Digital Transformation in Business
Digital Transformation in Business
Digital transformation is how businesses stay on top of the market. Companies are adapting to this digital age where most consumers are interacting with smart phones, AI, and virtual reality. They leverage this technology to improve their operations and processes. This leads businesses to make a variety of better business decisions.
These are some of the key areas that are involved in digital transformation within a business:
Technology Integration
Gone are the days that business ran on paper. With today’s technology, every spreadsheet is moved to excel where calculations are done for the user. Now, companies are training their employees to use software that will save them time in comparison to how businesses worked decades ago. When companies take analogue processes into a digital process, it is called digitizing. Businesses are utilizing more technology to keep up the demand – from AI to the Internet of Things with 5G capabilities.
Yet, with business, it goes further than that. Accenture describes it as “a shift away from traditional thinking and toward a more collaborative, experimental approach.” Businesses not only use software to automate what their employees would have done before, but they also begin to think outside of the box of where technology can take the company.
As Harvard Business Review explains, when companies digitize their processes and even develop around new technologies, they can discover more possibilities. One example lies in the movie rental business. Netflix was once a service that mailed movies and tv show rentals to their customers, but upon digitizing, they helped create the big boom of streaming services. And they outlasted many competitors in doing so where many video rental chains, like Blockbuster, failed to digitize and keep up with the demand from consumers.
Customer Engagement
When moving towards digital transformation, the consumer is the target companies are trying to please. For businesses, utilizing technology can provide all the data they need in order to make their sale. With data analytics and AI insights, companies now, more than ever, can gain insight into customer preferences, behaviors, and needs. Many companies are utilizing this practice everywhere their consumers will be. Seeing an ad on your social media feed after searching google for that product is an example of that data being put to use.
More than that, customers value having a seamless purchasing experience. An omnichannel experience will provide that to customers while providing businesses more chances of converting a buyer. And that goes from television ads to social media ads and even the company website. Having a cohesive branding will also improve these performances to ensure that a company is converting and retaining customers.
Cybersecurity and Risk Management
As most, if not all, business data is uploaded into a digital space, there will be a rise in cyber criminals that threaten to access that information. As every company moves to the digital world, they have to invest time and resources into cybersecurity and risk management to protect not only their company information, but customer information as well.
As businesses are handling more and more data in the digital world, they must be even more vigilant that their work and information does not fall into the wrong hands. With most companies having ecommerce capabilities, sensitive information from their customers could do harm when taken by cyber criminals. When a customer knows that their information will be safe with their supplier, they trust them, and build the company’s brand.
Along with that, as new software is introduced and communications are pushed to an online sphere, employees are even more at risk. It is important for the IT sectors of every company keep all employees trained to recognize cyber threats that could affect their work. Where Covid-19 saw the rise of remote work, employees had be to vigilant about their cybersecurity not only on their work technology, but their home Wi-Fi networks as well.
The University of Fairfax and Digital Transformation
The University of Fairfax has a Master of Business Administration program, as well as a Doctorate in Business Administration program, to help you become a top performer in your field. Our curriculums are top-of-the-line standards to ensure that our students are receiving the information they need to be successful in today’s world. Modern companies need leaders that can lead a digital transformation and continue to build off of technology as it progresses. With our 100% online programs, you will already be efficient in staying on top of today’s digital standards.
To learn more about our business programs or eLearning environment, go to ufairfax.edu.
The University of Fairfax – Secure Your Future