In a world of rapidly developing technologies, businesses are struggling to keep up. Many have yet to adopt such technologies as social media, cloud computing or big data analytics, while others have not even considered any kind of digital transformation.
Most organizations are consumer focussed and the consumer has transitioned to a digital, mobile and social lifestyle. The enterprises that are not able to develop their products and services to meet these changes will inevitably lose business to those that can.
The solutions that meet the needs of the consumer are specific to each business. But they could include implementing IoT or developing social media or mobile strategies. The best digital technologies to adopt could depend on the industry and the size of the business.
Mobile platforms are often more relevant to large financial and banking services, while smaller enterprises might engage consumers through keyword and product-specific social media strategies. There are also new companies built entirely on the digital business structure with no real-world assets, such as Airbnb and Uber.
Digital transformation should be clear in its objectives and, more importantly, should always put the consumer first.
Many companies, such as those involved in B2B operations, may choose to develop their cloud services or marketing strategies that use omnichannel customer interactions. The companies that already have the basic technologies in place could develop further by leveraging AI or Robotic Process Automation (RPA), to assist with various processes from warehouse inventory to retail tracking.
Another technology that is set to transform the business world is Blockchain, a decentralized digital ledger that is accessible to everyone. Traditional ledgers are currently held on financial transactions, products, and services, such as the CRM records that keep data on customer details and interactions so that customer service can be improved. As the technology allows for these records to be held externally on the blockchain, customer interactions and relations will be impacted enormously in various areas. Blockchain will be more accessible for customers in sending and receiving payments or products, in smart contracts or in keeping customer records.
New technologies are focussed on improving the customer experience, but it is also essential that employees are also onboard with the changes and share the same vision. Upgrading processes will affect everyday tasks, it may give employees extra responsibilities in social media management or customer service, which need to be performed effectively or they could have a negative impact.
Building transparency and credibility is important in digital transformation, so all stages and upgrades need to be openly communicated. AI solutions and chatbots need to be tested through pilot schemes or they could risk losing trust and credibility. Testing cloud architecture is also necessary to avoid putting customer data at risk.
Digital transformation is an unavoidable stage for all businesses, but the question for most is when it will happen. In addition to this, the approach taken towards the solutions implemented will impact each business immeasurably. It is crucial that we do not lose sight of the vital human aspects of every change we implement.