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1.0) INTRODUCTION:..................................................................2
2.0) MAIN BODY:........................................................................2
2.1) DIGITIZATION KEY TO SUCCESS IN MANUFACTURING SECTOR: 2
2.2) DIGITIZATION IN SERVICE SECTOR:.......................................4
CONCLUSION:............................................................................6
REFERENCES:............................................................................6
1.0) INTRODUCTION:
Zhou (2013) defined digitalization as the process of transforming information into a
digital format and the information is organized in discrete units of data and they can
be separately addressed (Zhou, 2013). Digitalization has increase in the organizations
due to increase in the business operations and many firms are adopting digitalization
of data. The major reason due to which this topic was selected for this research is that
there is an increase in the number of organizations and business sectors, which are
transforming physical data into digital data, and this enhances the flow of operations.
The two sectors that will be studies for this paper are service sector and
manufacturing sector, which are primary and secondary sectors in an economy. The
following analysis provides more in-depth information and analysis on digitalization
in both sectors in the economy.
digital. The following diagram shows the impact of digital along the manufacturing
value chain;
The manufacturing sector is focusing on to improve the quality of their products and
in the same hand reduce costs. The digitalization tools allow manufacturers to be
more efficient by sharing knowledge, integrating knowledge management systems
and to enhance communication within the organization. The use of digitization
increases the quality of products as well as improves the activities of value chain in
manufacturing companies. Therefore, based on the analysis it can be said that further
development of digitalization in the manufacturing sector will enhance the future and
lead to success for the manufacturing sector.
products and additional high margin. These market trends are based on the transition
from analysis based on models for analysis of self-service approach real time, which
means information is always present and available, especially in the area of Services
involve customers, cross selling, fraud detection and risk management. Companies at
the forefront of the digital trend, which benefits recognition of more customers and
achieve more productivity, and modeling business (Half, 2015). As the service sector
heavily relies on their customers, thus digitization allows the firms to reshape the
ways in which they do interaction with their customers. The service sector focus on
the social media strategies, big data analysis and digital marketing for fostering
customer relations and with the adoption of digitization the sales prices of the service
sector is redesigned with new sales channels becoming available. The impact of
digital on different stage of economic development company run, Service sector and
increase chances of winning the job of scanning, but benefit less production and
productivity. In economic development, GDP growth figures than it will work.
Adoption of rapid technological digital market emerging is evident in global trends in
connectivity, such as penetration of mobile phones, Internet and network expansion
(Dai & Yuan, 2013). Banking sector has been forced to change their business
operations in the last few years due to crisis and the changing regulatory policies.
There is a huge influence on the relationship between revenue and costs and with the
move to digitization it will offer the opportunity to banks to easily manage their
information and data. There are number of new payment systems that has been
introduced3 by the banking/financial sector such as mobile payments and e-commerce
which has emerged in recent years (Misha, 2015). New technologies are helping the
banking sector to shape the future and it will be the key success factor for the service
sector. Technology had rapidly taken the service sector and digitization is real rather
than automatically, but you must include new ways to acquire, process, and act on
large volumes of data. The property management, vendor and marketing budget
requires access to data sets larger will have the opportunity to market trends and
customers to be productive. Regulations, however, require transparency and the need
for data access and quickly across the enterprise. This, in turn, the need for analysis of
strengths in the fields of matching patterns and relationships and mining data to
discover the needs of the market and customers are satisfied. The service sector such
as the banks has launched IT transformation and operations programs to deliver
process efficiencies, operating models, accelerate new product innovation and to
enhance their service delivery (Bakare, 2015). Digitization has changed the service
sector and industries under this have moved forward in the future with improved
business operations and offering new technological related products. Therefore, it can
be clearly stated that digitization in the service sector is the key for success and it will
expand in the future as well.
CONCLUSION:
The research concluded that digitalization has been on rise in terms of its adoption by
the industries and it can be determined as the key to success due to its potential
benefits. Therefore, it can be summed up that digitalization is the key to success for
future business and its effective and continuous implementation and adoption will
improve all the activities in the business sectors.
REFERENCES:
Bakare, S. (2015). Varying Impacts of Electronic Banking on the Banking Industry. J
Internet Bank Commer, 20(2).
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Credit Suisse, (2015). Digitalization:. [online] Available at: https://www.creditsuisse.com/au/en/news-and-expertise/economy/articles/news-andexpertise/2015/02/en/digitalization-banks-are-at-a-crossroads.html [Accessed 24
Nov. 2015].
Dai, M. and Yuan, Y. (2013). Product differentiation and efficiencies in the retail
banking industry. Journal of Banking & Finance, 37(12), pp.4907-4919.
Misha, E. (2015). Regulation of Acquisitions Activity in Banking Industry Albanian
Banking System. MJSS.
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pp.205-216.
Truong, J. (2014). The Digitization of Financial Services. [online] strategy+business.
Available at: http://www.strategy-business.com/blog/The-Digitization-ofFinancial-Services?gko=e7216 [Accessed 24 Nov. 2015].
Yeo, C. and Carter, S. (2011). Predictive emotional intelligence and its relationship
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Zhou, J. (2013). Digitalization and intelligentization of manufacturing industry. Adv.
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