How Innovations In Digital Technologies Are Rewriting Business Models

It’s safe to say that slower and less competitive businesses are left trailing if they can’t catch up with the latest technological innovations. The rapid and tremendous digital transformation has brought about a change in customer behavior and the business processes involved. With the advent of numerous mobile apps, ERP software, cloud services, social media, Big Data, and machine learning, services are made accessible with just a click of the button.

Believe it or not, digitalization is rewriting the DNA of business processes.

How Digital Innovation Has Changed Customer Behaviour

Innovation in technology has brought about a massive change in customer behavior.

Earlier, customers had access to websites through desktop computers. However, with the rapid increase in the production of mobile devices, millions of customers exceedingly engage in mobile web browsing to shop, sell, find local businesses, create online transactions, register complaints, give in feedbacks and share their experiences to the world through various social media options.

Social media is another platform where customers connect faster with businesses. These platforms are highly used by customers to both popularize and criticize a product or service because they’re transparent.

Such digital innovations have increased the influential nature of brands on their customers and they now realize that customers demand faster and accurate solutions. Hence, in order to boost their confidence and increase productivity, businesses are forced to embrace digital platforms.

Digitalization To Business Benefits

When carefully examined, the benefits of digitalization towards business enterprises are plenty. This has empowered businesses to function better, faster and smarter and improve their connectivity with their customers. Various digital innovations like Big Data Analytics, Cloud Services and Mobility have enabled industries to enhance customer experience.

Considering the exponential rate at which mobile devices are distributed, Google has revamped its algorithms to prioritize mobility. Mobile responsive designs and solutions have eased various business activities tremendously.

Every business aspect, whether it be shipping, invoicing, content marketing or sales enablement, is just a click away. Cloud computing technology has also extremely benefited businesses by enabling them to store huge amounts of information locally or remotely and share them from anywhere and everywhere instantaneously. The integration of Big Data assists businesses with accurate decision making. It collects, stores and analyzes huge chunks of data for organizations to utilize it for understanding the markets better.

If digital transformation strategies are implemented the right way, they are sure to strengthen the business models and increase profitability in the long run.

Disadvantages Of Digitalization Towards Business

With enormous benefits comes a few downsides.

• Digital technology revolves around immense data collection and storage over networks. This increases the threat of its security and makes it more vulnerable to permanent damage or manipulation.
• Customer services provided over social channels or other technologies are less personalized and hence can be misinterpreted at times causing major customer dissatisfaction.
• With technology changing rapidly, it becomes difficult at times to keep the organization digitally updated both in terms of cost and resource.
• Digital transformation has made every business – small, medium and large – equally competitive and, staying ahead in the race is becoming immensely difficult with each day.

Although digitalization has its fair share of both advantages and disadvantages, digital transformation has become a necessity for businesses who wish to future-proof their applications and products. One thing’s certain – business processes are bound to remodel with every advent in technology.

Read more on how to design your business’ digital transformation.

 

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