7 Ways Digital Has Changed Business Forever
Every industrial sector today in one way or another is being shaped by digital tools and technologies. Not just the industrial sector – digitization has changed our day-to-day tasks. It has reformed the way we manage our everyday lives and carry out our business operations. We have become dependent on tools and technological gadgets. Moreover, our business operations heavily rely on digitalization. Although technology comes with its pros and cons, either way, it has changed the way that businesses work. Undoubtedly, the shift has been massive. This is what we are going to discuss in today’s article.
#1 – Instant Connectivity
Digitization has paved the way for instant connectivity. This has had a huge impact on how businesses perform and opened new opportunities to improve customer service. There are several tools and platforms that have made it possible to improve customer services. Social media being one of the biggest platforms. Companies now have a platform to market their products and humanize the experience that they give their customers. Marketing has come a long way, companies are able to interact in a more personalized way.
Moreover, with the advent of social media, the customer’s voice is given more importance than ever before. With access to the entire world, customers are able to share their experiences at a larger scale. Moreover, social media ratings also have an impact on buyer behavior and in improving lead generation. Brands are able to improve their presence online and create more awareness about themselves through social media marketing campaigns.
#2 – Real-time Data Analysis
Modern-day technological tools enable marketers to assess real-time information and use these numbers to analyze and develop forecasts. These results are helpful in making predictions and help in determining strategies for the future. This was not possible in the past. Organizations would use different sources to collect data and monitor it. The traditional method was extremely time consuming and extensive. It also required special skills in order to analyze and interpret the result.
Modern tools are user-friendly and don’t require an extensive amount of skill. They are readily available and easy to use. The marketing campaigns can be easily tracked and monitored, contrary to billboard campaigns or newspaper advertisements which cannot be measured in terms of engagement and reach. Moreover, social media gives the chance to tailor campaigns and make them according to the target audience. With such a high level of customization, there is an even higher possibility of growing as a business.
#3 – Increase in Innovation
Digital tools and practices have given organizations a chance to inculcate innovative practices into their everyday operations, with tools taking care of the monotonous and time-consuming tasks. Employees have a better chance to involve themselves in innovative practices. Customers are not just looking for products and services – they are looking for that spark. Products or services that fail to offer that edge are mostly sidelined or forgotten completely.
Customers are always looking for that “extra” element. The moment they see it, they become a follower of that product or that brand. It doesn’t have to be something big – even small campaigns can leave a big impact sometimes. For example, if a brand does a campaign on the environmental-friendly products and you support their cause there are high chances that you will become a follower of that brand too.
#4 – Increase in Competition
With the digital world expanding, there has been an increase in the competition too. Brands are always striving to become better than their competitors. According to a survey, more than 90% of the CEOs face competition in the digital world due to companies that have embraced the digital environment. It even makes sense; companies that are using the latest tools and technologies are bound to be ahead of those that are still using the traditional methods.
A company using a coaxial cable to transfer data and another using fiber optics – the latter will obviously have smoother operations. Therefore, companies no longer have the option to not embrace digitization. If they wish to be successful, they need to incorporate this aspect into their daily operations.
#5 – Humanization of Brands
As mentioned above, the social media market has taken over advertising and marketing completely. In an effort to develop a marketing strategy, companies are required to put social media at the very forefront. This has enabled the human side of brands to come forward. Brands communicating with their customers through social media has reduced formality and has given a very personalized touch to customer service.
There are various methods that have improved communication such as the facility to live stream (Facebook and Instagram). Brands may use all these tools to their advantage to improve customer loyalty. Brands that are able to communicate with their customers at a personal level are more likely to retain their customers too.
#6 – Increase in the worth of content
Digitization has proved to have caused an increase in the worth of content. Loads of content in the form of posts are shared on social media every single day. Marketers have no other option but to improve the quality of content that they share every day. Moreover, there has been an increase in the number of brochures, catalogs, and flyers that are being shared to create brand awareness. Creating content in large amounts is not the only requirement nowadays. Brands are expected to create content that is creatively thought out and has a standard.
#7 – Efficiency of Operations
The integration of software and cloud-based systems has enhanced the efficiency of operations. Digital technology has helped improve operations of every industrial sector. Take the hotel industry as an example – transferring all the operations into the digital domain has helped to improve efficiency and increased chances of customer retention.
Using the POS system with digital menus are some of the many examples of tech advancement that have helped in making operations smoother and more efficient. Moreover, being “cashless” is another digital trend that has gained massive popularity and has proved to be convenient for customers. Not just that – digitization has speeded up several processes and improved the safety and security of business operations.