For business owners, embracing modern technologies is the key to outranking competitors and gaining a competitive edge. Today, digital transformation is taking over the world like a storm – and it shows no signs of slowing down. Business owners who successfully implement digital transformation technologies are more likely to outrank their competitors.
However, business owners leverage modern technologies depending on the desired goals and business peculiarities. Digital transformation has the potential to boost business productivity and allows them to deliver an exceptional customer experience.
According to Finances Online, more than 55% of new business owners embrace modern digital technology. Also, more than 89% of business owners are planning to adopt a digital business strategy.
Here are some of the benefits of leveraging digital transformation technologies:
- Get accurate data
- Improve customer experience
- Boost profit
- Increased agility
- Streamlines business operations
This article will discuss some of the commonly used digital transformation technologies and how they can help businesses.
There’s no denying that data is crucial for every business, regardless of the industry. It gives business owners deep insight into customer behavior and upcoming business trends in the market. When the business owners have this data, they can plan their business strategy accordingly.
Unfortunately, most business owners successfully find the right data, but they fail to incorporate it into their business strategy. As a result, they miss out on many opportunities, and the chances are high that their business can fall into chaos.
Therefore, finding the right data and implementing it correctly can do wonders for any business or organization.
Cloud technology has the potential to revamp the existing business models. In the past, the manufacturing industry often hesitated to embrace cloud technology due to security reasons, but things are changing today.
Leveraging the cloud is a crucial component of most digital transformation initiatives as it enables greater flexibility across an organization. Indeed, cloud technology is the future, and it will play a significant role in digital transformation in the upcoming years.
Artificial Intelligence (AI) is already ruling the world, and it will get bigger with time. AI is one of the best ways to automate tasks and streamline business operations. Today, AI is used in almost every industry, including healthcare, finance, banking, eCommerce, etc.
For business owners, embracing a customer-centric approach is the key to business sustainability. Today, customers want an instant response from a brand or a business, and they seek convenient ways to get answers to their queries instantly. Thus, leveraging AI is a must for business owners.
For example, business owners can deploy AI-driven chatbots on their website, which acts as a store associate to address customer queries quickly.
Most business owners believe that leveraging RPA can only help to eliminate repetitive tasks. But this is certainly not true. Robotics goes beyond repetitive tasks and spreads to the segment of analytics and decision-making.
According to 451 Alliance, 1 in 4 manufacturers leverages robotics technology, which is expected to grow in the future. In terms of digital transformation, RPA helps businesses boost efficiency and accuracy and frees up humans from higher-level tasks.
Augmented Reality (AR) is a well-established technology in different industries worldwide, especially in the retail sector. And this technology shows no signs of slowing down its importance.
The retail and marketing industry allows retailers to interact with customers online through phones, tablets, etc. It enables customers to try clothes or accessories from the comfort of their homes. AR has taken over this industry. It enhances the online customer experience and develops a positive brand reputation.
AR’s analytical outputs will revolutionize industry management and aid several industries and sectors in the upcoming years.
3D printing is also known as additive manufacturing. It is the process of creating an object with one thin layer at a time. As more than 36% of manufacturers say that 3D printing has changed how businesses think and work.
New products often require many design iterations before they are ready for market. Additive Manufacturing significantly shortens this design cycle and makes things easier.
The technologies mentioned above have the potential to digitize your business and reinvent new ways to streamline operations.
To sum it up, relying only on one technology won’t help you achieve your desired business goals. It is wise to experiment with all the aforementioned technologies and find out which one works best for your business.