5 Digital Transformation Trends Every Entrepreneur Should Learn About
Digital Transformation Trends, is that even a real thing? As an entrepreneur, you may want to keep up with them if you’re interested in optimizing business performance and customer retention.
5 Digital Transformation Trends Every Entrepreneur Should Learn About (Source: Pexel)
Intelligent digital transformation is changing the face of every industry and it is changing the way businesses operate in this age of COVID. From media companies to creative design agencies, every company has had to go through some strategic shifts in its journey regardless of its corporate size.
Committing to digital transformation enables your company to leverage new technologies and enables your company to modernize systems. You are in a better position to cater to your clients ever-changing, evolving demands.
2021 will see a fresh class of technologies ready to take center stage. Among them are:
- Advanced Data Analytics
- Artificial Intelligence
- XaaS, UX/CX, and Privacy
- Customer Relations Management
The customer, employees, and culture, along with business continuity, must be the heart of every technological investment. This is what to expect in the year ahead.
5 Digital Transformation Trends you Should Learn About
1. Customer Relationship Management
Any business’s success depends on how it can manage the relationships it has with its customers. CRM is more than just the application of technology. CRM is a strategy to learn more about your customers needs and behavioral patterns.
A clear CRM strategy can be achieved by:
- Profiling individuals and groups to develop a functional marketing mix.
- Changing business operation to improve customer service
- Keen detail to your customers purchasing habits, preferences, and opinions.
CRM solutions can be categorized into four categories:
Application service providers companies can provide web-based CRM solutions. This method is more applicable if your company does not have the required in-house skills to implement solutions quickly.
This involves renting a tailor-made suit of CRM application as a customized package. Managed solutions are an in-between of outsourced solutions and in-house solutions. Implications are you have to compromise in terms of functionality.
This solution entails using software engineers and consultants to create, customize, and integrate a competent CRM solution with your existing software. This entails carefully specifying precisely what you need to better relate with your customers.
It involves investing in a standard software component. This approach is generally considered the cheapest option. Software companies offer CRM applications to integrate with your existing packages.
2. XaaS, UX/CX, and Privacy
Digital transformation is more than the entirety of technological parts.
- XaaS: XaaS stands for Everything-as-a-Service: We see the evolution of off-side, onsite, cloud, and hybrid as big IT companies move on-premises as a service. This is due to blockchains, big data analytics, and other economies of scale as a company expands.
- User Experience and Customer Experience (UX/CX): The success of your intelligent digital transformation is user and customer experience. Organizations are evolving from building internal competencies to enhancing productivity while they execute their vision, improving their connectivity, artificial intelligence, smart automation, and compute capabilities.
- Privacy: Since the establishment of the EU’s General Data Protection Regulations due to privacy and data security issues, technology companies are forced to comply.
3. Advanced Data Analytics
Data collection and analytics is crucial for any business. Data collected from customers are processed and interpreted to provide insights for a competitive advantage. A company can leverage analytic tools to recognize opportunities, problems, and solutions.
Regardless of industry, analytics will be the most dominant attribute for every organization’s intelligent digital transformation.
4. Artificial Intelligence
Artificial intelligence refers to creating human-like intelligence that can reason, learn, plan, reason, perceive and process natural language. Learning algorithms have been developed to enable machines to learn.
Computer algorithms organize extensive data to information and services based on instructions and rules. With AI, learning algorithms create the rules and not computer programmers.
Advancements in AI have been made possible due to data availability, computing power, and algorithmic innovations.
5G is a global wireless standard network. It is meant to deliver higher muli-Gbps peak data speeds, more reliability, massive network capacity, ultra-low latency, a uniform user experience, and increased availability for every user connecting new industries.
5G is being employed in:
- Enhanced mobile broadband
- Massive loT
- Mission-critical communications
Digital transformation should be looked at as an exciting opportunity to get a different perspective of your business. Digital transformation is about formulating an innovative culture and resilience among employees.