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The modern world has gone digital in many ways since the expansion of technology, and now there is no going back from here. We have mobile apps for almost everything and anything we need in our life daily. We are well into the second decade of the 21st century, and if you are still not discussing digital transformation in your organization, you better start before it gets too late.
The present-day ever-evolving business world is pretty unforgiving and ruthless if you, as a business organization, are unwilling to change. Organizations that have made peace with the digital change are relishing the opportunities that the platform provides; others are perishing in the dark.
Organizations are bound to face challenges of navigating through the market and sustaining the competition without acknowledging the digital transformation. (Need changes here) Whereas, the rewards of going the ‘digital transformation’ way and willing to change yourself with the demands of the modern world are enormous.
Digital transformation is prudently using the available technology to bring progressive changes in how you go about doing things in your business daily. In the modern-day business setup, digital transformation has brought in a drastic change. Its growth would continue to redefine the business world and increase the opportunity to grow for the businesses. Digital transformation affects the business at every level. It has brought some radical changes that, if undertaken, bring in a paradigm shift in the manner in which a business works.
Technology doesn’t believe in discrimination, and so all the industry sectors are benefitted, but some sectors will receive higher ROI through digital transformation. Here are some of the sectors that have seen unprecedented growth since going with the digital transformation bandwagon.
If you think that digital transformation is just limited to booking appointments or giving health tips online by building the doctor appointment app, think again. the healthcare sector and has brought in sweeping changes like:
• AI-enabled medical devices.
• Increase in telemedicine.
• Providing electronic healthcare records through Blockchain.
Digital transformation has eradicated the archaic practices that we used to associate with the healthcare sector. It has given a complete makeover to regular practices such as the interaction of the health professionals with the customers, providing healthcare services, and many more.
Everything from opening a bank account to checking our account details to paying our bills, the banking industry, by far, has seen the most positive changes in its work method due to the inclusion of digital technology. The process has become quicker, easier for both the employees and the customers who have allowed the banking sector to expand rapidly, especially in developing countries.
The vital role that digital transformation has played in the banking sector is that it has empowered the industry to render services on a broader scale and enhance the user experience to the next level.
The ongoing pandemic scenario has affirmed the importance of digital transformation in the field of education again. Classes are being conducted online, and the study material is available in abundance to the students. Digital transformation has given an educational app platform to all the students to showcase their talent as it has provided interactive methods to the teachers. The classrooms are more dynamic as they aren’t confined inside the four walls, and more liberty is given to the students for experimentation.
The inclusion of technology has also helped increase the students’ skill set, giving them more practical knowledge and making them more aware of their surroundings. The digital world has connected the students with the world and made them capable enough to survive and thrive in today’s cut-throat competition.
Change is the only constant. Sometimes, change can be a little harsh initially, but if we implement the right tactics, we can overcome the challenges.
Businesses need to understand that the modern-day customer values their user experience more than ever. Along with the services, customers value the experience the brand has given to them, and this becomes an essential factor in taking the new age economy ahead.
Customer experience is a vital factor in keeping your business afloat in the new-age business scenario. The amount of attention you give to your customers will differentiate your organization from your peers. Suppose the organization does not adapt to the changes. In that case, it will make the matter worse for the business as lousy customer experience is one of the biggest silent killers of companies in the business world.
The key to adding new meaning to the customer experience is streamlining the process of enhancing customer experience from bottom to top. The focus of your business must be on the customers’ journey so that you can analyze the change in their behavioral and buying patterns. By focusing on the customer journey, you can cash in on the main touchpoints rather than just trying to increase your sales.
Digital transformation will help your business increase customer retention by providing more personalized services to them and keeping your organization in their excellent books. With stable growth, you will have better chances of keeping your customers for longer duration and, thus, master the art of ‘customer experience.’
Today, the customers have a plethora of options under their belt and thus have a very less attention span. They jump from websites to their mobile apps or can also go to a brick and mortar store to complete their shopping. The number of multi-channel shoppers is continually increasing, and this trend has all the ingredients to continue for a longer time.
