In order to keep up with the digital economy, it is important for you to develop a culture of failure tolerance, share knowledge, and engage all the stakeholders in the process.
When the technological advancement was taking place, some businesses adopted the change instantly, while other businesses vanished completely. Those businesses that adopted the change bought as a result of digital transformation thrived and those who stayed loyal to their conventional methods could not meet the needs of their clients and their business failed miserably.
Even if there are companies that do not accept change but what they can do is to keep a “daily goal planner” in which they could write down all the goals they have achieved that day or month as a result of the digital transformation. This would somehow lead to change in a couple of years.
Have you ever thought as to how dependent you are on your smartphones and laptops? This shows how technology has affected our lives in a lot of ways that we don’t even realize. The same way it has changed businesses too.
What is digital transformation?
It is basically the growth of business activities by using technology in the most efficient and effective way. All things such as gathering data, cloud computing, network usage etc has affected businesses in a lot of ways.
How has it impacted the business?
- Changed the value chain: Digital transformation has changed the conventional relationship of distributor and customer. It has made it possible for a group of people to co-create and co-produce values.
- Increased importance of services: Due to digital transformation, industrial products have been standardized due to which the companies are no longer worried about their competitors. Now when pricing is the key issue, the main things that these companies could focus on are the services they offer.
- The vital roles of information systems: The success of information systems leads to maximizing IT architecture, boosting innovations and playing an important part to connect customers through it. This has provided companies with a chance to promote products, services and interact with people in a public venue. They have adopted the use of one-on-one messaging and private chat groups to keep their clients updated. Studies have shown that teenagers spend most of their time texting rather than scrolling through social media sites.
- Demand transparency: In today’s world, people do not buy just about anything. They want to know the companies they interact with and purchase from. In order to make people buy the product, it is important for the brand to be transparent and show their personality online. A study has shown that only 12% of consumers’ trust companies when it comes to packaging and 67% believe that it’s up to the brand to provide them with as much information as they want.
If the companies are honest with their clients then it is proved that 94% of the consumers stay loyal to the brand.
- Personal marketing messages: The data that the clients provide is very helpful for the companies. They gather information about their clients from it which could prove to be important as companies can then work on personal marketing messages to target their emotions etc.
- Digital transformation and the future: Digital transformation has been making waves across all industries. To be in business all the time, the companies have to be sure where their business technology is headed. It has been predicted that in the future, there will definitely be an increase in geographical connectedness and more people will be using mobile devices.
The size of computers will get smaller and it’ll get much faster than what we have today. All those businesses will thrive who will accept change at a rapid rate. Some of the people will lose their jobs due to technology but some of them will get even better jobs.
There has been nothing as to how the digital transformation will affect our lives but one thing is certain that as long as we will accept the change, the future will remain full of surprises and possibilities.
Kazim Raza is a professional blogger & digital marketer @ SkWebDesigningSolutions.