Businesses operating in the digital age
have one of two options: sink or swim. In
order to thrive in today’s business world, digital transformation is a
necessary step that must be taken in order for businesses to continuously evolve,
grow, provide positive customer experiences and increase business efficiency.
Google defines the digital
transformation of business as “an acceleration in the conversion of business
activities, processes, competencies and models to fully leverage the changes
and opportunities of digital technologies and their impact across society in a
strategic and prioritized way.”
Simply put: businesses operating today must use available
technology to change the way they operate in order to improve efficiency,
enhance customer value and empower employees.
Globally, it would seem that
businesses have embraced digital technologies. The use of social media
platforms, mobile technology, cloud-based solutions and the continuously
evolving ‘App’ generation are just some of the digital solutions used by many
global companies. But digital
transformation are enabling many global companies to use the available
solutions to capitalize on shifts in economic activity by not just focusing on
existing markets but through international co-ordination within its global
companies, identify new ways to flourish in faster growing markets.
Consumers are also changing at a
rapid rate. They are now more
tech-savvy, more digitally connected and more discerning in their tastes and
preferences.
Technological advancements dictate how
consumers tackle what were previously considered as life’s simple tasks. Tasks such as shopping, communicating and even
meeting up with friends take on new meaning with the digital age. Businesses that offer the types of
interactions previously mentioned must have tech-driven operations that include
ecommerce, Voice over Internet protocol (VOIP) and virtual meeting capabilities.
Likewise businesses must take the
necessary steps to improve their business efficiency by using the right digital
tools. The right digital tools
streamline the business’s operations and improve decision making capabilities,
thereby driving revenue in the right direction.
Digital businesses:
1.
Deliver greater customer value – Businesses with a digital base have the capacity to be in
constant contact with its customers.
That is something that a traditional, brick and mortar only business
cannot boast. These businesses can also
track customer preferences through surveys, questionnaires and feedback forms
as well as by carefully their purchasing preferences and habits.
2.
Empowers its employees
– Decision making is paramount to effective business operations, and employees
who have the necessary tools to do their jobs will not only be more productive
and proficient but will also be more empowered as they are able to be in
continuous contact with both their peers and management in order to effect the changes
necessary to benefit both the business and the customers.
3.
Improves the
business’s bottom line - In business,
the bottom line refers to revenues and profits but imagine operating a business
in which all the stars align; increased market share, positive impact on
employee morale, increased customer engagement, increased web and mobile
traffic and increased customer revenues.
The
future of business in the digital age seems bright but it is important for
businesses to know that technology alone does not bring real digital transformation;
instead, real digital transformation begins with process innovation. This means that infrastructure alone will not
suffice in this new age. Both customers
and competitors are more aggressive when it comes to getting a true customer
experience; and outdoing the competition in providing that true customer experience.
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