Digitalization suggests using digital technologies to enhance a company’s business processes, products and services. While there are many advantages to digitization, additionally, it poses https://cloudycrowd.net/2020/07/30/business-digitalization-by-board-room/ a number of complications.

Advantages of digitization

Digitization can easily improve a company’s internal processes by eliminating manual tasks and reducing costs through automation. Additionally , it can help a business gain new customers or develop its existing customer base.

Disadvantages of digitization

A key disadvantage of digitization is the fact that that digital information may be easily altered and removed. This can result in errors and misunderstandings.

In addition , a company could become overly reliant on technology. This can bring about a loss in human proficiency and decrease production.

The emergence belonging to the digital financial system has led to a significant shift in how businesses produce and market their products and companies. In contrast to traditional industries, which rely on expense and labor resources for goods and companies, an electronic economy runs with productivity.

Hence, it is important to have a clear vision by what the digitalization of a provider will implicate and put into action it smartly.

The effects of digitalization on a firm’s value creation, proposition and capture were investigated in two distinctive industries, the media and automotive industry, employing qualitative empirical data collected via 12 essential informants. A conceptual setting up based on dynamic features was followed to structure the empirical study (see Figure 1).