Would you agree that you spend a quarter of your day on the internet? We might not know it, but it is true. According to a study, an average user spends at least seven hours a day on the internet navigating through various digital platforms.
This internet usage timeframe has increased from 6 hours 20 minutes in 2017 to 7 hours in 2021 constituting to a more than 4% growth in the internet usage during and after COVID-19. Now that we are pretty much in control over the pandemic, we can not recover from the losses, but we can capitalize on the positive outcomes from such events.
The said positive outcome from the pandemic was sped up evolution of digitalization. Since the arrival of COVID-19 the internet user population as of now has increased from 4.38 to 4.91 with a percentage increase of 5.5%.
Amid the pandemic, the most struggling sector which posed a risk of crippling the global economy was possible business growth stagnation. This is where the businesses decided to go digital, hence digital selling was put in to play.
Subsequently, it became every business’ priority to improve their operational efficiency, retain the customer bank, and opt for a growth through virtual platforms. As a result, the global digital products/services share boomed from 29% in June 2017 to 55% in June 2020.
The rapidly increasing reliance on digital platforms made every enterprise be it SMEs or a larger entity to invest more on digitalization. Why? Because catering the netizens was not easy through conventional practices. The organizations needed to run their businesses digitally as well.
All in all, the main objective of the organizations was to become proactive and forego the reactive approach as the rules of doing business had changed.
By 2020 alone, 67% businesses had accelerated their digital transformation strategy amid COVID-19. Imagine the impact of COVID-19 on the proliferation of digital business practices just after a year. The investment was made on digital business applications to fast forward operations to cut redundant costs, redundant resources which proved to be an impediment in a sound growth.
After the adoption of automation, 80% of businesses now claim that they witnessed a high-level efficiency in their operations after the adoption of digital practices. Now let’s transcend to what distinguishes digital business practices from traditional ones.
Ever wondered what causes the businesses to experience stagnation? We do have some general understanding about it but when we specifically talk about a paradigm shift from traditional to digital means of doing business, there are a lot of untapped aspects. In the light of this, we have some reasoning.
Some businesses deemed digitalization cost extensive and an unnecessary commitment which might not pay off. Truly, going digital is time intensive but this sort of investment pays off in the long run.
What needs to be understood is that going digital is not a mere option, it has become a necessity. Businesses that invested in digital transformation are better off than their competitors who decided to pass such initiative because they labeled IT Service Management (ITSM) as a barrier, and now such entities are barred from progression because of myopic business approach.
It was reported that 41.3% of businesses had to temporarily close their business operations during COVID-19. Had there been a change to digital selling mediums, these businesses could have generated considerable profits than bearing extreme losses forcing them to shut down.
Businesses need to embrace the change and failing to do so halts the growth, and that is a maxim understood universally.
Conventional practices might be helping the businesses grow but at a very slow pace. If the businesses have not yet shifted to digital means of running operations, then they’re missing out on a complete package of incentives that will give them a quick boost to competitive growth. With digital adoption such businesses could have attained:
A study claims that 85% of Progressive decision makers feel that businesses are prone to setback without adapting to the digital business practices, hence proving the prudence of businesses going digital.
To dive deeper and get a clearer insight on the high-end results of revolutionary business applications, let’s find out the latest digital technology that can equip the businesses with the most robust company management systems.
What are the digital elements that can drive businesses to success?
The digital mediums of running a business are not an option rather a necessity today. The benefits and incentives these digital alternatives of running a business are vast and they make it easier to integrate easily into the market. Here are some of the digital selling elements that can be utilized by businesses to witness a disruptive growth:
CDPs resolve the detrimental fragmented data from ambiguous as well as unorganized channels. An organization that prefers segmented and accurate data with a streamlined channels can switch to CDPs to make well-informed decisions. CDPs fetch, organize, tag, and present the data for instant access.
Thy hybrid cloud infrastructure enables the firms to maintain an optimal balance to cater to their unique cloud infrastructure needs. Issues such as haphazard data gathering, data security compliance and risks are resolved through hybrid cloud infrastructures. Due to the hyper-agile mechanisms, cloud infrastructures have a greater scope in the industrial sector.
