RETROSPECTIVE ANALYSIS OF THE WORD “DIGITALIZATION”

Abstract

Digitalization is rapidly changing the assumptions of the way of organization of work and life work and digital practices are changing business landscapes. While the use of data in business-to-business marketing is not a new phenomenon, the digitization and digitalization of firms' business models have recently attracted a great deal of attention. There is a wave of “digitization” in many parts of the world as private businesses, as well as the public sector, embrace information and communication technologies to achieve lesser cost, efficiency, and competitive advantage. However, what we are witnessing is just the beginning of an economic revolution as the full potential of the digital economy is about to be harvested. Nevertheless, this question should be studied more in the future. At the same time, the concept of digitalization in the literature has many meanings and is used in different ways. Consistent communications can make future conversations easier because the definitions are concrete, discussions about misunderstandings and ambiguities are avoided, and trust is built. The research tries to clarify the concept by giving an overview of the existing theory and terms, explains the differences between them based on the recent research on this topic, and specifies the importance of these digital processes in the modern world. The main finding is the meaning of digital transformation, which is not only about powerful technologies but also about resources and people in the first way.