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. Read about Acubiz as widget on your smartphone and about our future customer onboarding solution. Digitalization is the process of using digitized information to work more simply and efficiently. Gone are the days of direct sales. Many companies have already learned this the hard way. Nowadays, most business work is done on the computer … 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. No matter how much training you provide for your staff, this is something that you can’t avoid. February 25, 2014 Dr. House in the medical drama “House M.D.” sometimes ruminates over medical mysteries or rants wildly, while reviewing his patients’x-rays or other images on an x-ray view box. More and more companies are embracing digital strategies, and thereby taking advantage of opportunities for streamlining their processes. Digitalization can also do this. Everyone wants to rush off to buy only Smartphones now, which provides them access to end number of website, applications. For example, if you have a port management agency, digitalization can help you operate with fewer agents. Digitalization allows you to improve your workflow and make your team work together more efficiently. Digitalisation is the process of converting information into a digital form. And that’s why you need to keep up. 6 Reasons why digitalization is a must for any business. Helps in achieving mission and vision. – It encourages innovation Digitalize or risk being left behind. 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 … Some things in life are optional, other things are mandatory. Digitalization is unavoidable in this quest. Despite the initial setup cost of any digitalization process, the savings that a company makes over time outweigh these costs. 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. Nowadays, thousands of companies around the world are trying to become more digital and spare no expense for that purpose. Online businesses have provided the customers with service which has made the customers satisfied with the deals they are getting into. It will also allow your existing agents to get more done in less time. This website uses cookies to improve your experience while you navigate through the website. To learn more about the laws for document retention in the EU, read the report “European Document Retention Guide”. It impacts the basis of business functionality and determines the way business is now managed today. While online retailers were initially dismissed as a niche option for computer nerds, e-commerce sales continue to rise dramatically. Copyright 2020 @ Abraxa Group. Read more in the article “Digital disruption has only just begun”. Human mistakes are inevitable. Helps you stay ahead of competitors. Unlike humans, machines don’t make “mistakes”. Things like tasks distribution and progress tracking are easy with the cutting-edge solutions that are available today. 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 “Industry 4.0”) is and examining the productivity impacts that digitalized manufacturing promises to deliver. This phenomenon happens in all companies nowadays, even though some may not realize it. What was science-fiction technology a decade ago is now outdated. Read more about how Louis Poulsen made their processes surrounding expense management more effective here. Digitalization Benefits 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. Here at Acubiz, our experience is that customers achieve more control and insight by using digital services. 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. Find and download ebooks, whitepapers, webinars and much more within Expense Management. Many people think that traditional promotion will soon be replaced entirely. Scaling a business can be difficult. The savings you will make depend on how labor-intensive your business is. You can easily know what processes need to be improved, which ones are working well, and direct your resources accordingly. You will also free up more of your time to put your mental effort where it matters most. The old “paper-based” methods can’t keep up with the current pace at which the world is evolving. More than 80% of Germans use their smartphones to communicate with Whatsapp, to shop or use streaming services. Digitalization in many cases proves to be a prerequisite for success nowadays. This format presents data that is represented as bits or bytes. In the competitive world of port agencies, this level of efficiency can mean the difference between thriving and being out of business. Collaborating on tasks is easier with digitalized business processes. Placing data and analytics at the center of a digital transformation strategy will allow businesses to take advantage of big data. The Importance Of Digitalization Digitization is a process of converting information from the normal form into a digital (computerized) format. You also have the option to opt-out of these cookies. But there are even more good reasons to choose to embrace the digital movement. Making mistakes is a part of what makes us human. And you’ll find increased importance of digitalization in business today more than ever. Digitalization has long become an intimate part of our daily routines outside the workplace. This big-picture view is essential for success. Once you have the right tools set up, you’ll see your business as you’ve never seen it before. It is important to remember that it is the information you’re digitizing, not the pro… The more digital technology becomes available, the more that business digitalization becomes the norm. This is one of the reasons why companies should proactively leverage social media marketing tactics to drive their branding efforts. When you’re developing a long-term strategy for your business, you need to be sure that you have solid facts to work with. At the same time digitalisation is an intensive subject for entrepreneurs, social partners and politicians. When you digitalize and automate as many tasks as possible, your monthly operational costs will drop. Another benefit that comes with digitizing business process is better insights. Technology has helped companies to improve in these areas throughout the years. According to the Danish Accounting Law, companies must retain documentation for at least 5 years, however documentation can legally be stored electronically! The higher the human factor in your business processes, the more mistakes you’ll get. Gathering information from different connected digital systems is much easier than doing the same thing with traditional systems. “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. When you digitize your business processes though, scaling works differently. 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. It is the promotion of products or brands via one or more forms of electronic media. The effect of these mistakes can vary from minor to disastrous, depending on the industry that you are in. Alongside business innovation, digitalization – the development of digital innovations – is one of the most important business trends for the future of the economy. Increases conversions. Even the maritime sector- which has always been known for slowly adopting new technologies- has realized the importance of this change. Digital technologies are revolutionizing many industries, including the maritime sector. The reason why companies are moving towards digitalization is simple. As more companies adopt smart digital solutions, you need to do the same to be able to work with them. When used intelligently, the digitalization of business can lead to a significant increase in productivity and can reduce some costs. Not only is scaling your business easier in this case, but it’s also better in terms of quality. Acubiz has compiled a list of 5 reasons why increased focus on digitalization is an important step to company growth. The best thing about collecting data with digital business solutions is that it’s relatively easy. Several studies point to a positive correlation between productivity and digitization – e.g. 