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When discussing businesses and technology, there are many terms that might easily be misunderstood. Digitalization, digitization, and digital transformation framework are the most often used ones. To see the differences, let’s examine each of them.
Making anything digital or producing it in a digital format is referred to as digitization. For instance, if you publish a printed newsletter or magazine online. Or else if you sign papers online using an electronic signature.
Business model transformation is all about making basic adjustments to a company’s operations, such as employees, operational methods, and tools. Consider Netflix, the industry titan that entirely flipped the traditional video distribution business model to disrupt it.
This focuses on your internal systems, such as data, analytics, AI, and other systems that can help the company cut costs and improve operational effectiveness. For instance, with its recent Walgreens app revamp to serve better customers and centralize its digital assets. Healthcare retail giant Walgreens serves as an excellent illustration of this.
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