Why transforming your business digitally is a way to remain competitive and relevant? Consider the following and decide how you wish to change your operations to work more effectively.
Improved customer experience
In the current business environment attracting and retaining customers is the key to success. Analysis of business data plays an important role in establishing a customer-centric approach. Digital transformation processes should enable measuring customer satisfaction and recognizing customer concerns and pain points, leading to simplifying points of interaction and providing user-friendly solutions. Digital adoption in business improves customer experience with the intent to reduce customer churn, increase sales and brand loyalty.
Better data collection
All interactions in the digital environment generate data and modern business relies more on their analysis than the gut feeling when it comes to decision-making. Using adequate tools for data gathering, analysis and providing useful insights leads to a better understanding of customer needs. Catering to these needs helps in shaping modern business models and providing more suitable solutions. Utilizing digital solutions to collect valuable data includes surveys, online tracking, social media monitoring, in-store traffic monitoring, online marketing analytics, giving companies insights into customer behaviour.
Remaining relevant
Reacting to the modern worlds’ requirements and striving to outperform competitors is made easier through incorporating tech tools in the company’s core. As examples of market giants like Netflix show - adaptation to modern needs is necessary, a lesson other companies, like Kodak failed to comprehend on time. In times of booming e-commerce, remote work and Industry 4.0, there is no time to waste any more. Adopting digital solutions is considered a matter of survival in the modern market by over 25% of companies. However dramatic this may sound, it truly is a “adapt or perish” choice, as the Fortune 500 list shows - even 50% of listed traditional companies dropped of the ranking, not being able to keep up with digitalization.
Flexibility
Responding to new challenges and being aware of the ever-changing business environment requires a flexible approach. Adopting digital solutions allows companies to minimize interruptions and adapt to occurring events. Fuelled by digital transformation and innovative solutions, companies become more agile and customer-adaptive, building digital resilience in the demanding environment. Another aspect of tech-driven flexibility includes facilitating remote work and recruitment, also outside the current, extraordinary conditions. From the company’s point of view, it’s a chance to build diverse teams, consisting of more engaged staff and accessing international talents, not limited to a local pool of candidates.
Revenue growth
Increasing sales and improving customer retention results from sensible adaptation to modern market requirements. The aim of Digital transformation is to equip companies with the most efficient and suitable tools to achieve their goals in the most effective way. Leveraging tools and technologies for sales & marketing processes (such as sales & marketing automation and analysis, CRM systems, loyalty programs, etc.) will help you boost your revenue and stand out among your competitors, all while staying true to your companies’ DNA. To prove that all industries can successfully adopt digital solutions to satisfy customers - American fast-food chain, Chipotle, recorded a near 100%-growth in digital business after creating an engaging digital experience for their customers.
Improved resource management
Incorporating technology in business’ everyday life varies by company and industry. In pre-COVID times, some companies used hot-desking (e.g.providing office space for 80% of staff working on-site, with 20% rotating in remote work) to maximize space efficiency, evaluate office equipment and reduce real estate cost through cutting used office space. The start of the global pandemic showed the importance of using the right tools, enabling fully remote work of whole branches. Adopting tools like Clockify, Teams or Asana to facilitate efficient work became an urgent need and proper choice of digital tools became more important than ever before.
