The consistent relevance and reliance on technology and internet in business creation and delivery in the 21st century has given rise to the true definition and meaning of the term digital business. Digital business refers to businesses that use technology to create and deliver value to its customers. Its internal and external operations are hugely reliant on technology.
The introduction of digital business has redefined the ways business development and operations were once designed and performed. It has created a level playing ground for many small business organizations, which may not have found their footing because of the lofty requirements attached to analogue business. These include huge startup capital, overhead cost, poor feedback, high delivery cost, and more.
Today, small businesses leverage on the low barrier entry that technology provides, to fight big players in business increasing competitiveness, all thanks to digital business. You may want to learn digital marketing; this is very important in this journey.
HOW TO CREATE A DIGITAL BUSINESS
- Design a plan: Just like every other kind of business, digital business requires a definitive plan. This comprises entry, management and exit plan.
- Learn digital skill: Digital business requires consistent improvements and updates, for that reason, you need to learn few digital skills to the proposed business otherwise you will need an expert which increases overhead cost for the new business. In addition, it is necessary for a business owner to have basic knowledge of how his business is creating and serving value as it provides new ideas on how to direct or improve operations.
- Assemble the right team: The increase in the competiveness of digital business demands for a workforce that knows how to get the job done. Hiring mediocre individuals who do not understand the digital landscape will slow down progress.
- Keep an open mind: The consistent evolvement of technology necessitates the need for open mindedness. Researching, learning, improving and applying recent technologies that makes operations performance easier, and enhance productivity should be embraced.
- Consistent learning: Daily, new application software, web applications and more are updated and created for business efficiency, therefore keeping tabs with new developments in technologies and learning how to explore them for business performance is very important.
- Be Innovative: Bright and ingenious initiatives makes for a prosperous digital business. A business organization should develop its own ideas to create values and deliver operations that are qualitative and optimal.
THE DRIVERS OF DIGITAL BUSINESS
There are more too many components that inform, direct, and enable digital business but right here, I am only going to be listing and defining only eight.
This class of mobile phones and multipurpose computing devices play a huge role in the direction and operations of digital business. With increasing features that it provides, many business organizations are leveraging on it to carry out their businesses.
Web applications are accessed by the user through a web browser with an active internet connection. Typical examples of commonly-used, web applications include: web-mail (Gmail,Yahoo mail,etc.), online shops, and online banking. Through web applications, businesses have been served in a more optimal way.
Cloud computing is the on-demand availability of computer system resources, especially data storage and computing power, without direct active management by the user. The term is generally used to describe data centers available to many users over the Internet.
Cloud computing relies on sharing of resources to explore cost advantages and achieve coherence
Electronic Identification (“eID”)
Electronic identification offers online security and digital solution for proof of identity of customers. Electronic identification provides for online security. Online Authentication, login and digital signature are good examples of eID.
A system in which a record of transactions made in cryptocurrencies are maintained across several computers that are linked in a peer-to-peer network. Blockchain is unifying and revolutionizing the way money is transacted across the world.
Business Intelligence (BI)
This is a combination of strategies and technologies used by organizations for the data analysis of business information. It has modified and made the accessing of business information and data analysis more accurate and well documented.
This refers to extremely large data sets that may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behaviour and interactions. Big data deals with data sets that are too large or complex to be dealt with by traditional data processing application software
This comprises of teachings offered through electronic media or the internet precisely. With e-learning; training, workshops and seminars (now called webinars in this context) has become easier and more efficient.
Digital business has created unique marketplace challenges and opportunities. Among its disadvantages is the pilfering of debit and credit card numbers as well as the personal information of millions of customers online. But in all, its advantages outweigh its challenges, and every organization that intends to stand a chance in the evolving business landscape of today must adopt digital business.