Has the development of tools and software really changed the way we are running our businesses? Or, is all this talk of a digital transformation just a way for companies to tap into our consumer weaknesses for fad technology. Whilst there is simply no denying the fact that we are witnessing a fascinating shift in technological application and developments in the industry, perhaps our perception of what a digital revolution is, creates more fuss than we should give it credit for?
Inside telecom looks more closely at whether the digital revolution has affected the way we do business.
The current phase of the digital revolution has brought substantial benefits in some areas of people’s business, whilst others however, are suffering with disintegrating services, due to a lack of knowledge of where to direct investment or innovation decisions. The idea of how to adapt your business to suit the needs of the digitally-oriented consumer, can have adverse implications if you don’t have the right digital strategy in place.
The digital revolution has many more implications than just technology, it means putting customers at the center of everything. An increasingly digitized, hyper-connected society, means that a customer’s position has shifted in context to the supply chain. They have now become an integral part of the entire process of the business and with communication stronger than ever, heightened and diversified customer-business contact can be utilized for the future improvement of quality of services and products.
Whilst adapting to the revolution to bridge the gap in business can seem challenging, it has been possible. Automatic payment has been hugely beneficial to businesses far and wide and gains momentum when paired with machine learning and artificial intelligence. Contactless payment has offered a gateway of opportunity – with banks finding innovative ways of taking commission and revenues with the implementation of such services. According to reports, this year, the benefits of the digital banking sector will go up to 30%.
Business operations such as communication, data analytics and storage can vastly improve a business through the implementation of a streamline process. Business productivity levels increase because more information is delivered far more efficiently from one entity to another. And the nature of a streamline process means that workflows can be adjusted and redirected according to the evolving priorities and objectives of a business.
The digital transformation has enabled businesses to fulfil customer expectations through technological advancements. We are closer to our consumers than ever before and have forged relationships that help drive change, which is required for sustaining better business prospects in the future. The improved relationship between customer and brand helps businesses make better informed marketing decisions based on target reactions, made possible by the advancements in technology and communication. Whilst publicity and branding for multiple channels is far more costly – we have seen online brands investing more than ever on this – it is hugely beneficial to the long-tern vision and goals of the business – as the connection made with customers, retains customers.