Digitalization is the process of leveraging digital technologies to transform a business model, creating new revenue streams and value-producing opportunities. It involves integrating digital tools and systems into various aspects of a business’s operations, from management and communication to production and customer service. Digitalization is often used interchangeably with digitization, but they have different meanings. Digitization is the process of converting analog information into digital format. Digitalization, on the other hand, is the use of digital technologies to change a business model and provide new revenue and value-producing opportunities.

Digitalization is technology-driven and creates innovative use cases based on new digital technologies. It has implications for enterprises of all sizes, as they have to digitize their internal processes and procedures and develop new services and digital business models. Digitalization is essential for businesses to stay relevant and thrive in todays competitive landscape. It enables organizations to adapt to rapidly changing market conditions, meet customer expectations, and optimize their processes for greater efficiency and productivity.