A lot of people do not grasp the concept of digitalization, yet it has profound implications for all types of businesses. Knowing how to make the most of modern technology will give your company an edge in the market and allow you to expand. This article will discuss the meaning of digitalization and how it can benefit your business and the issues you may face as you embark on your digitalization journey.

Digitalisation is the application of digital technology to change the way a business operates and create new revenue-producing and value-producing opportunities. Digitalisation can be used in a broad array of applications, ranging from improving processes and internal communication to creating an efficient supply chain and opening up new channels for sales.

Several interviewees pointed out that digitalization has changed the consumer behaviour. They are more demanding in terms of the quality of products they buy and are no longer content with the only offers offered by their direct competitors. They evaluate their products against similar products from other industries or suppliers (A6 M1).

To meet these challenges, businesses need to adapt their business strategies to be able to adapt quickly and effectively to shifting market conditions. They also need to be able to offer products and services that are tailored to the specific needs of their clients. This requires a high degree of customer service and collaboration between departments within the company. Digitalization allows companies to form these collaborative groups and share knowledge, which in turn allows them to create innovative business models.

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