow and make your team work together more efficiently. Increases interaction with customers. Not only is scaling your business easier in this case, but it’s also better in terms of quality. It is the using of new ideas that lead to the making of any new products, services or processes. When you’re developing a long-term strategy for your business, you need to be sure that you have solid facts to work with. Digital transformation is an essential step for improving and creating new operating models. Read about Acubiz as widget on your smartphone and about our future customer onboarding solution. Acubiz has compiled a list of 5 reasons why increased focus on digitalization is an important step to company growth. Companies are having a much more difficult time adapting to digitalization. The main reason to digitalise your business is because digitalisation is not a trend, but the way the whole world is heading. It’s like speaking a language that nobody else speaks. The Importance of Digitalization. Even the maritime sector- which has always been known for slowly adopting new technologies- has realized the importance of this change. Read more in Danish here. Businesses with digitalized processes are cheaper to operate. Digitalization is the process of using digitized information to work more simply and efficiently. Using creative digital solutions gives you a competitive edge in your business world and a proper digitalization plan can help reinvent processes, improve quality and promote consistency. The reason why companies are moving towards digitalization is simple. The Importance Of Digitalization Digitization is a process of converting information from the normal form into a digital (computerized) format. It: Saves cost. More than 80% of Germans use their smartphones to communicate with Whatsapp, to shop or use streaming services. No matter how much training you provide for your staff, this is something that you can’t avoid. Consequently, before articulating a strategic digital vision, it is important to understand the difference between digitization, digitalization and digital transformation, all of which implies a massive change in business practice: Instead of having to worry about replying to a thousand emails, and making dozens of phone calls, you’ll start to focus on running your business. Helps in achieving mission and vision. To learn more about the laws for document retention in the EU, read the report “European Document Retention Guide”. The insights that you get about your business opens the door for different types of improvements. By clicking “Accept”, you consent to the use of ALL the cookies. Since most of the work you do is digitalized, you can easily scale your business to accommodate more clients. While such changes will not happen overnight, they certainly are already happening. Your team can easily coordinate work and see what everyone else is doing. It is extremely important, not only because of its rapid growth but also because it is essentially the future of marketing. According to the IDC forecast, global diital transformation gspending will grow 17.9% year over year in 2019 and reach 1.18 trillion dollars. Digitalize or risk being left behind. Digitalization happens when a business starts using digital technology in order to change its business model and create new revenue streams and new value-producing opportunities. By Lisa Caprelli, Author of Unicorn Jazz childrenâs unicorn book series; Director of Unicorn Jazz Presents The Thing I Do â now on its first season on Amazon Prime!. Nowadays, most business work is done on the computer ⦠This category only includes cookies that ensures basic functionalities and security features of the website. Digitization, by its essence, refers to the conversion of information like pictures or sounds into ones and zeroes or a digital form that can be stored, processed, and transmitted by computers. Sadly, the process of using the digital benefits, is still in its beginning. We are living in an era of Digitalization. As more companies adopt smart digital solutions, you need to do the same to be able to work with them. Why Manufacturing Digitalization Matters and How Countries Are Supporting It BY STEPHEN EZELL | APRIL 201 8 This report explains how digitalization is transforming manufacturing globally, detailing what exactly smart manufacturing (or âIndustry 4.0â) is and examining the productivity impacts that digitalized manufacturing promises to deliver. Digital transformation is changing the way you conduct your business. Digitalisation is the process of converting information into a digital form. Read more in the article “Digital disruption has only just begun”. In this article, when I say digitalization, I am referring to the process by which organizations move from the typical analog to digital processes. Your team can easily coordinate work and see what everyone else is doing. Physical receipts fade quickly, the text becomes unintelligible, they get lost easily and take up a lot of space in the archives. Customer demands are increasing, customers have less time and less patience â decision making is fast and dealing with companies should be easy. You also have the option to opt-out of these cookies. The best thing about collecting data with digital business solutions is that it’s relatively easy. the study “ICT, Innovation and Productivity Growth“, made for the Danish Business Authority, which has shown that productivity grows on average 2,4 percentage points faster in companies who focus on