The latest technologies are impacting the way we live and work. They are drastically affecting businesses in all branches and sectors. This change is called digitalization.

We’ll help you understand the gist of digitalization and demonstrate the extraordinary opportunitie it provides for your business.

The examination of Future IT Report 2020 by Campana & Schott and Duisburg-Essen University revealed that more than 50% of businesses in the German-speaking world could grab an additional chunk of the market by including digitalization in their strategy.*

In every branch, knowledge and advancement in digitalization are crucial for the success of your business in the competitive struggle.

 

What do we understand by the notion of digitalization and what it means for your business?

There are quite a few definitions on the Web, which often contradict one another – and it may get a bit confusing! We keep to the following short notion:

Digitalization is the transformation of analogue data or processes into a virtual, digital form, only possible through the implementation of digital technologies.

On the applicable, business, level, digitalization is a holistic process of change, based on new, innovative, and agile business models, which results in an improvement, automation, acceleration and virtualization of the internal processes of a company.
Digitalization improves cooperation between data, processes, and individuals to achieve significant benefits in competitive struggle.

It has an almost endless number of facets. And if someone believes, digitalization is possible and necessary only for big companies, it is equally beneficial for small and medium businesses, as well as much easier to implement.

Seven key benefits offered by digitalization

1
Procedures and processes optimization

Digitalization significantly increases productivity and reduces costs when introduced properly.
Fast and efficient work has always been important for optimal use of precious resources. However, essential time is being lost due to co-existence of analogue and digital mediums.

Digitalization makes it possible to have all processes and data in one medium, eliminating inconsistencies and adding many new possibilities for data use and handling.
With the help of digitalized automatic data processing applications, procedures like sales and marketing can be significantly simplified and accelerated.

2
Efficient data use

Even small and medium enterprises accumulate big volumes of data. Much of it is being lost, forgotten or not used at all.
With digital systems all incoming data can be saved and presented for evaluation in a user-friendly form. For example, when you process data on new leads, you can improve your proposal so it meets the needs of the client perfectly. Respectively, you have a higher chance of winning a contract and increasing your competitive position.
Data evaluation helps make decisions based on the data available in a myriad of ways, thus streamlining business procedures. Digitalization is not only the transfer of data into electronic systems. It is about analysing this data and using it to make business decisions.

3
Flexibility

More and more companies rely on cloud solutions, which have a great impact on flexibility in terms of place, time and task accomplishment. All data and information is stored centrally on digital media and devices. Accordingly, incoming tasks can be addressed from anywhere.
Employees must not necessarily be present in the office at all times. Job and personal life can be easily interconnected. An even work-life-balance leads to the fulfillment of employees, increased productivity and, consequently, satisfied clients. It’s a rather abstract change, which is nonetheless apparent in the company’s balance sheets.

4
Time efficiency

It takes hours to print and sort out documents. In contrast, digital archivation eliminates the need for these activities. You can easily search all documents in the Cloud, see their creation date, previous versions, changes that were made, related documents, create documents automatically according to set rules, and add virtually any other functionality that may benefit your company and employees since digital systems are highly customizable.

5
Happier clients

Most clients are ordering their goods from home or looking for services on the Internet. It is not about perfect Online-appearance only, it is about innovative tools, which impress clients and keep them for a protracted period of time. With the help of digitalization, it is possible to improve customer satisfaction levels and improve products and services based on data collected to increase profits.

6
Reduced costs

Through easy and fast access to data and documents, your employees save time. And time is money.
When 5 employees are able to do the job that was previously done by 15 people, the benefits of digitalization become apparent.
Additionally, a high level of digital procedure automatisation reduces the human mistakes factor, which indirectly results in reduced costs.
Completely another application with the same result is that data evaluation makes it possible to precisely estimate and forecast demand in the future. What quantity of goods should be produced in order to sell all the stock, but not produce too much? Previously, businesses could make only reactive decisions. (e.g. all stock was bought in 2 days, we should produce more next time). Now complex predictive models allow for precise estimates of the future behaviour based on existing data.

7
Future-proofing

To survive in the future, businesses need to adapt now.
Noone can avoid digitalization. You either implement it or get left behind and outclassed by the competition who already did.
Modern technologies make it possible to promote new and innovative business models and help develop new ideas, address wider audiences and apply extensive tools for the business process organization and management.
To compete against those, the existing ones must adjust.

Digitalization is a buzz-word no longer, it is a necessity now

Our passionate team helps you to reach your goals and supports you on your way to the digital world. With new approaches and innovative technologies adapted to your needs, we implement the best solutions for the successful future of your business. We are well prepared for the digital transformation of your business and can supply you with the best experts who have necessary Know-how and years of experience. Thus, you can develop reliable systems fast and comfortably and use our comprehensive expert knowledge for your specific needs.

Posts by
Sergej Hermoni

Sergej Hermoni is the CEO and co-founder of impltech and the expert when it comes to business development in real estate and finance. He has a deep understanding of the customer journey and the development of optimal customer experiences. Sergej completed his business studies at the Humboldt University in Berlin and and wrote several academic papers on financial market efficiency and portfolio optimization. Before impltech, he worked for several companies in Berlin, London and New-York and was responsible for digitalization projects at banks and insurance companies.