Digitization and Digitalization have been defined in several different ways.
Digitalization is the use of digital technologies for transforming business models to improve efficiencies for better top and bottom lines in the process of creating a private ecosystem.
Digitalization journey is often envisioned as: how to get to know the customers better, improve your service levels and digitize the customer experience. It then extends to digitizing operations, products and services. This creates a unique experience for all customer interactions in a controlled and predictable vendor environment.
This paper defines digitization as the process to convert various analog elements into electronically readable formats in order to create a paperless environment in an organization.