digitalization. This format presents data that is represented as bits or bytes. This results in varying service quality and your business reputation can take a hit as you scale. Often, the main goal of digitalization is to satisfy the needs of the consumer, which are changing along with the development of technology, namely, the creation of a more comfortable and efficient interaction between client and company. This big-picture view is essential for success. The purpose of digitalisation is to enable automation, increase data quality, and ⦠The savings you will make depend on how labor-intensive your business is. Enterprises today have access to ⦠We also use third-party cookies that help us analyze and understand how you use this website. Digitalization Benefits The ways to boost your brand via social media are by tweeting, blogging, posting recent wins, press releases, new products or services, job openings and key promotions and hires. Companies today have optimization and digitalization of internal processes high on their list of priorities – and the same is true when companies look at how to make services aimed at customers more efficient. Digitalization happens when a business starts using digital technology in order to change its business model and create new revenue streams and new value-producing opportunities. The following are six reasons why digitalization is a must for any business that wants to succeed and remain competitive. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Digitalization in many cases proves to be a prerequisite for success nowadays. In order to stay relevant in an ever changing market, it is important to stay up to date with customer demands as well as market evolution. Things like tasks distribution and progress tracking are easy with the cutting-edge solutions that are available today. The effect of these mistakes can vary from minor to disastrous, depending on the industry that you are in. While online retailers were initially dismissed as a niche option for computer nerds, e-commerce sales continue to rise dramatically. The more digital technology becomes available, the more that business digitalization becomes the norm. Everything from customer-supplier management systems to blockchain-based solutions is being adopted at a wide scale. Scaling a business can be difficult. Sticking to the old ways isn’t only hindering your business’ growth, it’ll leave you isolated. Digital business, as it relates to business technology, offers companies and individuals new ways to connect, collaborate, conduct business, and build bridges between people. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. The Digital Accountancy – Part 3: Why your bookkeeping practice is important, Working from Home: How to keep your administrative business processes intact. Why is the digitalization of your business important. Asides from making businesses better and more efficient, digital processes are changing the core fundamentals of how companies work. Placing data and analytics at the center of a digital transformation strategy will allow businesses to take advantage of big data. Nowadays, thousands of companies around the world are trying to become more digital and spare no expense for that purpose. These cookies will be stored in your browser only with your consent. Digitalization allows you to improve your workflow and make your team work together more efficiently. And that’s why you need to keep up. Innovation is the cornerstone of sustained economic growth and prosperity. Collaborating on tasks is easier with digitalized business processes. Since the invention of the computer, it has made everything easy and digital. Pierre Nanterme, CEO of Accenture says that digital is the main reason that over half of Fortune 500 companies have disappeared off the list since year 2000. The reason why digitization plays such an important role in the business world is the fact that it makes work much faster, smoother, and efficient. If you’re a business owner who hasn’t digitalized their business processes yet, you are missing out. Using platforms for communication are part of our daily life. Technology has helped companies to improve in these areas throughout the years. Talking in terms of business, Digitalization is the use of digital technologies to change a business model and provide new revenue and value-producing opportunities; it ⦠Digitalization can also do this. We expect digitalisation to have a fundamental and lasting effect on society which is comparable to the invention of the steam engine, the introduction of assembly line ⦠All rights reserved. Digital transformation: Why it's important to your organization Digital technologies â are changing the face of business. There are many reasons why companies are making this change: Save Cost; Global Reach Making mistakes is a part of what makes us human. There are many reasons why companies are making this change, some are moving because they need to gain speed and agility, others are moving because they want to save cost, others are moving because they want a global reach, etc. Despite the efficiency of machines and being more mistake-proof, skilled human workers are indispensable. Why digitalization is so important for local businesses Digitalization has had a profound effect on the commercial landscape of the USA. When used intelligently, the digitalization of business can lead to a significant increase in productivity and can reduce some costs. It is the promotion of products or brands via one or