What are Some General Business Trends from Digitization?
Digitization. A hot buzzword today, the long-reaching tendrils of digitization will impact every aspect of every industry. But what is it, how will it impact your business and how can you take advantage of it?
Here's a quick look at business trends that are developing out of the quest for digitization.
Digitization is what happens at the intersection of five specific aspects:
The Internet of Things
Today's society has lead to this intersection, which has resulted in a wide range of changes in how we do business every day.
Software as a Service: It used to take a costly investment to get the software your business needed to function well. Today's software is available through cloud-based resources for a periodic subscription fee. This allows you to try out software without committing to something that may not work, from a number of different devices, which makes it easier to access your work wherever life takes you.
Compatibility and Collaboration: In the past, businesses would jealously guard their processes and procedures, the very essence that makes their business unique. A digitized business works in collaboration with other businesses to create solutions, working across traditional lines for a more comprehensive product for your customers than you could alone.
Automation: The pervasive connectivity in today's environment combined with the supercomputing power and analytics available creates a perfect environment to automate many business processes. This can be as simple as creating a quote that will go directly through from initial contact through to follow up emails and value-added services or as complex as automating your entire supply chain.
New Business Models: The biggest purveyor of music today doesn't own a single artist contract. The largest lodging company doesn't own any hotels. The world's biggest transportation service doesn't own any taxis or buses. Each of these companies took advantage of disruption in the market to reach exceptional growth. Don't be afraid to try a new approach to the same standard business model.
By being aware of the trends that are arising from digitization, you can take advantage of these new technologies and trends to grow your business. Not quite sure where to start the process? AccountRely's phenomenal staff of business professionals can help. Please feel free to contact us today to get started.