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Digitalization in Business: An Executive Guide

Understand the impact of digital transformation through these digitalization examples in business, healthcare, and education 

Business moves fast. Companies have transformed their analog workflows into digital ones to keep up. This process is known as digitalization. Digitalization unlocks increased operational efficiencies and can reduce costly mistakes through automation. It can also boost revenue for businesses that have implemented it. The following guide explores the benefits of digitalization in business across many industries. That way, your business can begin its own digital journey.

 

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Digitalization in healthcare

 

The first electronic medical record (EMR) was created in 1972. Since then, medical professionals have embraced digital technology. The goal of this transformation is to improve medical outcomes for patients and increase the availability of care to more people.

    Examples

  • Patients and providers can view medical history through online portals.
  • Patients can fill out online intake forms before their first visit.
  • Telehealth enables many providers to serve remote patients.

Benefits of digitalization in healthcare

Improved patient outcomes

Online forms can speed up patient intake times. Many patients can access providers through telehealth options. And they can make more informed decisions about their care with easier access to their medical history.

 

Enhanced organization

Duplicate and misplaced records can be a thing of the past. Digital databases can ensure records are properly organized. Plus, aides can digitize handwritten notes with robust optical character recognition (OCR) systems.

More accurate diagnoses

More accessible information makes provider collaboration far easier. With a more holistic view of a patient’s health, healthcare professionals can offer better informed care options.

Read more about the future of healthcare in “Digitalization in Healthcare: How Medicine is Embracing a Digital Future.

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Digitalization in finance

People want to know how their money works for them. Some people want to check on their stock market investments. Others want to see how much interest their savings account provides. Digital finance tools put this information right at their fingertips.

    Examples

  • Manage finances and track budgetary spending through online bank accounts.
  • Buy and sell stocks through mobile trading apps.
  • Transfer funds to friends and loved ones.

How digitalization improves the banking experience

Customer onboarding

Opening an account through a website or mobile device is easier and more convenient than ever. Digital banking also provides extra security methods to reduce fraud.

Loan processing

Getting approved for a credit card or loan used to take weeks. Now, credit checks can happen in a matter of minutes, all with a few taps on a mobile device.

Customer satisfaction

Chatbots provide quick answers to common questions. Customers can chat with service representatives if they need more detailed information.

Digitalization in business and retail

The digital transformation in retail business has already happened. According to a Marist poll, 76% of U.S. adults regularly shop online. Embracing business digitalization will increase your access to a broader customer base. You’ll also gain opportunities to market to people most interested in their products.

    Examples

  • Mobile apps connect consumers to the products and services they need.
  • Inventory management systems streamline warehousing, shipping, and logistics.
  • Pricing algorithms automate discounts to maximize sales.

How digitalization improves the retail customer experience

Purchase history and tracking

Customers want to track a product’s entire journey to their doorstep. Digitalization ensures that items make it to their destination in a timely fashion.

Customer engagement

Improvising retail operations requires understanding customer perceptions. Businesses can track sentiment through social media and forums. They can even engage and provide support through online contact forms.

 

Advertising

Your customers won’t know if you have what they need unless you tell them. Digital advertising enables you to directly inform consumers. And personalized marketing allows you to speak directly to their needs.

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Digitalization in manufacturing

Developing products on a global scale requires unprecedented coordination. Factory lines must operate smoothly. Inventory must be tracked. And shipments must arrive on time. Otherwise, entire sections of the global economy can grind to a halt. As a result, manufacturing plants lean on digitalization to maintain operations.

    Examples

  • Automation increases production speeds and reduces the chance of human error.
  • Internet-of-Things devices track analytics, like equipment reliability and production throughput.
  • Digital invoices and manifests enhance shipping and billing processes.

Benefits of digitalization in manufacturing

Enhanced accuracy

Businesses must build and deliver products on time. They must also account for hazardous and specialized inventory. Tracking these tasks by hand is time-consuming and prone to error. With digital inventory and manifests, manufacturers can account for every aspect of production.

Improved recruiting

Finding employees with specialized skills and certifications is hard enough. Digital hiring notices and application systems make this process far more manageable. Now, businesses can advertise open positions anywhere in the world. And they can sift through resumes to find applicants with the qualifications to do the job right.

Optimized revenue

Digital invoicing allows for greater organization of accounts. Businesses can see who has paid and who has not. Enhanced analytics and reporting enable manufacturers to optimize production processes.

Digitalization in education

Digitalization isn’t just for businesses. It can also help educators teach students of all ages. Many students are already digital natives. The rising use of technology in the classroom is a natural extension of this digital evolution.

    Examples

  • Interactive lessons help students learn and retain complex information.
  • Digital devices and online portals provide easy access to coursework.
  • Digital records make tracking student progress a breeze.

Who benefits from digitalization in education?

Students

Digital native students are often more engaged when interacting with lessons on familiar devices. Plus, they can gain instant access to essays, videos, and other helpful learning tools.

Teachers

Instructors must manage coursework for dozens — if not hundreds — of students. Digital coursework can be easier to receive, grade, organize, and store than physical paperwork.

Administrators

Physical student records take up an enormous amount of space. Transferring these files into digital versions can make tracking this information far more efficient.

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fi and SP Series Scanners

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