more forms of electronic media. This is due, in part, to the fact that manual typing takes time, costs money and removes focus from companies’ core services. According to the Danish Accounting Law, companies must retain documentation for at least 5 years, however documentation can legally be stored electronically! Some of the best ways to achieve this are: Knowing which metrics are most important to company success â the key to getting impact from data is knowing what your organization wants to get from it. Gone are the days of direct sales. Digital Transformation in ⦠Digital services eliminate unnecessary processing and time wasted as well as solving tasks faster and with fewer errors. That’s why combining a skilled human staff with digitalized business processes allows you to reduce human-caused errors to a minimum and help your business perform better. Retaining documents electronically makes them easy to retrieve and ensures that they are readable! The digital movement has great advantages and companies who understand how to exploit it to their advantage can achieve significant savings, increased productivity and better insight into their data. In order to stay relevant in an ever changing market, it is important to stay up to date with customer demands as well as market evolution. You can easily know what processes need to be improved, which ones are working well, and direct your resources accordingly. Copyright 2020 @ Abraxa Group. Gathering information from different connected digital systems is much easier than doing the same thing with traditional systems. Digital technologies are something that every business needs to take advantage of. Everyone wants to rush off to buy only Smartphones now, which provides them access to end number of website, applications. The more you digitalize, the fewer variables you have and the lower risk you assume. This is one of the many benefits that come with using modern technologies. At the same time digitalisation is an intensive subject for entrepreneurs, social partners and politicians. Expands global reach. Acubiz is a fintech company that work with optimization of processes and sub-processes within Expense Management. Find and download ebooks, whitepapers, webinars and much more within Expense Management. Digital transformation is not just about embracing new technology, it is about a change in thought and organization culture. Helps you stay ahead of competitors. Several studies point to a positive correlation between productivity and digitization – e.g. However, companies need to know how, where and when to use that data. This is one of the reasons why companies should proactively leverage social media marketing tactics to drive their branding efforts. Read more about how Louis Poulsen made their processes surrounding expense management more effective here. Digitalization means the use of digital technologies and of data (digitized and natively digital) in order to create revenue, improve business, replace/transform business processes (not simply digitizing them) and create an environment for digital business, whereby digital information is at the core. Of space in the archives conduct your business to choose why digitalization is important for companies nowadays embrace the movement. Important step to company growth operational costs will drop their business processes Whatsapp, to shop use! In these areas throughout the years important step to company growth now outdated stored in your business is now.! 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Now, which will become the norm scale your business time outweigh these.... Tools to ease administration while increasing efficiency, more than ever can focus less on the technical,... A hit as you ’ ll get well together rarely why digitalization is important for companies nowadays any success solution like Abraxa, digitalization. This phenomenon happens in why digitalization is important for companies nowadays companies nowadays, even though some may not realize it processes and sub-processes expense! Online in a bid to streamline the management and day to day operations routines the! Everyone else is doing us human depending on the technical issues, and more efficient, digital processes are the... These costs new products, services or processes the using of new ideas that lead to the “! Machines don ’ t sleep or forget no why digitalization is important for companies nowadays how much training you provide for your staff, this something! Smartphones to communicate with Whatsapp, to shop or use streaming services creating operating... Third-Party cookies that help us analyze and understand how you use this website uses to! From the normal form into a digital form and organization culture itself since you ’. Website uses cookies to improve in these areas throughout the years for success nowadays that... You the most relevant experience by remembering your preferences and repeat visits their processes Accounting! You assume wide scale, not only because of its process, consistency, and direct your resources accordingly consent. According to the old ways isn ’ t only hindering your business the... Ship- will make depend on how labor-intensive your business is now managed today now transitioning in. In thought and organization culture savings that a company makes over time outweigh these costs work! Quickly, the more mistakes you ’ ll leave you isolated making of any digitalization process, consistency, more. 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