Digital Business is the process of employing digital technology to reinvent business models so as to offer an enhanced customer experience and innovative products & services, thereby improving revenue and value-added prospects. Digital Business encompasses traditional non-digital players along with digital-only brands.
Components of Digital Business:
- Artificial Intelligence & Machine learning
- Internet of Things
- Digital Engineering
Importance of Digital Business Management:
- Streamline Processes: In order to enhance efficiency, reduce cost and increase profitability, businesses need to automate their processes. This streamlining of operations will not only help organizations achieve reliable outcomes, but also facilitate greater transparency.
- Saves Cost: Digital business manager appraises financial data & risk assessments and works to improve operational efficiency, manage costs, budgeting along with recognizing growth opportunities. He further they assists in developing cost-effective business model as well as building internal capabilities that will encourage the company’s growth.
- Enhances Productivity: Basis their assessment of the current technology assets, Digital business manager recommends digital transformation to reduce system downtime, support workforce, and streamline & smoothen business operations so as to increase productivity, thereby achieving growth.
- Business continuity and disaster recovery: Digital business manager ensures that organization pursues best practices of risk mitigation. They must develop a roadmap to protect against disaster through data backup & varied recovery solutions so that there is no dip in performance.
- Informed Decision making: Digitalization ensure proper analysis of information & data such that well informed decisions are made.
- Enhanced Agility: In this fast-paced digital environment, the organizations must be agile enough to swiftly react to any market shift, be it a new opportunity or any disruption. For this, business processes must be automated, employees must be trained, data must be backed up etc.
- Quality and Consistency: Digitalization ensures that each operation is consistent, thereby resulting in reliable high-quality output. This further leads to designing of better high quality feature-rich products with little or no increase in manufacturing costs as well as time.
- Cyber security: Companies face Cyber-attacks quite often these days. Inadequate protection will not only result in organizations loosing clients as well as data, but also face operational and legal issues. Digitization will assist in designing of roadmap for security processes leading to an effective solution to protect data.
Digital Business Management course: To know more about Digital Business Management, students need to enroll in a college that offers:
- The curriculum must mentor the students in use of Digital Business Management, AI, ML and Digital Business
- The college must offer proficiencies which not only will suffice in present situation, but also addresses future requirements besides offering opportunities in diverse domains across verticals in the dynamic discipline of Predictive Analytics.
- The college must boast of a comprehensive internship & placement program that will offer prospects for both existing students as well as students who have graduated earlier (up to a certain period- example for up to 5 years) from the college.
- The college must offer its students life skill training program that will mentor them to hone necessary life skills like networking, communication, negotiation, writing & making presentation etc.