Business Digitization in the European Union

Digitalization nowadays can stretch in all aspects of the functioning of a business. Therefore, given the available technologies, the speed at which businesses merge with the digital world dictates the comparative advantage a like company can harness over its competition. However, integrating digital means into businesses can come at a considerable cost. Moreover, this creates a dichotomy between digitalizing an already existing and thriving company functioning on traditional channels and the creation of new fully digitalized enterprises. This paper aims at revealing the relevancy of digitalization in the business world by evaluating the cost efficiency of going digital or starting digital across economic sectors for enterprises in the European Union from 2017 onwards.The argument of designing a business from scratch in an automated and smart digitalized style is much more comprehensive in a connected globalized world. The intricacies stretch far beyond the pure digital and business areal since most transactions happen internationally. The borderless approach creates a demand for all aspects of a business to work cohesively. Therefore, business operations such as accounting, legal actions, storage, delivery, and marketing must be corroborated with business operations as they are conducted in an increasingly digitalized manner. Through analyzing secondary data, statistics and case studies about the level of business digitalization across sectors in the European Union, this paper targets to reveal witch are the fast evolving sectors in terms of digitalization for businesses and the most effective way in which digitalization creates increased value for business. The countries of the European Union experience different levels of digital technology integration, it peaks in Denmark while, Romania, Bulgaria and Poland are situated at the other end of the spectrum. Manufacturing is the sector with the least amount of digital updates across the sample while communications, computer programing, travel agencies, and accommodation services surge in the digital arena. There is a direct correlation between the size of the company and its propensity to exploit opportunities in digital transformation. However there is a new aspect of the speed at which small mainly digital companies acquire acumen and therefore profit. This paper synthesis the fastest growing digitalized sectors in the European Union and highlights opportunities for old and new businesses.