Digitalization and business are a buzzword now in the business circles. A rapid adoption of electronic data has meant a leap in the rate of growth of businesses. This has paved the path for improvement in business models, as well as an increased speed and impact of decision making. Digitalization and business are basically a means to achieve greater flexibility in business processes and decisions. This is done by digitizing or transforming data, and then making it available to users in various formats such as text, images, audio and video.
The need for digitalization and business models is growing tremendously, and this need has spurred several changes in the field of information systems and integration. Businesses have to integrate diverse formats of data in order to derive insights. In fact, business models and integration have developed to such a stage where convergence between various formats of data is common. Information systems have gained a lot of importance in the last few years. There has been an increase in the demand for integration services, as companies have realized the importance of data integration for strategic decisions making.
Companies need to realize the importance of digitalization and business models in today’s market. It has resulted in the integration and sharing of data through new business models that have improved customer service and product marketing. Integration and digitalization have contributed to the success of online retail stores. These new business models have helped improve customer service and products.
Businesses need to focus on digitalization and business models, because it is the most important factor behind any successful business. Companies must have a strategy to transform their business models to digital transformation. If companies are unable to do so, they run the risk of being left behind. It will be difficult for them to adopt new strategies and digital transformation at the same time. This will be counterproductive. To implement digital transformation, businesses need the right IT help.
There has been a lot of research done in the past to determine the impact digitalization and business models has had on business. International Journal of Marketing Science, volume 5, issue 8, pages 615-628, published in 2021, provides information on the impact digitalization and business models has had on strategic management. The research found that digitalization and transformation have had a major impact on marketing research. Most businesses have not been able to fully adapt to the digital transformation. The research also found that most businesses are still using outdated business models, which is preventing them from moving ahead with the digitalization.
International Journal of Marketing Science, volume 6, issue 7, pages 495-500, published in 2021, found that the adoption of digital technology had not led to an increase in productivity. The report did however identify several areas that digital technology can help improve. It was identified that digital technology and business model innovation are essential if a company wants to apply its resources in value creation activities.
Strategic leadership, published in International Journal of Marketing Science, volume 6, issue 12, pages 439-447, identified six digitalization and business models that need to be considered. These include enterprise resource planning, enterprise digital information systems, consumer electronic services, electronic data management and electronic distribution systems. It was noted that there is an increasing demand for digitalization because of the lack of effective digitalization at organizations. The lack of digitalization and the high costs associated with it have been cited as the barriers to digitalization. Organizations also face a need to adopt digital technology because of the changing business needs.
International Journal of Marketing Science, volume 7, issue 7, pages 615-622, published in 2021, finds that digitalization and business models are important for organizations that want to succeed. There was a need for organizations to adopt digitalization that creates value for customers and employees. Organizations need to create value by using digital technologies and to share it so that it can be marketed. These values will then become the driving force for sales and marketing activities.