A consolidated framework constituting AI and ML is highly preferred in the CMS due to the highly increasing data theft risks. Be it internal or external, cybersecurity mechanism detects, prevents, and responds to potential threats in a vigorous manner.
AI has made its name primarily during the wide spread of pandemic due to its never-ending demand in the virtual shopping industry. Generally, AI has brought an ever needed convenience in the consumer market let alone the business industry. Its high time for businesses to magnify the gains on AI for persistent scalability.
Today, any business looking to automate their core cross-functional business practices mainly employs two main software solutions namely, Enterprise Resource Management (ERP) and Customer Relationship Management (CRM).
Both above two business solutions are constructed around all the above discussed key digital technologies. The said technologies make the ERP and CRM to streamline all the organizational processes and practices enabling the firms to achieve hyper agility.
Big IT giants like Microsoft and SAP are investing heavily in producing high-end digital technological solutions to empower businesses to operate soundly in the business landscape and with highly efficient, secure, and automated company management systems, development in digital technology arena does not cease to stop.
Adopting digital transformation is one thing, using it to devise and implement disruptive strategies is another. The integration of advanced business applications exposes you to a wide array of opportunities giving you a key to maximize market reach with proliferating profits. If you’re inclined to go an extra mile and gain market leadership, the following strategies can be helpful for you:
1. Create An Ideal System Suiting Your Business Needs
The amazing feature of business applications like ERP or CRMs is that they are customizable, and they can be created to cater your specified needs in a way you deem fit.
You can take advantage of this feature by creating a user-friendly system to avoid any technical barriers that hinders the ongoing workflows.
2. Strategize the Way Forward Through Real Time Data
Take advantage of the accurate and current data to shape, compute, network, and utilize resources according to the needs or the pace of any project of your business. This will help you to gain the agility required to identify and adequately respond to the demand to maximize positive outcomes on the opportunity at hand.
3. Align Every Business Function with Digital Business Applications
With the digital operational mechanism in place, you can onboard every department of your organization at a single platform to avoid any ambiguities and reduce the communication barrier.
4. Enhance Engagement with the Relevant Stakeholders
With the CRM models running, you can manage your business relationships with all the parties involved and customers primarily and gain a quick access to all the transactions made between the stakeholders while maintaining business relationships accordingly.
5. Make Informed Decisions Through Reporting and Forecasting Tools
Get a quick look at the status on the KPIs on individual and collective basis to make strategies either to improve the processes or aim at the expansion of operations accordingly.
6. Simplify Collaboration Among Internal and External Stakeholders
Be it your customers, vendors, supply chain, or any of the internal departments, each one of them can be brought under a single umbrella of communication with no technical barriers that pose as a threat to a free flow of information.
7. Automate and Streamline All the Business Processes
Throw away the manual operational mechanisms and reduce the time, cost, as well as data security risks by going digital. Keep track of the latest developments in the production lines and supporting departments to give actionable directives.
8. Ensure Smooth Business Operations with Real-Time Data Visibility and Access
Improve the business workflow by using data visibility to increase operational and cost efficiency. It can be simply done by collecting, organizing and analyze data to decide on the current workflows. All of that is already done digitally, you just must make an impactful decision based on what’s presented to you.
9. Safeguard Business Integrity to Avoid Unwarranted Hindrances in Business Growth
Leverage data security mechanisms to prevent critical database leak as well as ensure compliance of every department to maintain the growth impetus of the organization.
10. Make the Most Out of Latest Analysis to Stay Ahead of the Competition
Conduct meticulous competitor analysis of the latest market data to create effective business strategies as well as policymaking to stay one step ahead of the competition.
All the above-mentioned suggestions are somehow related to one another. You can either implement them separately to cater individual needs or create a consolidated plan to augment the velocity of your business.
The birth of a digital technology era is the dawn of a prosperous business world let alone a global economy overall. The adoption of technological advancements in the digital space are inevitable as the digital business applications have unlocked the doors of immeasurable success for the business world. Any business institution that is still reluctant to shift to digital business applications, is fated to nothing more than a grave setback.