The Internet, or the World Wide Web, is a computer network spread worldwide. These computers, or nodes, transmit massive amounts of data in milliseconds, owing to which information on the web is widely spread across the world. In a nutshell, this user inflow in the web space makes it imperative for a business owner to digitize business processes truly. Business digitalization has been a term for more than ten years, yet it still has the weight of the substance in any industry.
One may doubt: How can we transition to a digital world? What are some uses for digital format knowledge management? How does knowledge management aid in the customer experience of businesses and many more? So, please do stick with us to know more.
What Is Digital Transformation?
Using digital means to optimally run one’s business can be termed digitalization. When a business initiates the digitization process, the same is termed digital transformation. For instance, providing shopping outlets or online stores for customers ultimately aids business operations by increasing efficiency and around-the-clock product availability. This provides a basic understanding of digitization, but its use spans way further. In the rest of the article, we shall discuss the steps of digitizing and how to integrate engineering data.
Let’s look into a real-life example of Dominos. Established in the 1960s, the well-known pizza restaurant Domino’s has evolved into a “truly digital-first corporation.” According to their data, 91% of their revenue in 2021 came from digital platforms.
Power Of Data Analytics
Another big transformation that has come up from digitalization is taking business decisions based on user market research. Business models are made while keeping the target audience in mind, so they use the data they get from the customer base and digital tools and analyze the same through digital tools. Since they understand what engages customers the most, they would work more on that aspect to increase revenue inflow. Similarly, they can eliminate poor-performing services and products and develop creative solutions that may save time and are cost-effective.
Through this analysis, they try to redefine their business model and include better products. Let’s understand this with an example; most e-commerce stores have a customer chatbot controlled by AI and humans. Now, if the chatbot’s data can be understood and visualized in solid data, then understanding the most common issues would be very easy. If the data was not digitalized, analyzing complaints in the form of physical documents would have been a logistical nightmare.
