Fintech

What is Digitalisation of Business

In today’s world, everything has become digitalized. Customers are demanding from companies in many industries a radical overhaul of business processes. The feature of digitalization like:

• Intuitive Interface;
• Around the clock availability;
• Real-time fulfillment of needs
• Personalized treatment;
• Global consistency;
• Zero Errors; has become increasingly accustomed.

The experience of digitalization is a superior user experience. However, digitalization also works in favor of business person if used in a right way as it will help in offering more competitive prices because of the reason like lower cost, better operational control & fewer risks.

To meet the demands of their customer all the business are trying to accelerate the digitization of their business process. Digitization often requires that old wisdom is combined with new skills.

Meaning of Digitalisation:

Digitalisation is an integration of digital technologies into everyday life. In simple words, it can be said to be computerization of systems and jobs for better ease and accessibility.

It is a use of technologies and data to create revenue, improve business, transform the business process and create an environment for digital business. It is a process of converting information into digital format.

Swot Analysis of Digitalization:

SWOT stands for strength weakness opportunities and threats. Applying SWOT to the business plan:

Strength:

Strength is the internal characteristics. The strength of digitalization can be:

• As by digitization cost can be cut up to 90%.
• Replacing paper and manual process with software allows business to collect data automatically.
• It also helps in better understanding process performance, cost drivers and causes of risks.
• It also helps in addressing problems before they become critical.
• Digitized information is easier to preserve, access and share.

Weakness:

• The lack of content specialist.
• The fact that the web team is busy doing minor updates and not thinking strategically.
• Limitation on the type of content published.
• The content on the website is out of date, unfocused.
• Low R&D expenditure of both business and government

Opportunities:

The Government of India is also making continuous efforts to make digitalization a successful plan. For that Government of India has launched a campaign DIGITAL INDIA. The main aim of this campaign is to ensure that the Government service is made available to all the citizens by improved online infrastructure. Digital India consists of three core component:

• Universal Digital Literacy.
• Delivering Government service digitally.
• Development of secure and stable digital infrastructure.

The concept of Digitalization will create an enormous opportunity for IT Companies. At present also there are not a large number of competitors so there is a lot of scope for success.  The new generation is ready to adopt Technology Enhanced Learning. Research excellence in complementary topics like intelligent information management. Positive GDP growth forecast in economies.

Threats:

• When planning for any digital transformation, organizations must factor the cultural changes they are going to face as workers.
• Organizational leaders adjust to adopting and keep on relying on unfamiliar technologies.
• Digital transformation has created a unique marketplace as well as challenges and opportunities because of this organizations have to face many competitors who take advantage of the low barrier to take entry in the existing market.
• Ageing population not being able to tackle the contemporary technology and usage.
• Due to the high importance is given to technology today & widespread use of those technologies the implication of digitalization^[1] for revenues, profits and opportunities have a dramatic upside potential.