As the world moves towards digitization at an astounding rate, it is distinctly clear that a digitally mature organization succeeds financially (Source). That said, starting with the digital journey can be quite challenging. When the goals are not clear, the available technologies can get a little too overwhelming to choose from. In such instances, some of the following strategies can help organizations to set goals and to do the right things in their digital journey to achieve the set goals.
Identify what you lack
Answers to the following questions can give you a vague idea as to what is your biggest drawback.
What do your customers frequently complain about?
Your customers are your first-hand source to identify drawbacks in your services.
For example, do they complain about having to come to the store to pick up their favorite products? Then it is a good choice to invest in an e-commerce space as the first step in digital transformation.
What do your competitors have that you lack?
Once you identify your drawbacks, it is also a good idea to understand in what areas are your competitors getting it right?
Do your competitors provide end-to-end digital solutions for purchasing from their website? Do they cater to not just retail customers but to B2B clients also?
The answer to the aforementioned questions can help you formulate unique offerings to your services.
Improve customer experience
Putting yourself in the shoes of the customer can give you a new perspective on what can bring value to the customer. When the customers identify themselves with your products or take pride in owning your products, you can consider yourself completely successful in impacting your client base.
Some trending technologies
Once you have identified the areas that need attention, your organization can benefit from some of the following trending technologies
Blockchain – Blockchain assists in secure data exchange between the stakeholders. Using blockchain for your operations like purchases and digital contracts makes them trustworthy and can help you gain an edge over your competitors.
Data science – Data science and more particularly data analysis helps you deduce useful insights from the data you have at hand. For example, you can use data analysis to analyze your sales pattern and prepare your inventories accordingly.
Robotic process automation – For production industries, having automatic machinery for routine tasks can help in cutting down on manual labor and its associated error margins.
Internet of things(IoT) – This technology enables embedded systems to communicate amongst themselves without the intervention of humans. This technology forms the foundation for popular concepts like fully automated homes and smart cities
Edge computing – An extension of IoT, and the next step to cloud computing, edge computing facilitates the data calculations close to the data source(embedded system) or the user. This eliminates the involvement of a central computer.
Cyber security – This technology protects digital data from theft and corruption during data transmission and storage. As organizations store more and more user data, protecting it from malicious attacks is of paramount importance and cybersecurity explores many tactics to achieve this objective.
Scope for innovation
Necessity is the mother of invention. When a single technology or a combination of a couple of them still doesn’t cut to solve your problem, you can always lookout for innovative ways to solve it. With XaaS, you can have a pay-as-you-go model for your digital tools, facilitating you to start small scale without burdening your finances.
Digital transformation can begin small. But with the right tools and technology, it can drive the accelerated growth of small businesses and organizations. By defining clear goals, businesses can take the best advantage of the latest technology trends and achieve financial gains in the long run.