5 Ways Digital Transformation is Helping Small Businesses
In the tech-driven world, fulfilling customers’ ever-changing needs has become imperative for every business. Companies are leveraging innovative technologies and digitalization to drive business growth in a hyper-competitive landscape and reach customers in new and ingenious ways. The goal is to meet the touchpoints in an omnichannel, seamless fashion that creates personalized experiences. Companies need data-driven insights to proactively identify customer needs and enhance customer engagement to achieve this. With digital transformation services, such insight can be captured and operationalized to drive marketing effectiveness, increase sales and maximize profitability.
According to the World Economic Forum, digital transformation will contribute $100 trillion to the global economy by 2025. By 2025, platform-driven interactions will generate two-thirds of digitalization’s $100 trillion value.
If you’re running a small enterprise and wondering how digital transformation can benefit your business, then here are the top 5 ways in which you can use digital technologies to enhance your competitive advantage:
Streamline Business Operations :
If you want to stay ahead of the competition in your niche, it is necessary to streamline the existing procedure. Executing processes faster and with better results is always challenging and stressful. Using digitalization and cutting-edge, new-age technology, business operations such as record-keeping, accounting, and finance can become more efficient and effective. Additionally, businesses can better utilize the available personnel and resources to focus on core business activities and increase productivity.
Optimize Your Customer Experience:
Besides enhancing internal operations, digital transformation can also optimize customer experience and engagement. The customer experience carries excellent value and is vital for a company’s future success. According to Forbes, a whopping 84% of businesses that seek to enhance their customers’ experiences also see a rise in sales. The best approach for small businesses to succeed is to learn to study client purchasing patterns, take feedback into account and anticipate what those customers may want next. Taking this a step further, businesses may enhance their conversion rates by mapping their buyer’s journey to learn who to connect with, when to engage with them, and how.
Boost Your Bottom Line:
A digital transformation gives a company a large clientele, more engaged customers, streamlined operations, and automated processes. Digitalization simplifies the expansion and growth of businesses. By transitioning older IT infrastructure to more modern, cloud-based technology, businesses can enhance their lead management, sales and marketing, content production, service delivery, and more. The analytics-driven solution helps enhance your organization’s visibility and security across its environment. In addition to improving system uptime, it streamlines centralized control of systems and applications. By eliminating the data deluge problem, businesses can gain better insights for informed decision-making.
Increase Agility and Innovation:
Business agility is growing and improving quickly, especially in digital environments. An agile transformation involves the following steps:
(a) Creating a culture that embraces agile and adaptive approaches to running the business;
(b) Building structures and systems that support customer interactions as well as iterative, incremental processes for ideation, development, testing, deployment, and operations;
(c) Developing a roadmap and set of principles for how to optimize agility at scale;
(d) Enabling change management efforts to reduce the barriers that might inhibit changes;
(e) Finally, measuring the organization’s progress against its goals.
One of the most significant advantages of building and scaling an agile business is empowering a workforce. Technological advancements and innovations can dramatically impact the ability to empower employees by giving them greater autonomy and providing more access to data. Working with streamlined processes empowers people to be more independent, promoting innovative thinking. Further, by learning and implementing digital transformation, businesses can free up time and energy that would have otherwise been wasted on reporting and tracking. The right digital tools can automate repetitive tasks, freeing up time for workers to focus on work that demands their cognitive capabilities. Thus, digitization can enable companies to “work smarter, not harder.”
Interestingly, most small businesses are willing to spend more on technology to gain a competitive edge. Using digital tools and technology, along with big data, can help businesses gain insights on a larger scale. If you are looking for a partner who can help your company navigate digital transformation and support the “buy-in” of employees, business partners, and customers, we at Capital Numbers are well-positioned to play that role. Our emphasis is on providing value-driven digital transformation services and customizing solutions that meet your objectives and help you achieve business outcomes. Our expert consultants can also assist you in selecting and implementing the right strategies for your specific needs.
For more details, book a call today.