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In the information age that we live in, businesses cannot escape digital transformation. All credits to the digitally savvy customer who has access to heaps of information about literally everything, at every time, and everywhere. And if you fail to keep up with times, your customer will not stick with you for long.
Today, companies require increased access to data, stay connected with their customers 24/7, and streamline their business processes. Unfortunately, manual methods are too inefficient and fail to catch-up with the speed that businesses require. Digital transformation is the key that will put an end to all those challenges. It will make your business respond to customer queries with lightning speed, destroy information silos resulting in interdepartmental to and fro of data, and empower you to give tough competition to other sharks in the ocean.
Let’s dive and take a look at 5 crucial ways of how digital transformation can help you adapt to the changing enterprise landscape.
1. The economy is going digital
Only if you live on Mars would you not be aware of the advantages of going digital. Today, everyone including people, businesses, societies, and governments, has a digital footprint. According to a report, the size of the digital economy ranges somewhere from 4.5% – 15.5% of the world economy. And this is when the same study suggests that we are in the early phases of digitization. Therefore, it’s imperative to understand why businesses should prepare a digital road map for themselves.
Digitization helps businesses know what people are searching for locally and globally, their likes and dislikes, cultural changes happening around the globe, the impact of government policies and much more. Also, all the upcoming technologies such as AI, Machine Learning, IoT, Blockchain, 5G, and Cloud computing rely on digital data. If you want to remain relevant in the changing times, you cannot afford to remain aloof from digitization.
Also Read: 5 Disruptive Digital Business Trends
2. Adopting new technology has always been a way to ‘Future-Proof’ your business
Do you remember the late 90’s and the early 2000’s? Do you recall the exponential increase in productivity promulgated by digital technologies of that time namely; social media, mobile, and the Internet?
There is no doubt that the Industry 3.0 revolution helped businesses take a giant leap from being heavily reliant on manual methods of conducting business to super-fast and highly efficient digital methods. But times are changing yet again. We are standing on a junction where on its other side is the angel of ‘digital supremacy’ with its arms wide open, waiting to embrace us. Companies need to understand that this angel which comprises technologies such as AI, voice, robotics, IoT, etc. has the potential to completely disrupt the way they do business.
Though we are at a nascent stage of digital transformation, five to ten years down the line, new products and services will emerge out of these technologies and open new revenue streams completely unheard of. As and when the opportunity comes, those companies that have realized the importance of digital transformation today will embrace the change quickly and turn into industry leaders. And those who failed to do so will be wiped off.
3. New and better avenues of customer engagement
In the information age that we live in, people have gained the most. They have got multiple avenues to raise their voice, keep their opinion and share information with like-minded people. It does not take long to bring an entire company to a standstill if even one of them, in the remotest corner of the world, objects to the quality of your products.
Here is how Digital transformation is forcing businesses to look at customer engagement strategies with a fresh look:
• Digital marketing communication has redefined customer engagement. Be it social media posts, online ads, guest posts, blogs, articles, SEM, SEO or a proactive customer care service; the importance of customer engagement has risen to the sky. With time, it is becoming more personalized in nature.
• It widens the customer base by forming better retention strategies to keep existing clients loyal to the company and attract new ones.
• It helps form a lead management system that efficiently manages customer queries, contract renewals, and lead handling.
Also Read: Top 5 ERP Software Trends of 2020
4. Makes you compliance-friendly and investor-friendly
With governments across the globe making tighter tax regulations and formulating mandatory compliances, companies face major challenges if they don’t adhere to such directives. Industries such as banking, and import and export, are audited by government authorities and in cases when they are found incompliant, they are hunted down. The easiest way to meet these standards is by using digital technologies that keep track of data, warn concerned authorities if regulations are not being met, keep proof of compliance and much more.
Another important thing that businesses must keep in mind is that a sound IT strategy lures prospective investors. By carrying out a full-fledged digital transformation process at your company you indicate that you are ready to take on the challenges head-on, will have few/no problems in managing financial governance and be compliance-friendly.
5. Bring a complete cultural change in the way you function
Have you successfully earmarked the redundant activities being carried out in different departments of the company? Do you exactly know which processes function at their optimum level and which don’t? If the answer to those questions is a thundering yes, then your business needs a digital outlook; you need to reinvent your company by incorporating a new digital culture. The following examples illustrate how you can do this:
• Introduce data related work in every sphere of your business. Give credence to data transparency and accountability
• Introduce a lean management work culture and give priority to continual improvement
• If the cultural change exercise cannot be extended to the whole of the company, then create a spin-off company with its management and bring a digital transformation over there
Digital transformation is the need of the hour. Those businesses that align with digital technologies today will reap the benefits soon. Those that don’t will be scavenging on dead meat. At Sage Software, we are home to industry-leading ERP and CRM software. Our products will let you establish a digital culture at your workplace and get you ready for the future. To know more about us, SMS SAGE to 56767. You can also write to us at firstname.lastname@example.org
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