Reasons Why You Should Incorporate Digitization Trends into Your Business
Today, more and more enterprises are shifting to digitization to match current business trends. Doing so enables businesses to stay on top of their competitors while increasing their ability to reach and provide more efficient services to consumers.
That said, these enterprises are actively adjusting their business operations to cater more towards digitization, taking and adopting new ways of doing business to help expand their market and welcome a wider range of consumers and value-producing opportunities.
To give you an insight into digitization and its trends, this article will discuss key digitization trends, such as artificial intelligence and cybersecurity, and why you should adopt and incorporate them into your business operations.
Even before the COVID-19 pandemic, businesses worldwide have been slowly shifting to digitization. As it grew, businesses developed new ways of maximizing efficiency and convenience in providing products and services to their consumers by utilizing technology and digital platforms.
This provided new opportunities and growth for businesses across existing and emerging industries, allowing them to continue to maximize and expand business operations amid the restrictions placed by COVID-19.
Digitization trends are never-ending and continue to evolve over time. Here are key digitization trends and strategies that are seen to flourish in 2022:
- Improving Customer Data Platforms (CDP). Companies now have access to data provided by their customers wherein they utilize to curate a better experience for their consumers. The use of Customer Data Platforms (CDP) enables companies to create more detailed and targeted marketing campaigns for their market.
- Enhanced Cybersecurity. Strengthening cybersecurity will be one of the focus of digital trends this year while they also incorporate artificial intelligence (AI), machine learning (ML), and the cloud into security solutions since digitization can face roadblocks such as cyberattacks.
- Utilization of Artificial Intelligence (AI). The use of AI contributes significantly to today’s digital economy, AIs can help with data-driven decisions, process enhancement, customer service chatbots accessibility, and so on that aids businesses to become more convenient to both consumers and users.
- Enhanced Networking Systems. Network systems are constantly being upgraded over the years. The emergence of 5G network systems provides faster speeds, lower latency, and a higher density in comparison to 3G and 4G networks.
- Usage of Multi-Cloud Architecture. The COVID-19 pandemic pushed people to adhere to work-from-home (WFH) arrangements to help reduce the number of infections in their community. That said, businesses developed new ways like multi-cloud architecture such as Google Cloud Platform and Microsoft Azure, to become more resilient, flexible, and secure while employees work in the comfort of their homes.
Actively adapting to key business trends is essential to make sure that your business is up-to-date with current industry standards. This enables your business to stay ahead of the competition while ensuring that your products and services reach your clients effectively. That said, there are many reasons why you should apply such trends to your business.
Streamlined and Enhanced Customer Experience
Customer experience should be one of the primary priorities for any business. With the emergence of digitization, customer transactions evolved to become much more seamless in providing products and services. Such aspects are also enhanced through digitization:
- Service Convenience
- Purchase Convenience
- Accessible Navigation
- Channel Flexibility
Providing an excellent customer experience allows your business to acquire a trustworthy image among new and existing clients. Gaining positive customer feedback will help create confidence and trust among your consumers.
Process automation can make work transactions faster than manual operations since it speeds up mechanical tasks, operation development, and resilience. That said, employees will have more time to focus on team collaboration and other important tasks.
Moreover, digitization made it possible for employees to work flexibly through remote and WFH setups. Work operations such as training, meetings, and tasks are facilitated remotely.
Running a business can be expensive. By Incorporating digital trends, you migrate your expenses from work/office space rentals and on-site management costs to more cost-effective options such as AI software and WFH packages.
Utilizing AI and technology that can help in automating tasks and processes, inventory management, stationery, and administration can reduce personnel, energy, and error costs.
Maximizing digital trends and methods into your operations can also help in passively reducing your company’s contribution carbon footprint caused by commuting, electricity, paper supplies, and the likes. As part of helping create a sustainable and eco-friendly economy, the Philippines have provided tax incentives to enterprises that push for greener business operations and solutions.
Under Republic Act (RA) No. 10771 eco-friendly businesses are qualified to a special deduction from the taxable income equivalent to 50 percent of the total expenditures for research development and skills training.
Keeping up-to-date with digitization trends allows your business to provide products and services that are up to par with current industry standards. Additionally, such methods provide advantages that can benefit your company and its overall performance in the long run.
New means of digital technologies are allowing the progress of products, services, and solutions to both customers and employees. These current digital possibilities require executing new strategies and techniques. Generally, when realigning or adjusting your business operations, you must identify and adjust the following:
Identify Which Part of Your Business You Can Adapt Digitization Trends
It is imperative to thoroughly be aware of your business operations and spot where you can adapt and apply new digitization trends to improve your performance and digital presence. Understanding where you can input digital trends can also help you make your processes more efficient and convenient.
Utilize AI Software
Numerous enterprises have been taking advantage of AI and machine learning ecosystems to help optimize their operations. This allows companies to secure customer data while easing business transactions. Here are two types of software being enhanced to further digitize business operations:
- Customer Relationship Management (CRM) Software. Customer Relationship Management (CRM) software is a digital tool that can help with organizing and managing customer information, with this you will be able to have data-driven decisions that can your company.
- Multi-Cloud Architecture. A multi-cloud architecture distributes workloads in the entire organization. This is used for the purpose of disaster recovery, data residency prerequisites, and flexibility.
Apply Cashless or e-Payment Options
The pandemic allowed more room for digital banks and e-wallets such as G-cash, Paymaya, and Paypal to flourish and provide consumers flexible payment options in the Philippines. Introducing other payment options that cater to digital wallets allows you to further expand your means of receiving income.
Unlike credit or debit cards that need to be linked to banks, e-Wallets can be acquired using our own mobile phones and contact numbers. That said, e-Wallets can be more accessible since it doesn’t require a lot of documentary pre-requisites.
Conduct Beta Testing
Always start with beta testing when transitioning to digitized business operations. This allows you to spot unwanted issues such as technical bugs, workflow misalignment, slow performance, etc. This enables you to effectively pacify issues beforehand and avoid resolving them when numerous and bigger clients are involved. Here’s a guide on how you can do beta testing:
- Select target platform
- Select beta testers
- Distribute beta testers
- Collect feedback
- Evaluate the feedbacks
Digitization is gradually dominating the business world, taking steps forward into digitizing your business operations can attract more customers or clients in the future. Nowadays people tend to choose convenience, flexibility, and safety when it comes to doing transactions.
Incorporate Key Digitization Trends to Your Business in the Philippines
Adopting current digitization trends to your business is a key factor that will place you ahead of your competitors. This can also provide a better customer satisfaction experience since its main goal is to give a more streamlined and convenient transaction.
Adapting to the new digitization trends can be challenging. If you find these trends complex to incorporate into your establishment you may seek help from business consulting firms to guide you through the process of understanding and gradually taking in the current digital trends.
Stay Up-to-Date With Digitization Trends for Your Business
With a large pool of experienced business consultants knowledgeable with industry trends and strategies, our team is dedicated to helping you in staying up-to-date with current digitization trends for your business.