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A lot of business mix e-business with digital business perhaps because technology is involved in e-business as well. Digital business is not just making use of technology but actually taking advantage of new technology to create new value in different spheres of business. Not just values but also better customer experience and market growth which ordinarily won't be achieved with e-business. It is that spark that gives a business it's competitive edge over others.
The whole digital business idea started in the 1900's but the fuss started again in 2013, Gartner notably made claim that " every company is a tech company ". With most of our lives going digital and our interactions on the internet, the market for digital business has grown even wider. Technology is a part of every industrial sector of the economy.
Digital business offers businesses whole new ways of connecting, conducting business and building bridges between people. It determines the way business is handled today. It can be the combining of unique digital ideas with physical resources. One big example is Uber, in the past we needed to flag a cab for a long while even if we were running late but with Uber they have created an app that connects cab owners and customers. Improving the taxi experience, generating revenue without owning a single cab. All they did was take advantage of the internet and recognizing the need in society.
The business world is evolving and it is through technology whether your business can cope or not. The future of business software is simply digital business. Statistics has shown that more than seven billion people and businesses and at least 30 billion devices will be connected to the internet each year. People are either interacting, negotiating with each other and so it has become a digital world of business.
Every business is making efforts to go digital because if they don't they simply will be left behind in the great scheme of evolution. With the pandemic shutting down places and businesses, there really isn't a choice because it is either you go digital or you go bankrupt. Your career and investments could go down the drain and so its necessary that business executives understand what digital business is all about and how they can be a part of it. The importance cannot be over emphasized enough. It is a different mindset and way of approaching how your business delivers product and services to the world.
A business can't just go digital with a snap of the finger, there are steps and procedures which is called "digital transformation". It is simply the changes associated with the applications of digital technology in all aspects of human society (Wikipedia). Extending to the people, the operations and the technology. One amazing benefits of going digital is the data it allows you to gather about customers. With digital business you can track metrics and analyze the data that turns out during your digital marketing strategies. With it you understand your customers better and can tailor your business efforts to suit them. This is just one of the benefits of going digital, understanding which way would suit your business is the right step if you intend to go digital.
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Digital businesses have become very important due to the pandemic, and it is clear that they are an essential tool.If this digital market had not existed, many people would surely have committed suicide because they would not have found a way to have an income.
For small and medium-sized companies this has been very important to survive the quarantine, and today this type of business is very important for large companies as it is a sector that it is fashionable and generates huge profits.
The world has changed and so has the way of doing business. For most companies that are not entering the digital world, they are being left behind because in a segmented market, small businesses that go digital can offer a better service and attract as many customers as possible at the lowest possible cost.