Digital transformation: Strategies for monetizing digital services

As digitalization progresses, companies are increasingly supplementing traditional services with a wide range of digital services. This is often through the use of data , accelerating the shift from a product-based business to a service-based business. However, companies still have to ask themselves, “Do we actually want to earn money from our services?”

Digital services refer to services that companies deliver or provide through digital channels. These services can include software as a service (SaaS), cloud computing, online subscriptions, digital marketing services, and more.

In addition, digital services can add advanced features and capabilities to hardware devices that would not be possible with hardware alone. For example, automation, customization, remote control, and real-time data processing, enabling richer user experiences and improved performance.