The 5 Myths about Digitalization
Singapore (23 September 2019)
It is widely believed that utilizing technology can take business to the next level if used effectively. Organizations who keep up with the latest trends and are ready to embrace technological advances such as digitalization can probably survive much better than those who do not. Yet there are still many enterprises who are hesitant to cross boundaries in terms of bringing in different technologies.
In this article, we will debunk the five digitalization myths that may be the reasons why some enterprises are hesitant to embark on their digitalization journey to transform their company.
1. Digitalization is exclusively Information Technology
Looking at digitalization as entirely an IT issue is too misleading. Digitalization is much more than updating the software in your computer and it is not a checklist that you can check off by simply hiring a CIO or CDO. That is not how it works. Digitalization is not just about technology, it is about revamping the business model of your organization to bring in new revenues.
2. Only successful businesses are the ones who are most likely to embark and be successful on the Digitalization Journey
In reality, if an organization is doing well in terms of revenue and growth, then the chances of wanting to transform their business may be very low. On the other hand, organizations who are struggling in terms of revenue and profit growth are the ones who are more motivated to initiate a transformation of their business model, simply because they want to improve their outcome.
3. Digitalization means using the most costly and advanced technologies
Digitalization does not necessarily mean that your business will need to utilize the latest and most costly technologies. Evidence shows that it is the smart use of existing technologies (e.g., internet, GPS data, OCR) that drives success. Take a look at Grab and Airbnb, a big part of their success is due to the convenience of its services. These companies made everything digital and by just downloading the app and tapping on the services that a consumer needs, the deal is done in a matter of seconds.
4. Implementing Digitalization is simple and can be done anytime
The reality is, like any successful approach, if it was easy, everyone would do it. Digitalization of a company's operation is time-consuming, it is a journey not a light switch. There will be ups and downs, severe doubts and disruptions along the way. These changes takes time and none of this happens overnight but working with a good vendor helps to ease the challenges on your company's digitalization journey.
5. Digitization and Digitalization is the same
Both Digitization and Digitalization are important steps towards digital transformation. However those two things are different.
So what is digitization? Digitization basically means taking analogue information and encoding it so that computers can store, process, and transmit such information. There are many examples of digitization in organizations today, and by far the most common example is converting handwritten and typewritten text, photographs and microfilms into digital format. Digitalization, however, is quite distinct from digitization. Digitalization is a process within organizations to increase the efficiency and productivity using digital tools and technologies.
Both digitization and digitalization is impacting every aspect of business, not least how companies today innovate, evolve and grow. You should not procrastinate in shifting digitally your traditional business models as moving a step closer towards digital transformation will be one of the smartest decisions that is certainly going to help your organization to grow. Although, leaving your old business model might be difficult and disruptive, once your organization cross this boundary the outcome would show the advantages to walk on the trends.
RMA provides a full suite of end to end digitalization services from the scanning of the physical hardcopy documents, large format drawings and microfilms as well as transcription and transaction processing to implementing digital solutions such as the Electronic Document Management System, Digital Mailroom, Applicant Tracking System and Human Resources Management System, all with the intent to help organizations achieve competitive advantage. Be informed and do not procrastinate! Talk to us or visit https://www.rmagroup.com.sg.
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