Here we have come to the end of our journey. We've offered seven questions you need to ask yourself to see if your company is doing everything to digitize its processes.
In the previous episodes of "7 questions to evaluate the digitisation of your company" we first saw how to set clear and, above all, measurable goals to assess your company's level of digitization. Instead, in a second post we focused on the processes that can be digitized to speed up your company's transformation process even more. Our journey continued with the analysis of the data coming from your digital systems to better understand your customers and some tips for improving your customers' experience with usable and responsive websites, apps and chatbots. Lastly, we addressed the topic of security, a crucial topic in the digitization process of modern businesses , and that of the organizational challenges that digitization poses to your business.
Let's close today by looking at the opportunities that digitization offers your business. You will see, they are significant opportunities and it would be a real shame to let them pass you by. Here are some examples.
Expanding customer base
Digitization can enable a business to reach new customers through digital channels such as social media, search engines and e-commerce platforms. In this way, the company can expand its customer base and increase sales opportunities.
Social platforms, such as Facebook, Instagram, Twitter and LinkedIn, have opened up new ways for cost-effective promotion. Compared to traditional channels, promoting a brand or advertising campaign on social media involves lower expenses both in terms of content production and acquisition of advertising space.
At the same time, search engines such as Google have radically revolutionized the way people search for information and discover new products. Search engine advertising offers a highly targeted approach, as it allows ads to be displayed only to users actively searching for keywords related to the product or service offered.
Ultimately, e-commerce platforms, such as Amazon and eBay, have created new opportunities for the promotion and sale of products. Thanks to these platforms, companies can reach a wide base of customers interested in their products without having to invest significant resources in setting up physical stores. Advertising within these e-commerce platforms allows you to reach users at the right time, when they are in purchase mode, increasing the chances of conversion and sales.
Customization of the offer
Digitization can enable companies to collect and analyze data about its customers, helping them better understand customer needs and offer customized products and services. In this way, companies can improve the customer experience and increase customer loyalty.
In fact, digitization has opened the door to an enormous amount of available data for business. Through digital platforms, companies can collect a wide range of information about their customers, such as purchasing preferences, browsing behaviors, social media interactions, and more. Better knowledge of customers enables companies to tailor product and service offerings to their specific preferences. This targeted customization can enhance the customer experience, increasing the relevance of offers and creating a deeper connection with the target audience.
Another benefit of collecting and analyzing customer data is the ability to create effective loyalty strategies. With the data collected, companies can identify the most loyal customer segments and evaluate their behavior patterns. This information allows companies to develop loyalty programs and personalized promotions to reward loyal customers and encourage repeat purchases.
Digitalization offers businesses the opportunity to automate their business processes, leading to greater operational efficiency and reduced costs. By using automation software, companies can simplify and optimize repetitive and time-consuming tasks, freeing up human resources to focus on value-added tasks. For example, in the field of accounting, the adoption of automated financial management systems simplifies the process of recording and monitoring transactions, reducing errors and improving the accuracy of financial data. This leads to greater transparency and financial control, as well as a reduction in administrative costs.
In addition to accounting, automation can be applied to multiple areas, including marketing and manufacturing. In the marketing field, companies can use marketing automation tools to manage and monitor lead generation activities, sending emails and managing advertising campaigns. This allows to reach a wider audience effectively, improving targeting accuracy and optimizing the workflows of marketing team. In the manufacturing one, automation can enable the implementation of advanced production systems, such as the use of robots and automated machines, reducing production times and increasing the whole productivity of companies.
Development of new products and services
Digitalisation has opened up new horizons for innovation and the development of new products and services. Digital technologies enable businesses to leverage new tools and approaches to create innovative solutions that meet customers’ evolving needs. For example, the integration of artificial intelligence (AI) and machine learning across a wide range of industries has enabled the development of intelligent virtual assistants, advanced chatbots and custom recommendation algorithms.These new digital products and services not only simplify and enhance the customer experience, but also enable companies to gather valuable data to better understand customer preferences and behaviours, further fuelling innovation.
In addition, digitalisation has fostered the emergence of new business models based on digital services. Increasingly wide and faster access to Internet has created opportunities for the provision of large-scale online services. Digital platforms like Uber, Airbnb and Spotify have transformed the transportation, hospitality and music industries, offering new ways to access services and content. These digital business models are based on the sharing of resources, the personalization of offerings and the ability to reach a global audience. The agility and flexibility of digital services enable businesses to adapt quickly to changing customer needs and create value in innovative ways.
Are you taking advantage of these opportunities?
To take advantage of these opportunities, we suggest you identify areas where digitization can have a significant impact on your business. You could plan and invest in the technologies, people and skills needed to take advantage of these opportunities, experimenting with and adapting to the new opportunities that digitalization offers, in order to remain competitive in the marketplace.