The analog incumbents, which still deters the digital revolution feel like hunted from different angles and sides. The digital disruption is all-important for all the businesses to address the changes in the business scenario, meeting the dynamic business demands and infuse innovation in the organization culture. Weaving the digital DNA organization-wide not just let the businesses survive the transformation in the digital era while creating an ample of opportunities at an astonishing pace.
No industry is left untouched by the impact of digital integration. However, both digital and analog businesses are not equally receptive to the digital transformation. All of them accept disruption is coming, but not participating in it. The businesses showing positive signals to the digital transformation concludes that embracing technology has accelerated business activity, lower cost, bring positive changes in the people, processes and competency models, help in knowing the customers from in-and-out, and improve time-to-market.
The changes in the product and service line, value chain, and business model generates a ton of opportunities for the businesses to make the services easily accessible and manageable. For instance, Uber has ended the hailing a cab on the roads phenomenon, which has helped the taxi business generate maximum revenue by allowing the passengers book a taxi in a click, improve the driver’s efficiency with more booking requests on their mobile, and managing the whole business on a central dashboard.
The opportunities that digital disruption has created across the industries are just the tip of the iceberg and there is a lot which needs to be discovered going through the digital route that’s paved by mobility, cloud computing, IoT, Big data and social media.
Take a few glimpses of how the digital transformation is helping the business get better:
Lends the opportunity to innovate
The change is central to the universe and technology is a powerful tool that can make it happen. The digital transformation is not about digitization or adopting new technology, instead, it arms the businesses with the necessary resources (Via technology) required to explore and experiment with all aspects of the organization to bring changes. The innovation redefines the value of change, accelerate the pace of change and goes beyond just the new product development.
Let’s understand with an example of Postmates. Prior to Postmates, the online booking and ordering of the diverse range of food items at various restaurants are possible. But, all restaurants won’t have a digital presence and a way to deliver the food on the customer’s doorstep. Postmate identified the need for food delivery from the restaurant preferred by the customers at any place they want.
Later, they have experimented with on-demand app development which has redefined the way people order and receive the food from the restaurants. Catering the changing market trends, the services are enhanced to the delivery of groceries, drinks, goods and pretty more right to the door. Going forward, the concept of product delivery is reinvented with the growing on-demand network in the industry where the customers can explore the city and the hidden hotspots, and view and order the favorites in a matter of minutes.
Gets closer to the customers
The customers are Lends the opportunity to innovate the important asset for every organization, be it B2B business or B2C business. The digital technology has built the new forms of communication to get connected with the customer at the flick of the switch and build a sense of trust in them. With digital means like- emails, mobile notifications, and social channels, not just the customer outreach will be increased, while it’s offering millions of customer touchpoints that helps in better understanding the customers and capitalize on the opportunity.
Plus, the 24/7 presence rest assure the customers that their problem is received and resolved by the organization instantly. When AI Chatbots are used for the customer service, the organization gets deep insights from the conversation that can be used to identify the customers’ unrealized needs and then automated suggestions for the services or product increases the revenue, in addition to reduced spending on the customer support. The saved time, dollar and efforts can be utilized elsewhere that improves productivity.
In either way, more customers will be engaged and satisfied that strengthen the customer relationship, which hints at more opportunities to sell.
Improve the work efficiency
Two decades back, the manual data entry, information supervision, and processing were significant to ensure workflow and operations are executed in the right way. The lack of internal-data communication and delayed processing hinders the organizational growth and the employees can never perform at peak efficiency.
Now, the digital transformation has turned the table upside down by replacing the legacy business model. The precise data entry right into the system, seamless communication, and automated workflows has optimized the operations along with zero errors, no delay, and greater productivity.
For instance, the IoT-powered buildings have sensors built into the infrastructure that constantly provide the data that automates the building management, reduce operating cost and minimize the dollars spent on the utilities. It’s a boon for the real estate as the building managers are pre-informed for the maintenance when the malfunction or slow performance is gauged in the equipment that helps in taking the proactive actions, thereby reducing the adverse impact of the situation, and also no expense will be involved in employing an inspection officer. Plus, the constant monitoring eliminates the maintenance required, which ends up the maintenance cost.
