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The Cost of Being a Digital Business

Currently, #companies seek to adapt to the digital age, and take advantage of the opportunities it offers; however, the challenges and expenses that #digital transformation implies for companies must also be taken into account.

Before describing the challenges and expenses for companies in the face of this #digitaltransformation, we must be clear about what we mean by being a digital company. A digital company is the type of company that makes intensive use of information and communication technologies (ICTs) to differentiate itself, while taking advantage of all the possibilities offered by #digitization, adapting its structure and operation to the current era. digital. Some of its main features are:

• The presence and use of #ICTs in all processes and areas of the company.

• The value of information and data analysis (big data) to make strategic decisions.

• The absence or reduction of physical spaces and the flexibility of remote work.

• Vision and international presence, taking advantage of globalization.

• Innovation and constant adaptation to change and market needs.

Thus, being digital companies, the main objectives they seek is to be able to adapt to the changing digital era, from which they can obtain various benefits, among which are:

• Improve competitiveness and market positioning.

• Increase #productivity and process efficiency.

• Reduce operating costs and optimize resources.

• Improve customer satisfaction and loyalty.

• Create new business opportunities and generate added value.

As we have seen, digital transformation for companies brings various benefits in different areas of these; but in the same way, companies must take into account that in the face of digital transformation, they will have to face different challenges, whether by investing time, money and effort to achieve a successful digital transformation. Some of the costs that may be incurred are:

• The acquisition and implementation of #hardware, #software and digital platforms suitable for the needs of the company.

• The training and development of human talent to handle the new tools and digital skills.

• The hiring or outsourcing of professionals specialized in digital marketing, digital strategy, computer security, among others.

• The management of risks and challenges associated with digitization, such as cybercrime, privacy, regulation, competition, among others.

Even in the face of this challenge, companies can face the cost of being a digital company and obtain a positive return on their investment. Here we share some recommendations to obtain a positive balance in your digital investment:

• Carry out a preliminary diagnosis of the current situation of the company and define the objectives and priorities of the digital transformation.

• Prepare a strategic plan and a detailed budget to execute the necessary actions to achieve the digital transformation.

• Seek advice or external support from experts or entities that can facilitate the digital transformation process.

• Measure and evaluate the results and impacts of the digital transformation and make adjustments or improvements as necessary.

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