A recent article in the Forbes magazine tried to deconstruct the meanings of the commonly used terms ‘digitization’ and ‘digitalization’ and in doing so clarified that digitization is the straightforward term for shifting form analog to digital whereas digitalization is the comprehensive process of embracing technology to enhance efficiency, speed & accuracy of services delivered. Research and advisory giant Gartner Inc weighing in stated: “Digitalization is the use of digital technologies to change a business model and provide new revenue and value-producing opportunities.”
In the modern context, it is apt to say that most organizations strive for ‘digitalization’ as opposed to mere ‘digitization’. A business process that has seen tremendous improvement especially in the past two years is payment workflow management within organizations. Given the restrictions on travel and contact compelled by the global pandemic, many turned to digitalization to ensure continuity of businesses even in the midst of less-than-ideal circumstances.
How can digitalization save businesses?
Payments for suppliers and employees for various purchases and services are a process central to any organization. It is of paramount importance to maintain financial discipline in order to determine the future trajectory of a company. DigiEx is a simple platform that solves this problem by offering a digitalized alternative for managing the required workflows for payments as well as acting as an archive for receipts, invoices etc for future retrieval.
Under the current travel & contact-restricted context, this service can be transformative in ensuring continuity of businesses. It enables payments to internal as well as external parties sans lags and delays. All transactions can be centrally monitored and approved with a single click. DigiEx makes payment workflows effortless, fast, error-free and most importantly transparent.
The application can be downloaded from Google Play or App Store for free and has a pay-as-you-go model payment method. Another benefit is that the service is highly encrypted to ensure safety for confidential documents from potential breeches & compromises.
Is investing in digitalization worthwhile?
The short answer is yes – it has become apparent that especially the millennial and Gen Z demographics would continue to work from home even in the aftermath of the Covid-19 pandemic. Even though a semblance of normalcy has been ushered in thanks to vaccination, experts are unable to forecast when or if the world will ever return to how it was, pre-2019. It is, therefore, safe to assume that digitalization will remain relevant and investing in the necessary tools will serve to benefit an organization in the short as well as long terms.
Aside from the obvious benefits, digitalization aligns well with global priorities such as environmental preservation & conservation. Processes becoming paperless eliminates the need for cutting down trees as well as reduced commute helps to reverse the damage to nature from carbon emissions. India recently built a 25-meter “smog tower” in New Delhi to improve the city’s air quality which was ranked the most polluted in the world for the third consecutive year in the World Air Quality Report 2020. Though industries remain a challenge, reduced commute due to Covid-19 restrictions and growing popularity of the remote working concept are expected to contribute to improving air quality not just in India but the world over.
Automation should not be perceived as a threat to finance or any other professionals but rather a positive improvement that helps to instill order and discipline in present challenging times. Digitalization is an inevitable result of the growing popularity of the WFH culture and as such making the transformation from physical to virtual is crucial for any organization to remain competitive. If you are new to the idea of digitalization, DigiEx might be a good place to start.
Sources:
https://www.forbes.com/sites/jasonbloomberg/2018/04/29/digitization-digitalization-and-digital-transformation-confuse-them-at-your-peril/?sh=78d9a9df2f2c
https://www.euronews.com/green/2021/08/24/india-builds-8-storey-smog-tower-to-tackle-air-pollution-crisis
CEO/Co-Founder at DIGIServices.