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  • Janith Wickramarachchi & Sithari Kavindi

Digitalization affects the corporates in a postive way

Picture Credit: Pexel Website

Technology is a savior which has helped the humanity to bring out the best version of themselves and has assisted humanity to develop, improve and step up for a better lifestyle.

Businesses, corporate industries can be seen as the main entities where the technology or the digitalization plays a major role. For a business to be successful there are major parts that needs to be interconnected and work well with a brilliant level of productivity and efficiency.

Digitalization is a common strategy that the business entities and industries are using commonly to increase their productivity and efficiency as a whole and to create a better working environment which increases employee morality, loyalty, satisfaction and decreases the employee turnover rate.

Moreover, this has been used to provide better product, service or after service to the customers or to maintain a closer customer relationship.

Technology connects all the dots in a business. Operations, Finance, Marketing, HR and all the other functions are connected through this digitalization process. Regardless of the scale of a business, digitalization can be implemented in different levels.

Over the years, almost all the markets have been growing simultaneously with its competition due to the development of technology or simply, digital services. What is digitalization, why digitalization is needed and how different functions in organizations have been implementing this strategy will be covered next.

What is digitalization?

Digitalization is defined as the use of digital technologies to change a business model arming the business entity with the ability to perform better and provide new revenue and value-producing opportunities while achieving and fulfilling the targets and objectives of the organization in the long-run.

Digitalization is not limited to replacing paper with a system. It goes way beyond that and with the demand now, all the business entities are trying to get a piece of it. Making a business or a corporate entity go digital provides lots of pros and a less amount of cons.

Ability to perform the operations in a productive manner, increase workplace quality and employee satisfaction, competitive advantage in the market, enhanced product or service experience, customer relationship building and ability to reach new markets in a low-cost approach are the major advantages.

The drawbacks could be identified as the high initial cost, extra training costs and maintenance costs. With Digitalization being profitable, organizations have been turning almost all the main functions into digital operations recently and let’s see how.

Operational Digitalization Process

In any business, operation is the core unit which decides everything from being failure to a successful business venture. Managing operations include, increasing productivity and efficiency in the operations, cost-efficiency and installing, and implementing advance technology to the operations so that it can do the previously mentioned tasks.

Top benefit of adopting to a digital module is found as to improve operational efficiency. (40%)

- Financeonline

Automation is the go-to option of all the business entities. Many firms compete over the latest technology available in the market to get it and implement it before the others which will be the first move to gain a strategic advantage and as well as a competitive one.

Picture Credit: Pexel Website

Recently, some of the biggest manufacturers in different industries have implemented AI technology incorporated with Robotics to enhance the quality and productivity in the production lines and some of them have used this technology to improve the working environmental conditions which will eventually lead to employee satisfaction and boost the working energy of the human resources.

Digitalization has invented digital inventory management systems, E-Supply chain management systems and many more which are seen as current trends in global markets. This implementation has enabled the business entities to step up to the next level by better operations, customer satisfaction, enhanced products and service quality in the long run.

Finance Digitalization Process

Financing is one of the three main parts in an organization. Therefore, this function has been affected from the very beginning of digitalization era.

First, it was the automated billing systems and nowadays it has advanced where even betting systems are available for relevant industries where no human factor is needed when the right data is inputted.

Budget calculation and project financials can be generated through digital systems now. Further, this has been a huge step as these calculations are generated after analyzing the previous projects as well. In contrast, if the same was done manually, it could take more time and be less efficient.

Picture Credit: Pexel Website

The banking sector has become digital-centric over the last couple of years where they have implemented many effective digital systems and implementations to gain many benefits for themselves and other users.

Digital banking has been normalized and it could be seen as the first move of digitalization in the finance sector. Now anyone could create even a new bank account with the tip of their fingers and that would realize how technology has affected globally, without being restricted to one sector or industry.

Stock Market, the center of a country’s economy, has been digitalized enabling the investors significantly. Therefore, they could buy and sell stocks very easily without a hustle. The above simple, yet beneficial digital implementations have shown that it is the new trend and use of it will never fade overtime.

Marketing Digitalization Process

Having a great product with much potential is useless, if you don’t have the skills and tools to market it to the right market through proper channels. Without marketing, you won’t have customers to sell. They won’t even know you. That’s why marketing is vital to a business or to a corporate.

Marketing has been influenced remarkably by digitalization. Digital marketing and digital marketing channels are focal points in all the major discussions in organizations. Many business entities have allocated a considerable amount of their budget for digital marketing.

For instance, replacing old communication, marketing channels with digital channels such as Facebook, Instagram, YouTube, TikTok and LinkedIn etc., are notable. Digital marketing has brought a variety of controllable factors to the marketing sector essentially, the ability to select an audience effectively, audience testing, types of advertising, and effective auto-tip generation.

As a result of the society spending much time on these platforms, brands are expanding their marketing approaches towards digitalization and they get better results over the years.

Google Ads and Search Engine Optimization is another segment that has been used widely in the global markets. If you carry out those segments perfectly you are guaranteed with a right audience around your business, better sales, better customer satisfaction and many more.

63% of businesses have increased their digital marketing budgets just this past year.

- Wordstream

Advancement of technology has been pushing the businesses, corporate entities, and different sectors to embrace digitalization with open hands to gain benefits. This has created many working opportunities and also has been one of the major factors for the higher competition in markets.

Countries have always been facilitating their local businesses to digital modules as it benefits the country, as well as the businesses it-self. Regardless of the industry,sector or the scale of the business, digitalization has been rooted all over the globe for right reasons.

Picture Credit: Pexel Website

October 22nd 2022| 01:00 PM

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