What is Business Transformation?

Increasingly in the worlds of business management, change and organizational development the term Business Transformation is being used. But what does it mean? What is exactly is Business Transformation?

Business transformation 
Is about identifying techniques or processes that aren’t being serviced to their maximum capacity, and how alternate solutions can be applied to digitize or streamline technology, to further gain market share, increase revenue and customer satisfaction or reduce inefficient expenditure.This strategy ensures that the absolute best processes and systems are being implemented within an organisation, in order to achieve measurable improvements in efficiency, effectiveness and, of course, satisfying shareholders.

Digital Business transformation

Digital Business Transformation is not something to overlook as it becomes a core concept to many business models..

Digital transformation is a process of transitioning a business from traditional style platform to a digital model. There are various things that goes into this. Therefore, let’s take a look at how it actually works for both sales and marketing.

Digital Transformation can bring you more sales and branding compared to the newspaper ads, phone calls, billboards, mails, flier, television ads and so on. The old school techniques are still working but there are becoming less effective as digital transformation is taking over. Why is this happening? The main reason is that people are now buying things online more than over instead of walking into a shop to buy it. I bet that you heard of the word “show rooming”? This is a term that retailer use for people who go to a shop to know more about a physical item that they have researched on the Internet.

Customer don’t let their fingers do the walking with Yellow Pages anymore. Instead, they are now transitioning to researching on the internet using search engines. Search engines (eg. Google) has a huge advantage over the traditional advertising. The reason is that they display more information and also they provide social proof of real customer reviews.
Customer reviews or social proof are major force when it comes to online reputation. People used to call this as word of mouth advertising but now search engines such as Google are currently allowing a single person’s voice to reach out to the entire market.  This is called digital-mouth advertising.
Change in business
For many organisations, this is not a simple process, particularly if out-dated technological systems have been in place for decades and staff hold a mindset that fears change. Whilst leaders may need to make tough decisions relating to their business, ultimately it’s how you deal with the people that will dictate how successful a transformation is.
Transformation and change is a critical issue for most organizations however businesses that employ effective transformational approaches obtainst 80% more success than those that don’t.

Without Change in the Business?

Without a digital business transformation, businesses would most likely have to rely on a core group of customers and will not be able to grow big in the long run. Smaller businesses that succeed in digital business transformation will have an upper hand when compared to those who remained. The future is uncertain for those businesses who decided not to adapt themselves with the digital changes.

If a business fail to adapt to the fast-changing wave of new technologies will usually affect the manner of doing business. For those who managed to meet these kinds of challenges can easily turn them into great opportunities.

People always ask if digital busines transformation is only about technology and also outsourcing? The short answer for this is a “No”. It actually inovlves innovation to connect with things like data science, devices, design, technology and many more. These are the fundamentals which are going to institute change in customer experience.

Online Presence is just a Start

You may think that you are staying ahead with the digital transformation just because you have build a website and have some online presence. Sadly, this is not enough. Many business websites do not have much information. Social media has become like a billboard than a customer interaction kind of platform. If a visitors want to change a specific detail, they need to go back to things like the telephone or basic email in order to contact you.

The fundamental to increase your online presence is you need to move from a pure marketing standpoint towards sales and digital marketing. Besides that, it is important to track customer data over time to build a strong relationship with an individual vistors, asking them to convert again till they have become loyal customers.

With today’s technology, it is possible to achieve this. If you try to use Facebook without an ad blocker on and you start to like a few business pages, talk and share about this topic. You’ll notice you’ll get advertising related to what you like and share.

Other than that, companies can get marketing data on you after you have visited their site. You can use Facebook pixels to install into your site to track individual visitors as they come and go from your website. This allows you to perform remarketing ads where they’ll see your ads again and again.

Digital Business Transformation Is Now.

Digital Transformation is gaining more importance. The reason is that the world is fast becoming digital.

By the year 2025 to 2030, technologies like the mobile Internet, cloud technology,3D printing as well as the Internet of Things will make up at least 30% of the world market economic growth. With the increase of business activities in Jamaica, it is not surprising that the region has become an important hub for lots of businesses.

With the increase of people purchasing online and new digital marketing strategies coming in, old business model that uses traditional marketing cannot compete much longer!

With decreasing retail sales, more people buying online, and new sales and marketing tactics smashing competition through the digital space, the old business models can’t compete for much longer. If this article has sounded a chord of panic in you though, don’t worry because knowledge is power.
Get started today and start the transformation now before you get out-transformed by your competitors!
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