Digitization is creating a digital version of physical things such as paper documents, receipts, leads, client profiles and more.
Consumers, and particularly Generation C (the generation of young people who, by 2020, will have always lived in a primarily digital world) are already fully adapted to the digital environment. They naturally expect to always be connected, are willing to share personal data, and trust referrals from their closest friends more than from well-known brands.
The increasing affordability of broadband is expanding the reach of technology to billions of consumers. In parallel, low-cost smart devices are being deployed in every industry. Cloud computing and the vast information-processing machinery it requires, is developing rapidly.
The economic benefits to be captured through digitization are quantifiable. A surge of capital has poured into the new digitization technologies and companies, and the public markets reward early movers with unprecedented valuations
To meet high customer expectations, companies must accelerate the digitization of their business processes. They must change the entire business process, including cutting the number of steps required, reducing the number of documents and developing automated decision making.
There are many benefits: by digitizing information costs can be significantly reduced. In addition, replacing paper and manual processes with software allows businesses to automatically collect data that can be mined to better understand process performance and forecasting.