Digital transformation has redefined economies across the world by letting companies innovate and develop creative solutions to solve real-life problems through technology. In simple words, it is about being proactive in incorporating technologies in business operations. Technologies such as AI, Machine Learning, 3D printing, 360-degree videos, AI-driven analytics are impacting the way businesses interact with the customer.
KPMG reports that 80% of the revenue shall be generated online by 2022. This report shows how digital transformation for any company is needed now more than ever. The companies that expedite digital processes can have a better impact on their turnover.
Reasons to Transform Your Company Digitally, Now!
A decade ago, we never thought, Amazon would show up and change the way we shop. We never thought we could book a cab from our phones with pricing and time estimate. These two companies, Amazon and Uber, showed us how anything could be possible by utilizing digital technologies to the fullest. We also know how Kodak and Nokia disappeared from their respective market as they were unwilling to digitally transform, thus losing the business to the new players. Here is a list of reasons why you need to transform and tap the market digitally.
The Potential of 5G in Different Sectors
The healthcare industry is already using 5G during the COVID-19 pandemic. It is enabling doctors to conduct remote consultations and connect with patients via video calls. With new video applications and the development of e-learning tools, schools and universities have digitally transformed too. Students, teachers, and parents are quickly adapting to this new norm and have very well accustomed to digital platforms. To maintain social distancing, this was the need of the hour to keep children protected, yet connected with studies.
While we saw a rise in online courses on Udemy and Coursera, COVID-19 has made the leaders of the world conduct both free and paid webinars for the hungry enthusiast, who always want to keep themselves updated with the latest technology in their sector. The world is ready to be digitally empowered, and 5G can act as a catalyst for many industries. The power of 5G can be utilized by other industries as well to reach out to customers and help them, thereby increasing your customer base and also add a new revenue stream. 5G can pave the way to new possibilities and help in digitalizing the processes that were not possible before due to the lack of required internet speed.
Sudden Rise in Popularity of the Fintech Platforms
Due to the spread of the virus, fintech platforms have become a resourceful alternative in handling cash transactions. People are opting for online payment modes like UPI and wallets to avoid cash transactions due to the fear of getting infected. It would be right to say that this new affinity towards digital payments is here to stay for long, as this has the potential to become the new normal. It is high time to get your own digital wallet developed to meet customer expectations with differentiated services.
From Reactive to Proactive: The New Role of IT
Earlier, the role of the IT department was reactive, wherein they would wait for a problem to arise and then troubleshoot them, ensuring the problem doesn’t come to the surface again. However, today companies are utilizing the IT department proactively – they develop the strategies and drive business through digital platforms.
According to the Economist Intelligence Unit, about 44% of senior executives are looking forward to IT executives who can digitally transform their businesses.
Cloud Adoption and Automation – Drivers of Customer Experience
We all know how life today is more comfortable with smartphones and cloud-based applications. Everyone is online, and people spend a lot of their time on digital platforms. Thus, customers have become more accessible through these online platforms.
With unlimited storage on the cloud, the companies are adapting to work from home culture quickly. Automation is also making life more comfortable as we can automate many things – be it chatbots on Facebook or email marketing. Exploring such an automation process can help you manage ongoing customer requests and expand the customer base.
E-commerce Expanding via Social Media Platforms
The shopping experience has completely transformed during the COVID-19 pandemic. This is because customers shifted to online shopping mode, and the e-commerce platforms saw a whooping boom of 35%. In the countries where a total shutdown was implemented, the e-commerce brands were not able to service the customers for some time. However, they saw a spike in demand as soon as the restrictions were lifted.
Businesses are exploring social media platforms for creating their e-shopping store. Social media are innovating to improve the online shopping experience. With Instagram promoting “food order” and “help small business” stickers, and Facebook helps businesses create their Facebook shops by partnering with Shopify, we can be sure about the customer’s willingness to shift online. This might be the best time to build your online e-commerce portal.
How to Capitalize on Post-COVID Opportunities?
Although digital transformation is not easy, you can make it possible with innovative thinking and planning strategically. You can study the digital transformation journey of the benchmark companies to understand what needs to be done and how. Without wasting much time, you need to start digitizing your business and expand business opportunities.
Unthinkable can be your digital transforming partner, and can help you build digital products and solutions at hyper-speed so that you can reach the market faster. We deploy reusable technology extensions to develop hyper-intuitive and hyper-scalable software.