Business Sector

Digitalisation in the Business Sector: How the Business World has Changed in These Years

As per latest reports, by 2023, the digitisation of the commercial sector is estimated to influence the market of consumer durables by up to 63%.

Additionally, in the financial year of 2017-2018, the digital economy was responsible for around 8% of the nominal GDP.

These statistics not only indicate a bright future for the commercial sector but also highlights its role in improving it.

To elaborate, over the years, digitalisation has laid a positive impact on various aspects of the business sector including its proficiency and productivity.

Further, positive outcomes have been derived by digitising managerial elements like supply chain management.

Benefits of digitalisation

The following offers a more comprehensive idea of how digitising the business sector has had a positive influence on it –

1. Enhanced connectivity

Over the past few years, social media sites emerged as a potent tool for networking and marketing.

As more business ventures tried to work on their online presence, customer experience and interaction of such brands underwent a significantly positive change.

It not only enhanced social engagement but had also boosted social presence and connectivity in general.

Additionally, business owners are now able to receive direct feedback from their customers and implement changes swiftly.

2. Quality data analytics

As per reports, the cost of storing data has fallen by a sharp 99% since 2010. Similarly, it was estimated that by 2016 the analytics market would generate over $121 billion because more business owners were inclined towards adopting it.

Consequently, a large number of business firms have been successful in providing customised products and services to their customers.

Individuals who wish to integrate data storage system into their business regime should also look for essential technology that every small business needs and avail them accordingly.

3. Cloud storage and computing

With the decrease in the cost of data storage, the ease of accessing through remote functioning has improved significantly.

In fact, with enhanced security pertaining to storing, sharing and processing data, businesses are in control of improving their credibility and reputation.

Further, with more secured features and designs, cloud computing has made relative business operations more transparent, cost-effective, and flexible. In turn, it has facilitated proficiency in production and enhanced its overall quality.

Since 43% of cyberattacks are targeted towards small businesses, it can be expected that the popularity of cloud-based services and secured operations would gain more grounds.

4. Improved supply chain management

Digitising supply chain management has increased efficiency and productivity of business sectors to a great extent.

To elaborate, with the inclusion of digital technology like analytics, logistics platforms, 3D printing, etc. the entire system has become more integrated and transparent.

Resultantly, it has helped to develop proficient business models that have a higher competitive advantage and better aspects of generating revenue.

In turn, it has helped them generate more income and lower overhead expenses by reducing the scope of human error significantly.

Though it is expensive to digitise business management, SME owners have been able to incorporate it with the help of supply chain finance option extended by leading financiers.

Several SME owners have availed business loans from NBFCs like Bajaj Finserv at affordable interest rates to fund their requirements accordingly.

Further, the NBFC even extends pre-approved offers to their customers on several financial products, including on business loans, personal loans, home loans, etc.

Subsequently, to streamline the process further make a point to find out the documents required for a business loan in advance.

In a nutshell, digitisation in the commercial sector has revolutionised the aspects of businesses significantly. With the incorporation of the latest digital technologies, social engagement has enhanced to a great extent.

Moreover, big data, cloud-based storage, and digitised supply chain have spruced up business operations considerably.