The term digitization refers to the changes in processes, events and objects that occur with the increasing use of digital devices.
In short: Digitization = conversion of analog values into a digital form
All data can be processed using information technology, a principle that underlies all manifestations of the digital revolution in business, society, work and private life.
A company or a project can be checked for its profitability by means of various analyses. Opportunity costs, i.e. costs arising from lost revenues from an alternative investment, play a significant role here. Profitability measures the yield of a project or an entire company, for example, in relation to expenditure. The key figure profitability thus shows how efficient a company is: profitability increases when earnings or revenues increase or expenditure or costs decrease.