The energy can be saved with auto-temperature adjustment of AC, or switch on/off the lights. The best recommendations are made for the overused or underused space to optimize the space. The security alarms when senses the fire, smoke, or presence of the human figure in a prohibited zone, the information is sent to the security guard, and alarms start buzzing and the dump fans start moving to stop the fire.
In this manner, investing in IoT revolutionization would help in increasing the business efficiency and carve new opportunities to save on the dollars and energy spent and earn customers with smart building concept.
Marketing is reinvented
The marketing strategy is a fuel that runs the organizational vehicle. The digital transformation has added efficiency to the fuel to improve the marketing campaign mileage in the form of increased customer retention in the least expenditure using all the digital channels. The digital shift to marketing is not straightforward, while it’s demanding a flurry of changes in the business content, strategy mapping, structure, and marketers. However, the potential benefits of digital transformation have compelled the marketers to take steps towards digitization.
The paper-based marketing decaying at a high rate due to the evolution of digital marketing as the businesses can change the content dynamically with great ease and zero spending. Also, reaching out to the audience becomes easier because the product is marketed on the channels and devices where the people spend most of their time.
The marketing campaigns are no more a guessing game, instead, they are data-driven, which upsurge the probability of getting success. The analytics into customer behavior, buying patterns and demographics keep the data up-to-date, which aids in creating the individualized experiences and the opportunities to serve the customers in an individual way. When marketing is powered by automation, sending the right message to the right customer at the right time becomes a breeze, and the steering wheel will be in the hands of marketers.
Following the digital transformation, the unique customer journey can be observed, created and iterated in an automated fashion, which bring more leads down the sales funnel. The best recommendations sent by the online retail stores for the new arrival, discounts, or stock-about-to-out based on the customer’s demographics, browsing patterns, purchase history, and customer service inquiry is the brilliant instance of the personalized marketing campaigns launched by the retail sector.
Reimagined the workforce
The progress of artificial intelligence technology and chatbots have become an intimidating factor for the workforce as it may cost them a job. Don’t fret! There is a great demand for making the machines and human work together in an organization to improve the productivity and efficiency of the workforce. But, definitely, building a high-quotient digital workforce is necessary.
Many organizations like-Nestle and Rio Tinto are upskilling the employees on digital to experiment with the emerging technologies for enhancing the processes and bringing leadership in the market. The BYOD is another way that boosts information accessibility, management, and sharing at various levels.
In the insurance sector, the salesperson in the field is armed with all the data such as various insurance products, practical life cases, growth in the funds, human life value calculation, and the company’s growth that can be required to convince the client. Also, if needed, the salesperson can connect, collaborate and communicate with the managers in the real-time to seal the deal immediately.
The other instance is of warehouse management in the supply chain where a lot of time of the order pickup staff gets wasted in searching the intended product and many times, the errors occur in picking up the order, which leads to a great loss to the business. Powering the workforce with a wearable lens enable them to easily locate the right product in the warehouse with the shortest route possible, and make the entry of the order picked up just with a single tap. The advanced process integration allows the workforce to work with increased efficiency.
“It is not the strongest of the species that survives, nor the most intelligent that survives; it is the one that is the most adaptable to change.” – Charles Darwin
The digital transformation is that ‘Change’ that has caused a storm in the business world where the businesses that are actively adopting the technology will survive, grow and stay profitable. The transformation is not just felt in the operations internally, but it’s occurring at distinct levels of the organizations where it’s working as a fundamental catalyst to upend the traditional business models and generate plenty of opportunities.
The sea of changes in meeting the digital customer demands, process orientation, and business innovation with digital revolution will turn the threat into a new opportunity that businesses can benefit the most. The foremost players and thought-provoking business leaders are coming forward to embrace the change, that’s coming fast and relish the opportunity. Get ready for the digital business revolution!