Business success nowadays has shown to be largely dependent on digitalization. It happens when a business starts using digital technologies to change its business model and provide new value-producing opportunities. But what exactly is the impact of digitalization on business?
Digitalization brings modernity and a fresh perspective to the business landscape. Let us dig into the details of these specific novelties for a better understanding.
Customer behaviour
Customer behaviour and purchasing patterns have dramatically changed with the change in time. According to a study by GE Capital Retail Bank, approximately 81% of consumers perform online research on the products they want to buy before heading towards the retail store. Through the increasing trend of online shopping, consumers can not only avail themselves of the convenience of getting the product at their doorsteps but can also compare their products. This means that every business needs to level up its online shopping experience if they want to meet customers' expectations.
Fewer human errors
With the use of digitalization, business workflows have become more streamlined and hence, there are fewer chances of human errors. This, in turn, means a decrease in operational costs.
Data analysis made simple
Google offers highly secure cloud services while with the help of Google Analytics, you can seamlessly analyse your business data. Given that these are digital technologies, it is hard to imagine a high-quality data review without them.
Increase in digital presence
When you put your business online and increase your visibility through social platforms, the chances of sales become threefold. That is because consumers will almost always want to look through the reviews and comments on a particular product before making a decision to buy it.
Innovation persuaded by digitalization
Digitalization has a positive and significant impact on innovations, globally. As time goes on, technologies become more advanced and innovative in order to be able to satisfy consumer needs and boost sales. This ultimately introduces new trends and opportunities in the market.
Study digitalization and automation at PFH
We appreciate you taking the time to read our blog post on the impact of digitalization on business. If you are thinking about studying abroad and pursuing a career in this field, take a look at our Master’s degree in Digitalization and Automation.
We have designed this program to help you apply the skills you have acquired with your first university degree in the fields of electrical engineering, mechanical engineering, computer science and industrial engineering. Additionally, you will develop a comprehensive understanding of digitalization and automation and your studies will prepare you in the best possible way to apply your knowledge in those fields.
At PFH we make sure you receive a high-quality education while making the most out of your study abroad experience!