A profound, all-encompassing digital transformation is underway across the globe. Christened Industry 4.0, this new wave of change is suddenly becoming a constant with disruption stemming from the influx of technology, changes in customer profiles & their demands and the need for efficient business practices.
Businesses today are hellbent upon digitizing their essential functions to survive this new-fangled technological metamorphosis. They have to revamp their product portfolio with digital functionalities and inculcate bigshots like AI, Internet of Things, Machine Learning and Big Data to augment their core strategies and wade smoothly through this churn.
Only those industries can pour some bubbly and raise a cheer for themselves who have the farsightedness to innovate and drop digital products that transform market dynamics and serve the customer better.
However, amongst all this digital hullabaloo, the biggest challenge for businesses isn’t technology. It’s the people. Though digital adoptions are becoming a norm, new business practices will only become a success when an organization’s digital IQ is sound, and its employees have digital qualifications.
Because it’s the employees who will fashion these digital products and roll out digital processes and services. They will educate customers to adapt to this burgeoning trend and at the same time help the organization drive breakthrough revenue growth.
Radical digital disruptions can be worrisome if organizations don’t have a potent digital employee resource.
According to research from IDC, 55% of businesses believe that they have less than a year before they suffer financially and start losing market share.
And remember tech-savvy customers today rate organizations on the basis of their digital customer experiences.
So, if you are B2B sales team, you can give social selling a shot instead of cold calling. Most of your customers are active on social media and you need to tap that gold mine. Contact those customers, build a relationship with them on a personal level, if possible and educate them about your digital product. Provide solutions to them through content and your technical expertise.
For marketing teams, employing digital mediums to connect with the audience can be highly rewarding. Customer support teams can be proactive by using a wide number of channels including social media, review sites, forums and communities to interact with customers and provide better solutions instantly.
While the pace of technology is breath-taking, let us look at some of the trends that are pushing businesses to walk the technological path.
AI is the new king: No matter what the genre of your business is, without AI you are driving a ship without a sail. AI is the new medium of interaction with customers and a novel way of gaining information and tackling problems big and small. Researches suggest that AI will transform the way businesses gather data from customers and interact with them.
Design for customers: Technologies are designed by humans for humans. So, it is imperative to figure out a potent tech design that can transform the lives of humans and make them richer and more fulfilling. Businesses that shape their technologies as a guiding light for consumers will be able to serve them better and earn good revenue too.
Adjust to future work practices: Digital transformation is dissolving traditional work cultures and ushering a new system of work management that adheres to the constantly changing needs of employees. Holistic communication across departments and letting employees drive the changes will allow businesses to achieve better results.
Ecosystem is the goal: In this new age, businesses are focusing on developing a new ecosystem that will spearhead change in the industry. Strategies come into play later. According to Accenture that surveyed 27% of its executives, reported that digital ecosystems are the future and the road to mint success.
Missing the technological bus can prove dear to businesses in today’s age of intelligence and innovation. Businesses need to come out with innovative tech that disrupts and not just inspire. At the end of the day, businesses that create people-centric, digital ecosystems will prosper and be an important voice, leading the path of business dynamics, culture and innovation.