It is the process of having the digital formats being transferred from the Analog data and processes. For example, online forms or digital documents can be replaced by paper documents. The processes automation can also be accompanied by digitization thereby leading to saving cost and time.
The process helps in making the economy digitalized and it is increasing. In numerous ways, the wallets are not just in your pant pockets but an app on your mobile phone. Making the transaction easy and faster. No worries of carrying bar in your pockets or resulting in losing the money. The expectation from the companies are also in the form of costs falling, efficiency is higher, productivity is rising, new products and services and thereby increase in sales and new markets.
As per the survey done by Bitcom, 78% of the companies are developing a concrete digitization strategy so that in the coming years it can be implemented successfully. Digitization has also been seen as an opportunity for 9 out of 10 companies for their own business to be right. However, the turning of traditional business into a completely new concept of the digitalized model is something tentatively a risky approach as many managers from small or classic SMEs cite this to be a reason for lack of time and money.
In my opinion, it is debatable whether digital change can be taken seriously or not. It does ensure transparency in the documents, easy way of communication, and more effective solutions even though heavy investments are involved. The concept is called a daring approach but any kind of transformation or change leads to successful ventures and can reverse the time with a meaningful impact.