Digitisation is the buzz word for businesses today. So, what makes digitisation so crucial to companies? How does it affect the nature of business and the way it is conducted? What is its impact on business models and business strategies?
Digitisation is a software transformation process where data or information is converted into a digital form. Companies have started to recognise the benefits of transitioning to online systems in order to streamline their business processes.
They use digitisation for day-to-day operations, production, logistics, as well as management. Some notable benefits include cost reductions, efficiency, improved competitiveness, and better customer relationships, among others.
The Benefits
Digitisation opens up endless possibilities for companies to grow and become more efficient and profitable. The convergence of digital technologies such as big data, the Internet of Things, and artificial intelligence have changed the way enterprises conduct business. These have several benefits such as:
- Boosts efficiency
- Improves transparency
- Reduces operational costs
- Enables faster and accurate data analysis
- Makes data storage safer via the cloud
- Saves time, money and space
- Eliminates human error
Look at the significant positive impact of digitisation on the following three popular business processes.
#1 Changing the Face of Business Operations through Cloud Computing
Technology has transformed the way businesses operate, and cloud computing technology has helped many companies gain a competitive edge. It has enabled high levels of flexibility and access to remote working as never before.
Cloud computing helps businesses to revamp their IT infrastructure. It provides a system to manage their computing resources online by using a third party for their storage and computing needs. As the systems are hosted on remote servers, it offers distinct advantages such as:
- Greater security
- Protection against loss of data
- Data storage solution
- Automated data back-up
- Disaster recovery
Businesses can select public, private, or hybrid cloud systems, depending on the nature, size, IT budget, and other requirements of the business.
#2 Workflow and Document Management
Automated workflow is an excellent method to improve productivity. Manual file management processes drain time, money, and space. However, introducing automation by way of digital systems helps produce, track, and manage business documents digitally. Digitisation enables archiving of the old business documents in a compact and highly accessible way, saving a lot of space and labour.
Efficient workflows play a pivotal role in boosting efficiency levels across various departments in a business. Digitisation is a cost-effective and sustainable data management strategy. It offers greater scope to improve a workplace by managing the flow of documents received in paper, electronic or digital forms.
Digital document management is a cost-effective and safe method, especially for those who need to comply with legal regulations regarding the handling of sensitive data. It ensures that only authorised staff have access to information and eases the process of data management overall.
#3 Intelligent Data Capture
Businesses receive a constant flow of information and data via various modes such as emails, web, fax, and paper. When intelligent data capture solutions are in place, the incoming and outgoing information is processed and documented efficiently. The system classifies, extracts, validates and shares the information with digital workflows and even with existing ERP systems.
IT companies market a variety of data capture technologies to incorporate them into their business processes. OCR intelligent documents or tablets, and digital pens are some of the popular technologies in the marketplace.
These technologies integrate the captured information with the host system and pre-defined databases, enabling comprehensive automation of the business systems. Businesses find these technologies useful to improve the quality and accuracy of data as well as to eliminate human errors in the document flows.
Cloud computing, digital data management, and data capture technologies when used in combination or individually create a significant positive impact on business operations. The impact is reflected in cost reduction, improvement in efficiency, better time management, and space saving. As newer technologies are introduced, future workplaces will change dramatically.
For effective and sustainable cost reduction solutions & efficiencies that will increase your bottom line, contact the experts at Benchmark Cost Solutions at this number – 02 9525 0777. If you prefer, write to us at this email address, and we will revert quickly.
Thanks for reading,
Benchmark Cost Solutions Team
02 9525 0777
