Digitization is Simple

Most of us are up to speed on digitization, but are we prepared for digitalization? When we confuse the two, we ignore the power of digital transformation.

As your probably know, digitization is the conversion of analog source material into a digital form. Essentially it refers to taking analog information and encoding it into zeroes and ones so that computers can store, process, and share information.

At work, digitization unburdens us from paper-based processes. It’s important to remember, however, that we have digitized information, not processes – that’s where digitalization comes in.

Digital transformation occurs when information is digitized, thereby enabling processes and business operations to become digitalized. Automation is a big part of the story. 

Digitalization – It’s Complicated

Although we don’t all agree on a clear, concise definition of digitalization, we know it takes digitization further. It is the use of digital technologies to change a business model and provide new revenue and value-producing opportunities. It is the process of moving into a digital business model. 

Digitalization is a game changer; it allows technology to assist us anytime and anywhere. Digitalization means that business can use technology to engage with people to precisely address specific needs. 

Digitalization is Changing the Lending Industry

The mortgage industry has, for decades, been mired in paperwork that required gathering documents from a myriad of internal and external sources. Digitalization is transforming the process from start to finish. 

Technology solutions:

  • Allow lenders do their jobs faster and better
  • Identify, retrieve and categorize information rapidly 
  • Replace aging backend technology
  • Request necessary information from applicants with little or no human intervention

Technology is taking over the lending industry. Is your enterprise prepared for a digitalized world? 

Digitalization Transforms Business 

Most organizations have completed digitalization projects ranging from automating processes to training employees to use computers. Analog technologies such as “snail mail” and land-lines have been replaced by email, instant messaging and other digital technologies. Life, both business and personal, is rapidly becoming digitalized.

Digitalization is a driver of process efficiency and data transparency; it adds value to your business. In the office, we use digital technologies and information to transform business operations. Teams can work remotely. Automated workflows and Artificial Intelligence help businesses proceed with less and less human intervention.