GAGANDEEP KAUR (FC1001741)

PARAMPREET KAUR(FC1006961)
SUKHPREET SINGH(FC1002215)
ROJIN EFTEKHARI(FC1007691)
BUSINESS AND SUCCESS STRATEGIES (GROUP ACTIVITY)
 Digitalization is the transition to a digital business and the use of digital
technologies to transform business models and create new prospects for
revenue and value creation . There are various merits to digitalization
including increased productivity ,enhanced employee morale and so on.
However, it also has negative impacts such as high cost and risk of failure.
This article will analyze how digitalization has affected on small business as
well as opportunities and challenges it brings. We will also take into account
how government support and policy might be used to address these issues.

 There are some prominent advantages of digitalization which proves to

make small business more efficient and get better results. The first and
foremost benefit of digitalization is that by implementing digital technology
and procedures we can save costs. This will cut down on time and money we
spend on routine chores and free up more time for business expansions. Due
to the fact that they are completed one at a time, manual tasks take longer
than computerized ones.
The second benefit of digitalization is higher productivity. Small
enterprises that use digital technology in their operations free up their
personnel from time consuming manual labor and repetitive activities.
In contrast to expectations ,tasks can often be completed more quickly .
The third one positive impact is that by maintaining uniformity
across all processes and channels, digitalization helps small firms. We
are assured of consistency in quality and assistance one we digitally
automate tasks like customer care or sales follow up calls/ emails. Better
customer service and sales can be designed using digital tools.
 Furthermore, automated process significantly reduce the possibility
of human error. Humans make mistakes more frequently than machines
when performing jobs. A machine can operate 24 hours without tired.
Another merit is transparency which is crucial for a firm to
succeed. A procedure that has been automated – in finance, metrics,
payroll etc. can give us important insights. Staff may examine
measurements and results related to their jobs. They are guaranteed to be
able to see verifiable data and if necessary identify the errors.
Moreover, the economy and market are both dynamic. They
have also been numerous interruptions. Automated procedure and systems
give firms the resources they need to adjust to market shifts and disruptions.

* Here, are some of the challenges that are faced by small business
because of digitalization such as data security, terrorism and crime and so
on: -
First of all, with the help of technology humans can now store enormous
volumes of data. The storage of all of this data is simple. The rise in cyber
threats ,there is also a chance that the information will be compromised. A
single breach can be too much for company or individual because if the data
falls into the hands of criminals or terrorists , the company might be
destroyed.
The another unfavorable outcome is that many online users have access to
dark web ,which allows them to perform any task. The dark web is a hub for
all types of criminal activities, including the online sales of illegal crimes
and extortion. On the dark web, identities can be concealed and promote
their organizations, it might be challenging to identify the individual or
group responsible.
Moving further to the next challenge, everyone has smartphones nowadays,
making it simple for everyone to capture images and videos of practically
anything ,anywhere and share them on social media. There is a risk of
having their data stolen or even sold.
The issue which is getting worse now is that people are now feeling a greater
urge to spend time electronically rather than in real world. People's
expectations have been lowered by social media. People attempt to fit into
the lifestyle that may not even suit them. The result of everything is social
separation. For example:-the excessive use of social media has led to a lack
of interpersonal interaction, which led to mental illness in people.
One of the negative implication is copying content from digital media is now
simple. It is become more difficult to enforce copyright rules. When students
copy their assignment from internet without learning anything it become a
harmful habit. The list of detrimental effects of digitalization including this
growing issue.
Instead of all these, people addiction to social media and other platforms
have expanded. Almost everyone on their phone when there is a get
together. Addiction can be caused by playing games. After playing one
game, a person will immediately begin to consider purchasing the following
one.
 Role of government policies towards small business :-
Many government initiatives support the establishment, expansion, and
relocation of businesses. State, county, and local governments all compete with
one another for jobs in several ways. These measures comprise low-interest
loans, free land, tax credits, worker training programmes, and zoning
modifications.
Discuss low-interest lending options offered by the government or the state
with your banker. if you are a woman, a person of color, or run a company in
a certain sector of the economy.
The government offers incentives to private businesses developing new
goods or services that will advance crucial economic sectors like
communications, energy, agriculture, or transportation. Additionally, several
states support initiatives and collaborate with both private investors and the
federal government to raise cash.
Government helps improve the infrastructure needed for businesses to
succeed. This includes building and maintaining roads, bridges, rail lines,
airports, seaports, energy transmission lines and telecommunications
systems.
 * In future, new technologies will make our ability to perform work more
fluid and flexible. The workforce armed with smart technologies will adopt
coffee shops, trains and planes as their mobile places of work. It changes the
way in which we work, content of work, way of mange work. The important
point to be note is that how digital technologies will reshape the world of
work in the years to come is not yet written.

Reference:-
https://employsure.com.au/blog/5-ways-digitalization-can-benefit-your-business/
#:~:text=Digitalization%20benefits%20small%20businesses%20by,better
%20customer%20service%20or%20sales. (Hassam Abdul Malak, October
2022)

https://theenterpriseworld.com/negative-effects-of-digitalization/#:~:text=Data
%20Security%20%E2%80%93&text=But%20there%20also%20is%20a,fatal
%20blow%20to%20the%20company.

https://smallbusiness.chron.com/role-government-promoting-small-business-
60657.html (Steve Milano, January 2019)