Digital transformation is a new wave of business strategies across different industries. It’s the need of the hour. Earlier business enterprises took decades to generate billion-dollar revenues, but currently, with a strong vision, advanced technologies, and think-alike team members, new startups are able to generate the same revenue in just 4-5 years.
Below are the statistics related to the digital transformation that supports the need for transforming your business as well:
- Except for one-third of global CEOs, remaining leaders prioritized the building of digital strategies to improve customer experience.
- Nearly 34% of businesses have already been transformed digitally to remain competitive, while 56% of CEOs of these companies said going digital has led to revenue growth.
Many offline business owners perceive digital transformation means converting a business into an e-commerce store. However, it’s more than that. It covers multi-dimensional business expansion, exploring new products and platforms, new channels for reaching target audiences, etc.
It requires a change of mindset of the business owners to understand why their competitors are going online and why their business is not generating revenue as it used to earlier.
So why digital transformations are required?
1. Forecasting Market Demands:
Being online doesn’t only mean launching your website on the web. It also means the usage of advanced analytical tools that allow you to track and monitor current market activities and design a strategy based on forecasting done for future demands. It helps you to stay abreast of the market trends and modify business models to remain competitive.
2. Incremental Improvement in Sales:
Automation-driven sales platforms help you access customer data from various sources to personalize business proposals for the clients with a high possibility of sales conversion and cycle time.
With the help of artificial intelligence, the sales team could trigger expected actions from the customers, such as filling of sign-up forms or even purchase of products and services.
3. Track and Monitor Customer Behavior:
As a startup, it is expected that an internal customer database won’t exist. However, with the help of Big Data and Machine Learning, you could drive exercises to monitor customer behavior on your website, social media channels, and other online communities. Slowly, you will notice a pattern in your customer engagement with your website contents, offers, ads, and social media posts.
4. Digital Products and Services:
When your company is online, you will understand your competitors are not only offering physical products to their customers but are also designing and developing online products and services that serve other purposes.
Amazon is the best example that started with selling books online, then developed Kindle that encouraged purchasing and reading of e-books. And today, it has transformed its business model to introduce several other online products, such as Amazon Prime, for online watching of movies and shows.
5. Promote and Welcome:
Automation has influenced the advertisement industry as well. These companies, with the help of AI, break real-time customer data, and customize ads and promotions for high ROI and effective budgeting.
More personalized content delivery returns higher rates of lead generation, sales, and online traffic. Companies become infrastructurally stronger with the integration of AI in their business to support huge web traffic.
Possibilities are endless with digital transformations, and businesses are expected to achieve success by the automation of various business activities. Take the example of business owners who became registered members of GoFounders, the most compassionate online community that promotes usage of AI-driven tools for end-to-end business automation.
The members (also known as the Founders) would have access to unlimited AI tools the launch of ONPASSIVE. These tools are designed for maximum output, higher revenue generation, and streamlined business activities, such as sales, promotions, and CRM.