Digital transformation is the process of using digital technologies in an organization’s products, processes, and strategies. In fact, digital transformation changes the way an organization operates. For this reason, when a company adopts new technology, every system, process, workflow, and culture is updated. The transformation affects all levels of an organization and brings together data from multiple areas to improve collaboration. Data collection should be a top priority when we think about digital transformation.
Our current hyperconnected environment has helped businesses drive a customer-centric transformation. For example, companies are collecting a lot of customer data, and they use this information to improve their businesses. Digital transformation lets businesses use the right data for business intelligence, providing a better understanding. The data collected comes from different sources. For example, social media platforms, phones and computers, healthcare instruments and wearable tech, just to name a few. Having all this data allows businesses to better understand their customers. Actually, with the information they collect and the insights they gain about their customers, businesses are now able to transform themselves. As a result, they tweak their sales and marketing strategies at the same time. Many companies are beginning to see digital transformation to gain new business opportunities.
According to a study by EY-Parthenon and Oxford Economics found that companies continue to make heavy investment bets on digital transformation, with most seeing it as a top business imperative and crucial to survival. And they recommend putting customers at the heart of digital strategies by harnessing essential customer data to improve predictive models and personalization.
Customer Data & Cybersecurity
As part of the data collection process, it is critical to evaluate how customer data is collected, stored, analyzed, and shared. For instance, when thinking about your tech stack, make sure that sensitive data is protected. It is important to give your clients greater autonomy over their own data so that you can differentiate yourself as a business. Consumers are increasingly aware of how companies are collecting and using their data. Above all, they are concerned about how they use and share their personal information. So, it is important to show them that you respect their data by taking strong privacy practices into account and allowing them to change their minds at any time.
Increased Customer Satisfaction
New digital technologies have transformed consumer habits. As a result, these new technologies have caused a shift in expectations, resulting in a different type of modern consumer. Today’s consumers are constantly connected, app-native, and aware of what technology can do for them. The use of mobile devices, apps, machine learning, automation, enables customers to get what they want when they need it. In fact, companies can offer a better product or service to their customers by understanding their doubts, understanding their behavior, and talking in a more natural language.
Why Does Data Help Transform Businesses?
Data is important because it helps companies deliver value through a greater understanding, alignment, and actioning of digital and offline data. For example, data allows companies and brands to make targeted marketing campaigns and develop or sell differentiated products more efficiently. Actually, businesses worldwide are utilizing big data analytics for implementing operational strategies and facilitating business transformation. Source: https://www.forbes.com