Moving along the digital era, businesses should determine which approaches are really worth the investment. Freshcode team has shared some own thoughts and conclusions of how digital transformation can keep your business in 2020 marked by the global economic disaster.
Why digital transformation matters
The digital realm is growing and changing at such a rapid pace, that it is hard even to keep up. According to Statista, by 2023, the digital transformation market revenue worldwide is expected to amount to $2.3 trillion. Classic methods are not enough and business strategy requires a whole new approach. Manual processes and disconnected systems don't keep pace with today's business reality. How can you transform these areas? Digital solutions are widely available and today it's easier than ever before to grow business with the relevant software toolkit.
Digitalization becomes complex, giving a lot of opportunities for creating a recognizable identity of your company. We are going to show you some examples of solutions within different parts of digitalization machine. These viable digital approaches related to different business process sectors for adapting to new market challenges.
Strategy: INCREASING efficiency via Cloud
Digital transformation via cloud systems is a great way to boost operational efficiency and take your business processes to a higher level. Shifting to the cloud improves cost-efficiency by maintenance cost reduction and eliminating infrastructure investments. Innumerable unique cloud services and great data collection capabilities lead to advances data-driven processes. Rather than relying on testing and trials, you can reduce risks and costs by streamlined workflow to be future-ready to meet marketplace challenges.
One more advantage is immense scalability. Cloud services are transforming workflows vertically and horizontally expanding the capacity of operations, reaching customers, and boosting output. Operations efficiency also can be improved further by business automation as one of the main advantages of digital transformation. It involves solutions for automating a plenty of IT-related tasks and lets your operation stay lean without sacrificing functional and quality.
ANALYSIS: Advanced Web and Mobile Analytics
Digital platforms play a key role in the discovery and development of businesses. And a strong online presence is key for business including a website with perfect UX and relevant content, and user-friendly mobile app. By 2023, eCommerce spend is expected to be around 1 trillion dollars with 50% of those transactions coming from mobile devices, according to Meysam Moradpour, VP of Digital Payments Strategy, Mastercard.
Advanced marketing tools such as Branch, Mixpanel, Smartlook can offer invaluable insights into audience behavior. In other words, it presents you how people use websites and mobile apps via functional metric approaches. Finding out what's really resonating with our audiences is the best starting point and key part of customer development process.
You can monitor user interaction with such app or site without requiring a single line of code. That means that even non-technical personnel can access important data about your site or app. Here you can see some comparing analysis of several popular mobile and web analytic tools.
Advertising AND MARKETING: Video Content
Video content has become an essential element of digital marketing over recent years. Social media platforms introducing varied video-focused algorithms contribute to transforming video in the most visible aspect of social media marketing. Some companies also leverage video in their email marketing, increasing click-through rate.
99% of people who've used video marketing say they'll continue using video content in 2020. Don't miss the chance: 20% businesses used video as marketing approach for the first time only in 2019. So it's never too late!
Technology: AI Chatbots
Artificial Intelligence (AI) is a booming digital tech domain which is radically changing all types of business. According to the Market Insider research, the chatbot market is expected to reach $1.23 billion by 2025. Well-developed chatbots powered by AI are becoming a viable customer service channel. Such technologies integrate personalization into the customer experience (CX) and customers even can't say for sure if they are communicating with a human or a computer. So fine-tuning chatbot is essential for a hyper-personalized, intuitive CX in accordance with the market call.
DuoLingo, a language-learning platform, is a good example of successful chatbot implementation in educational field. According to its co-founder, DuoLingo chatbot could help people to learn a new language in a conversational way without fear of sounding stupid or asking repetitive questions. With more than 150 million users, the bot helps to practice speaking without fear of embarrassment.
Keen to make ordering as easy as possible, a lot of online groceries and food delivery businesses have created own chat-based apps. Let's figure out some random popular apps with chatbot-driven approaches:
Domino's pizza ordering bot called Dom that allows one-off and repeat customers to order without creating a profile
Starbucks chatbot that helps users to order by messaging or voice with Amazon Alexa and make payment and tipping
HealthJoy bot that provides information for users, connects them with healthcare specialists, books appointments, and creates tailored treatment recommendations via healthcare chat-based app
ANALYSIS: How to create a strong digital transformation model?
Digital transformation is a complex, expensive, and time-consuming process. We've described only a few examples of digital tools as possible solutions to implement. Businesses should determine what specific approaches are truly worth the investment. To create and sustain handle an all-encompassing digital model is not a simple and not a fast process. Going through planning, discovery, hypothesis testing, customer analysis stages you can change a number of decisions and expectations. Many SMBs have recently gone through this phase and come out more profitable, stronger, and strategically minded. It takes time, but it will be paid off.
Despite the fact that the 2020 economic crisis was called "like no other" , life goes on and businesses are engaged in efforts to keep moving. As you complete digital transformation the entire business becomes more agile and ready to meet new market challenges and customers' needs. Freshcode is ready to help you to choose the best digital solutions suitable to your business. Book a free consultation and make your ideas happen!