Many people don't grasp the concept of digitalization, yet it is a major issue for any business. Understanding how to make the most of the potential of technology for your company will give you a competitive advantage and help you expand. In this article, we'll look at the concept of digitalization, how it can help your company, and a few of the challenges you may face on your digitalization journey.

Digitalisation refers to the use of digital technology in order to change the company's business model and create new revenue and value-producing opportunities. The concept is able to be applied to a wide variety of possibilities, from improving processes and internal communication to establishing an efficient supply chain and opening new sales channels.

Many of the interviewees said that digitisation had changed consumer behaviour. They are more demanding when it comes to the quality of the products they purchase, and are no longer satisfied with the offerings of their direct competitors. They evaluate their products against those of other industries or suppliers (A6, M1).

To cope with these challenges, companies have to change their business models in order to adapt quickly and effectively to shifting market digitalization of a business conditions. They should also be able to provide products and services that are tailored to the needs of their clients. This requires high-quality customer service, and collaboration within the company. Digitalisation allows businesses to form such collaborative groups and share knowledge, which allows them to create innovative business models.