With technology being the driving force in the business world, it makes perfect sense that utilizing it in the right way can bring about many benefits. The key here is in both embracing the right technology and using it the right way, because there is no universal solution for all industries. With careful implementation of technology as the cornerstone of every business success, it’s clear that digital transformation is your best guarantee to long-term success. To help you avoid common traps when it comes to choosing the right technology and implementing it in the most inefficient way, we’ve prepared the following list of essential tips to help you on this challenging but exciting journey.
Customer behavior monitoring
Nowadays, customers do not want to waste their valuable time. They want to be able to get all the information they need almost instantly, on-the-go or while sitting at home. This is true for almost any product or service, from groceries to finding a reliable plumber for your bathroom emergency. In order for businesses to meet expectations, they need to make it possible for customers to interact with them using mobile devices, through apps or your website. They also wish to be able to receive round-the-clock support from brands whose products they’ve purchased. Digital solutions help you both deliver your products to customers and allow them to contact you at any time.
Customer service provision
One of the technology trends that has had the biggest impact on business is related to providing excellent customer experience. With customers being increasingly concerned about after-sales services, the way you handle customer service is your key to boosting customer retention ratio. Instead of hiring customer service agents to work round the clock, you can opt for digital tools that give the desired results. Chatbots are a good example of this, as they make customer service both quick and efficient, thus fostering customer loyalty.
Accessibility and presence
Technology and digital transformation have many far-reaching impacts on business. For example, while customers used to visit a store during working hours, they can now access your offer through your website, app or social media channels. It’s estimated that most purchases are actually made online, which is why it’s vital you adopt modern technologies and use them appropriately. Also, another reason to shift your business online is that customers can get all information about your company and offer in one place and see other people’s reviews about your products or services.
While companies used to rely on local suppliers and partners in the supply chain, now they can use online marketplaces to offer or obtain products they need. This has enabled buyers to look for the best deals without being restricted to their local area. There are many examples of online marketplaces, which cater to the needs of the oil and gas industry by providing specialized products such as butterfly valves. Companies use it to boost their supply chains by establishing contact with manufacturers and partners from all over the world. Similar platforms exist in almost every industry and using them allows you to find the best partners for your company and widen the range of your customers.
As we’ve already established, your online presence is of crucial importance to your business, because customers want to be engaged in a personalized way that is also quick and secure. Some of the most progressive technologies are used to ensure that you meet your customers’ demands and, at the same time, they allow you to collect important customer data, which will help you create your marketing strategy and target both existing and new customers in the most efficient ways.
One of the ways to cut costs and streamline your activities is to migrate your business to the cloud. With a wide range of collaboration tools available providing exceptional security, among other benefits, you’ll be able to have a simplified IT infrastructure. At the same time, you will have access to every single file or document regardless of your location. Finally, you won’t have to invest in expensive hardware to store all your data.
One of the key advantages of utilising digital technologies is automation of your business processes. AI tools allow you to automate processes that used to require a lot of human resources, such as customer support. Next, AI is used for big data analysis and data science and many other processes, such as payments. While the use of AI may seem far-fetched for many businesses, especially smaller enterprises, it’s only a matter of time before even those companies recognise the need to embrace its benefits.
It goes without saying that digital transformation is one of the main contributors to business success. However, you can only reap the benefits if you know what kind of technology you need and how to use it. When implemented appropriately, it transforms the way you conduct business, improves your business results and provides an excellent basis for further development.