Studies have shown that if your business does not have a robust digital presence, you are likely to lose over 57% of your potential customers. As a result of this, your brand will suffer a great deal. Thus, instead of having just an in-person sales approach, the organization must try the digital medium to remain relevant.
The solution to this hurdle is a two-level process. You need to provide multiple shopping options to your customers and, at the same time, become a one-stop destination that serves the consumers at all the critical touchpoints.
Look to expand your marketplace at all the available platforms like websites, mobile apps, social media platforms, and other digital mediums. The more you leverage the digital mediums, the wider will be your reach amongst your customers. The digital medium will also allow you to connect with your customers in a more personalized and systematic manner.
Adaption to the new digital means is the only method to hold your targeted audience for a longer period. Going omnichannel might be a tedious process, but it’s worth every penny of the effort.
More than half of the new-age companies are not profound in doing the analysis in a synchronized manner. One of the main reasons behind this is that the amount of data that is available in the present times is more than ever, and thus, churning out the vital information can become a complicated process. If your organization is still stuck with the older analytics method, it could prove lethal for your business.
Poor analytics is the beginning where businesses fault, and they cannot understand the likes, dislikes, and buying patterns of their targeted customers. Since the organization is not thorough with the changing trends, their sales start to feel the heat, and eventually, the business dies a premature death.
For being upright with the analytics, you need to employ artificial intelligence to improve the level of data collection, synchronization, and, as a result, improve the way personalized services are catered. Studies have shown that almost 2/3rd of the market leaders believe that for proper personalization of services to the customers, AI is critical and essential.
The amalgamation of AI and chatbots is already bringing in a sea of changes in customer interactions and is also a vital cog in collecting valuable information.
Inspite of every one of us knowing that change is the only constant, it is a human tendency to refuse change when it first comes as we are not ready to leave our comfort zone.
No matter what era of business we work in, employees will remain the strength of any business. Moreover, in recent years, the employees have refrained from adapting to the digital transformation as they fear losing their job to a machine. As they are not willing to put their ‘old guard’ down, the gap between their skill set and the skill set required in the present times widens. Also, the skillful individuals who are open to change are busy with the essential tasks; therefore, they cannot invest their time training others.
The organization should be open and transparent to the employees and educate them thoroughly about the changes that they are going to do. Once the employees understand that the digital transformation is for their own good, they will willingly participate in the change process. Moreover, adequate training of the staff is also vital before thrusting the tasks upon them.
Focus on building a customer-centric culture in your organization if you want to minimize the ratio of employees pulling themselves back from the digital transformation. Therefore, enhancing customer service, encouraging the employees for training and development programs, and building a culture of belief within the organization will allow you to use your human assets to their optimal potential.
The principles of doing business should change from time to time. Otherwise, your legacy will become an undue burden on your organization. You need to think about constant innovation without worrying about the company; otherwise, if you don’t act on time, you’ll be left behind in the dump.
We have two prominent examples of Bell Atlantic and Kodak. Kodak, despite developing the digital camera, decided to sit on the invention as it was an issue with the company’s legacy. Whereas, Bell Atlantic saw that the landlines have bleak future and thus made a swift and timely transition to mobile phones. We know them as Verizon in the modern world.
Your organization needs to change according to the time and need to embrace the digital transformation. Sticking to your legacy could be the biggest hindrance in transforming your customer experience and making it more suited to your needs. You need to change your company culture according to the time and must stay away from the ‘one size fits all’ policy.
Be it your service, product, or work method, you need to adapt to the changes and keep evolving according to time.
If you don’t believe us, look at the dinosaurs and what happened to the giant creatures that once ruled the world. You need to ditch the old rituals and keep transforming, keeping your mind at present and an eye on the future.
There might be innumerable roadblocks in the path of change, but you need to take these challenges head-on, overcome them to get the best results out of your efforts in the business world. Need more pointers with respect to Digital Transformation
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