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: Business digitalization has many benefits. Digital transformation is changing the way you conduct your business. Physical receipts fade quickly, the text becomes unintelligible, they get lost easily and take up a lot of space in the archives. “Today, all retailers are under severe pressure. Our solutions scale with your business, so you can focus less on the technical issues, and more on growing your business. 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. Many businesses are now transitioning online in a bid to streamline the management and day to day operations. Innovation is the cornerstone of sustained economic growth and prosperity. This shift is powered by a new wave of technology that allows companies of all shapes & sizes to be more strategic and efficient. Digital transformation is not just about embracing new technology, it is about a change in thought and organization culture. By clicking “Accept”, you consent to the use of ALL the cookies. Digital business, as it relates to business technology, offers companies and individuals new ways to connect, collaborate, conduct business, and build bridges between people. This results in varying service quality and your business reputation can take a hit as you scale. Using platforms for communication are part of our daily life. It: Saves cost. You can’t use old-fashioned corresponding methods to communicate with an autonomous vessel, which will become the norm in the near future. While such changes will not happen overnight, they certainly are already happening. 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. Companies today are requesting tools to ease administration while increasing efficiency, more than ever before. But opting out of some of these cookies may affect your browsing experience. Digital transformation is an essential step for improving and creating new operating models. 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. It’s like speaking a language that nobody else speaks. When that’s the case, scaling isn’t only expensive, but also difficult, as you need to find people with the right skills. The Importance of Digitalization. Digitalization of business helps to improve the efficiency of its process, consistency, and quality. Digital technologies are something that every business needs to take advantage of. These cookies will be stored in your browser only with your consent. Acubiz is a fintech company that work with optimization of processes and sub-processes within Expense Management. Necessary cookies are absolutely essential for the website to function properly. The main reason to digitalise your business is because digitalisation is not a trend, but the way the whole world is heading. By Lisa Caprelli, Author of Unicorn Jazz children’s unicorn book series; Director of Unicorn Jazz Presents The Thing I Do – now on its first season on Amazon Prime!. Digital Transformation in … Why is the digitalization of your business important. Everything from customer-supplier management systems to blockchain-based solutions is being adopted at a wide scale. Manual workflows are full of redundant tasks that are pulling your business down. 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. 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. All rights reserved. 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. Retaining documents electronically makes them easy to retrieve and ensures that they are readable! The purpose of digitalisation is to enable automation, increase data quality, and … With a solution like Abraxa, full digitalization is no longer a difficult thing to achieve. 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. They don’t sleep or forget no matter how long they work. 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. 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. Businesses with digitalized processes are cheaper to operate. People nowadays are only expecting comfort and quality. Your team can easily coordinate work and see what everyone else is doing. Hiring new staff members is a risk by itself since you cannot guarantee the performance of every single one of them. Since the invention of the computer, it has made everything easy and digital. Digital technologies are something that every business needs to take advantage of. 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. Expands global reach. We are living in an era of Digitalization. It is the using of new ideas that lead to the making of any new products, services or processes. There are many reasons why companies are making this change: Save Cost; Global Reach Your team can easily coordinate work and see what everyone else is doing. Companies are having a much more difficult time adapting to digitalization. Sadly, the process of using the digital benefits, is still in its beginning. 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. 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. And there are advantages to doing just that. However, companies need to know how, where and when to use that data. 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. Customer demands are increasing, customers have less time and less patience – decision making is fast and dealing with companies should be easy. Since most of the work you do is digitalized, you can easily scale your business to accommodate more clients. Acubiz has compiled a list of 5 reasons why increased focus on digitalization is an important step to company growth. If you’re a business owner who hasn’t digitalized their business processes yet, you are missing out. Despite the efficiency of machines and being more mistake-proof, skilled human workers are indispensable. Understanding Digital Transformation . 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. Companies need to develop digital strategies and focus on what are the key success factors of digital transformation. This is especially true if you are a business with many small details that need to be taken care of. Some of the best ways to achieve this are: Knowing which metrics are most important to company success – the key to getting impact from data is knowing what your organization wants to get from it. The more you digitalize, the fewer variables you have and the lower risk you assume. Increases interaction with customers. Business digitalization: How much do companies spend? Working with facts instead of assumptions significantly increases the effectiveness of any business strategy. 1. The insights that you get about your business opens the door for different types of improvements. Teams that don’t work well together rarely see any success. 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 … In this article, when I say digitalization, I am referring to the process by which organizations move from the typical analog to digital processes. Why digitalization is so important for local businesses Digitalization has had a profound effect on the commercial landscape of the USA. 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