Frequently Asked Questions (FAQ):
What does digitization mean?
Digitization transforms physical items into digital versions. For example, scanning paper documents to create digital files, such as PDFs, allows us to save and access information on computers.
This process breaks down information into simple bits of data, turning everything into a language of zeros and ones that computers understand. Digitization is essential for recording and sharing data, making it a key driver in today’s digital world.
PS: did you know that ValueMiner can generate reports or documents automatically at the push of a button from your digitized database?!
What does digitalization mean?
As we clarified above, digitization is the process of turning physical materials or information into a digital format, but it doesn’t necessarily change how we utilize this data. This is a key difference from digitalization. Digitalization goes beyond just storing data digitally. It uses digital tools and the data obtained through digitization to enhance or innovate processes.
While digitization is mainly about changing the form of information, digitalization is about evolving and improving workflows. For instance, digitalization can involve analyzing customer data gathered from various digital platforms to automatically uncover new patterns in their behavior.
- How can digitalization impact your business?
Digitalization can significantly transform your business, as demonstrated by GKN Aerospace, a leading company in the high-tech industry. They faced challenges with the limitations and inefficiencies of using traditional spreadsheets for strategy deployment. Seeking a solution, they turned to digitalization for a more effective approach.
The major advantage of GKN Aerospace’s digitalization initiative was the integration of all relevant data into a single AI-based platform, moving away from the segmented and inconsistent information typical in spreadsheets. This platform, provided by ValueMiner, offered a unified source of truth, presenting data along with its interdependencies in a clear and contextual manner. Such a comprehensive view ensures that all members of the organization access the same information, significantly enhancing collaboration and decision-making processes.
By adopting this digital solution, GKN Aerospace not only saved on potential misdirected project costs but also reduced the time spent on managing and reconciling data from multiple sources. This streamlined approach to data management led to more effective planning, resource optimization, and a collective stride towards improved performance and goal attainment.
In summary, digitalization can revolutionize the way your business plans and implements strategies, leading to more efficient processes, reduced redundancy, and clearer pathways to achieving your objectives. GKN Aerospace’s experience illustrates the transformative potential of digitalization in enhancing business operations and strategic decision-making. Learn more on the GKN Aerospace´s Journey of Strategy Deployment Through Digitalization.
What does digital transformation mean?
Digital transformation is the integration of digital technology into every area of a business, leading to significant changes in how the business functions and provides value to customers. More than just adopting new tech, it’s a comprehensive shift in company culture, structure, and operations. This process includes reevaluating existing business models and strategies to maximize digital technology benefits.
Digital transformation is not a one-time project but an ongoing journey of adapting to rapidly evolving digital technologies and market demands. It’s essential for businesses to remain competitive, innovative, and relevant in today’s digital age.
How does Artificial Intelligence impact Digital Transformation and benefit businesses?
AI dramatically benefits business digital transformation, as seen in Healy World’s compliance management. This global health device company faced challenges in managing a large distributor network. By implementing ValueMiner’s AI-powered software, they achieved:
- Automated Document Processing: Faster and more accurate handling of compliance documents.
- Efficient Violation Detection: Quick identification of distributor violations online, saving time and reducing errors.
- Streamlined Risk Management: Automated risk assessments and clear decision-making processes.
- Significant Efficiency Gains: Increased violation detection, reduced costs by 80%, and cut manual work by 70%.
This AI solution transformed Healy World’s compliance management, showcasing AI’s power in enhancing efficiency and accuracy in digital transformation.