Emerging technology is likely to play a critical role in improving the business standards, the life of people and contributes a major share to the global economy. Today, no business sector is immune from the wave of technology and digitization. Every business is trying to implement cutting-edge technologies to streamline business workflow and boost profitability. Besides, entrepreneurs are harnessing the power of digitization and jumping into the digital bandwagon in order to boost profitability and business visibility.
Earlier, many business owners had lingering thoughts about the necessity of digitization in the business, but the corona pandemic has silenced them. Further, customers are also becoming tech-savvy as they want a quick solution to everything. In a contactless and digital world, it has become even more important for businesses to embrace digital transformation using advanced technology. Some business owners claimed that digitization and technology go together like peanut butter and jelly. Up to some extent, it is true.
Except for some rare cases, going digital is the only way to stay afloat your business, or else you won’t imagine what kind of consequences you have to face. Go digital or go dark. Period.
Digitization and Technology
Today, the word digitization has penetrated across all sectors, be it ordering essentials, making online payments, ordering medicines, or smart homes. But is it enough? No. Businesses can’t go digital without embracing modern technology solutions. Digital transformation is the possess enabled by cutting edge technologies in order to enhance customer experience with brands and deliver a world-class experience.
There are a couple of beliefs about digitization and technology.
Digital transformation= digitizing business operations for betterment
And this digital transformation can be availed by technology. Therefore, if you want to transform your business, you need to adopt new technology.
How Important is Digital Transformation
More and more businesses are going digital as it opens the door to a myriad of opportunities. According to the report published by IDC, worldwide spending on digital technologies reached $1.3 trillion in 2017, and it is expected that this figure will double up by 2021 and soon cross $2.1 trillion.
Another research conducted by Forrester stated that 46% of CFOs think half of their revenue will be influenced by digital technologies.
It would be fair to admit that in this world, the adoption of technology is not a choice, but it is mandatory to succeed in your business vertical. Digital transformation establishes better communication with users, enhances customer experience, increases employee productivity, and enables the business to generate new sales opportunities to thrive in the long run.
Here are five specific reasons why digital transformation is important for businesses.
- Mobile is ubiquitous
- Customers want real-time assistance
- Overall better customer experience
- Data security demands digital transformation
Indeed, technology and digital transformation are changing the way the enterprise operates. This transformation affects each process of the organization and brings some positive output to obtain more fruitful benefits.
Powerful Tips to Embrace Technology
Many companies today are embracing emerging technologies to serve their customers in a better way. However, the organization’s capabilities to drive technological transformation and embrace modern culture are critical. As technologies and digital transformation continue to evolve business patterns, it can be challenging to know how and from where to start. Here we have addressed five tips to help your business achieve digital transformation.
Decide Where to Focus Your Technology
As stated earlier, without the implementation of technology, you can not achieve digital goals. Hence make sure you don’t simply jump on any random technology that comes across your way. You need to decide in advance which technology is suitable for your business, which reduces overhead expenses, and which gives you favorable results in the end. While choosing the technology also focus on your customers.
A study conducted by Census-poll claimed that organizations need to choose the technology that elevates customer experience, automates operations, and offers a maximum return in the long run.
If you are engaged with an online business, you should consider mobile technology first, if you want to revamp your restaurant business, opting for ubereats like dashboard app would give you optimum results. Thus, take enough time to choose the ideal platform, applications, and security solutions that fit your employees, end-users, culture, and budget.
However, there is no pre decided roadmap for going digital, you need to choose the technology that will work for you and upscale your business operations.
Your Goal Should be End-users
You are digitizing your business, you have embraced new technologies, but what is the prime objective? Customer satisfaction right? The ultimate goal of digital transformation is to make the user experience memorable with the brand. So in order to meet customer’s needs and preferences, focus on the consumer and the user journey.
Let’s carry forward the above example, three out of five consumers ordering food online, it would be beneficial for your restaurant business to opt for an online platform as it makes it easy for consumers to place online orders.
Map out the consumer journey and then decide what kind of technology improves the customer’s experience and reaps many benefits. Offer the ultimate user experience that is positive, consistent, and leave the best impression on the user’s mind. More than 30% of spending on digitization today is influenced by customers such as more personalization, attractive offerings, and an omnichannel digital experience.
Adopt the Technology that Drives Growth
As mentioned earlier, innovative technology keeps disrupting business sectors, but you need to adopt the technology that brings growth and maximizes profitability. Online businesses are leveraging various modern technologies such as IoT, Artificial Intelligence, Edge computing, and Machine learning to deliver a personalized experience. You can here consider how Spotify and Netflix recommend movies and shows based on their preferences.
More than 80% of the Fortune companies are already harnessing the power of modern technologies to stay ahead in the competitive business curve. Hence choose the technology based on your business model, customer preferences, and make sure you don’t get left behind in the business rate race.
Technology is the tool that gets work done smartly. It delivers agents, solutions, and a cog in the machine. Modern technology solutions provide solutions to the problems and make it possible to automate important tasks. When you are about to create a digital business, you must need modern technology to bring changes you desire. A digital transformation is no longer an option; it is mandatory. From better data collection to enhanced customer experience, businesses are surely amalgamating technology and digitization to increase profitability.
Nirav Parmar is an online marketer and blogger having hands-on experience in crafting creative content. The skills he poses in creative writing is fantastic as his ability to write engaging content attracts the readers. His enthusiastic approach to researching the facts related to the topics is phenomenal. He knows all the latest trends of delivery business, strategies to digitalise SMEs, changing market dynamics etc.