Digitization, Digitalization – What’s the Difference?

Digital technologies are rapidly transforming every aspect of our lives. From communication to entertainment, shopping to education, digital devices and tools surround us. And the words digitization and digitalization are popping up everywhere. Often, they’re used interchangeably. Only two letters differentiate them – but the two technologies are worlds apart. Simply put, digitization is a process. Digitalization is a transformation.

Digitization

Digitization takes your existing data, reports and documents and digitizes them. It applies to anything from scanning a photograph or converting a paper report to a pdf or other digital form. It might incorporate importing a paper checklist into an app or recording a meeting, presentation or phone call into a digital voice or transcribed file. Once digitized, the data can be easily stored, shared, and accessed.

Digitization has profoundly impacted many industries. It’s made it possible to store vast amounts of information that otherwise occupies enormous amounts of physical space. Everything from books, photographs, music and movies to complex financial and corporate documents can be quickly accessed from digital libraries anywhere, anytime, through open-source or secure access. Digitization has also made creating and distributing digital content to end users easier.

Digitization also leads to greater transparency and accountability. Digitized records are more accurate and complete records, making it easier to track and analyze performance, identify areas for improvement, and demonstrate compliance with regulations and standards.

Digitalization

Digitalization takes that data, extracts it, organizes it and highlights trends that help you to rethink business strategies, make better business decisions and drive innovation. The result? It streamlines processes. It automates repetitive tasks, reduces the need for manual data entry and transforms reporting, operations and models. It makes remote collaboration easier, creates new customer value, saves time and money, and lets you focus on more strategic initiatives.

Digitalization has profoundly impacted many industries, including healthcare, finance and retail. It’s the power behind telemedicine services and the rise of digital banking, mobile payments, and cryptocurrency. And it has led to the rise of e-commerce, forever changing the retail landscape.

The realities of Software as a Service (SAAS) and Intelligent Document Processing (IDP)

Some CRE tenants have jumped on the digitization wagon for financials. Some are captivated by SAAS, which seems to make digitization and digitalization of their lease portfolio easy – and it is. But it’s limited. The reality is that digitization and digitalization are increasingly important and will become essential as technology continues transforming how we work, communicate, and interact with the world around us.

Using digital technologies to improve workflows and collect, digitize and extract financial and real estate information is the foundation of transformation. What’s missing is the iQ – the vast experience and expertise of real estate and financial experts that can analyze it, help you understand it, build it into useful, customized analytics dashboards, provide insights and manage it for you with a range of CRE portfolio services that work for your business – in every way and the best possible ways. iQ mitigates risks, saves time and money and takes your company where it wants to go.

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