Almost everything in the world is becoming digital. As a result of the way in which digital technology has transformed the way we think, act and relate with one another, businesses are seeing digital technology as gold mines with incredible and unlimited untapped resources.
Every business aspires to produce goods or render services for profit maximization. However, it is not enough to produce goods or render services. One must have a market share comprised of loyal customers and clients. In our contemporary world, clients and customers are becoming digital. The conventional methods of sales, marketing and delivering goods and services to clients and customers are phasing out. Clients and customers are now yearning for more efficient and quicker methods of buying products and enjoying services. They now want products and services made available to them at a snap of their fingers and in the comfort of any location they are.
This is as a result of the influence of digital technologyin our society. Both the young and the old have embraced digital technology and have come to regard it as a veritable marketplace where business can be done with ease.
To succeed in this digital transformation age,CEO and entrepreneurs must think outside the box in order to transform every aspect of their business, especially when it comes to delivering value to customers. To do this, businesses must embrace digital technology in order to attract more customers and clients.
The importance of digital technology cannot be over-emphasized. Organizations that are still resorting to conventional method of advertisement, sales, marketing, product and service delivery cannot be superior to organizations that have embraced digital transformation.
Here are the benefits of digital technology to business startups;
1. Wider Coverage
Digital transformation has adequately enhanced the capacity of large/medium and small scale businesses to reach an overwhelming number of customers and clients. In the past, business organizations were heavily dependent on media organizations to reach many customers and clients. Most often, the media coverage is limited to geographical location.
As a result of digital transformation, business organizations are utilizing digital marketing strategies such as search engine optimization (SEO), search engine marketing (SEM), social media marketing to mention a few, in order to reach a wider number of customers and clients.
It amazing that an entrepreneur can advertise and market his/her products and services from a remote village in a third world country to many customers and clients in the developing and developed countries. Digital transformation has made the world a global village where geographical location is no more a constraint for many businesses that have embraced digital technology.
2. Adding Value to Customers/Clients
We are in the era where customers and clients’ tastes, preferences, behavior and demands are continuously changing. We vividly remember those days where customers queue to purchase products or get services from business organizations. As digital technology became more revolutionized and embraced by a significant number of the world population, some business organizations started thinking on the ways they can add value to their customers and clients.
Clever Solution’s founder Sergey Grybniak stated that ‘the digital marketing that is going to be done for your business has to be on top of its game, or you are not getting anywhere. Some companies lose momentum because they don’t integrate their digital marketing campaigns. You have to combine them with the site and then start to bring people in’.
Forrester reported from that more than 60 percent of executives identified thedeliveryof a superior experience for customers and creating new sources of customer value as important factors in determining an organization’s success as a digital business.
Consumers, in this era of digital transformation, want to purchase products and receive quality services from business organizations in the comfort of their homes, offices and other locations convenient to them. Business organizations that have completely underwent digital transformation can adequately deal with these changing consumers and clients’ tastes, preferences, behavior and demands.
It is usually very easy to manage a small scale business at it early stage. This is not the case when the business is expanding and diversifying. There are many challenges business organizations faced in the past which digital technology has significant dealt with.
Digital transformation has brought about sophisticated technology and software for effectively and efficiently managing daily business operations. For example;
· Procurement software can assist organizations to timely order and receive products and services from clients without hassles.
· Time management software can assist organizations to effectively utilize their time for quicker accomplishment of tasks
· Monitoring software has assisted many organizations to keep real time checks on employees’ daily performance.
Serious minded entrepreneurs automate many processes in their organizations; allowing them to have a bird eye view of the happenings in their organizations.
4. Reduction of Risks and Cost
Business organizations these days do not only provide quality services to prospective customers and clients courtesy of digital transformation, they also save time and reduce risks and cost.
Without the advent of digital technology many entrepreneurs will still;
· Make long journeys to different parts of the world for business deals.
· Recruit more supervisors to monitor employees’ daily performance.
· Carry huge cash around to purchase raw materials and other goods.
These carry enormous cost and risks ranging from accidents and fatigue. Digital transformation has significantly reduced these risks and cost hence organizations all over the world are enjoying the role digital technology plays in the business world.