Transformational Business Trends
We are presently living in the age of digital transformation. The Digital Era has arrived and is already changing the way we live our lives. This shift is not a sudden one, but rather the result of a convergence of factors. These factors include the adoption of new technologies, new business models and new work processes. All these coupled with the constantly improving Internet and its features has made it an exciting time to be a computer user. And what sets it apart from other technologies is the fact that it can be applied practically anywhere, which makes it ideal for business companies everywhere.
The Internet has brought the power of communication and it can transform any business into a global marketplace. Companies can now conduct business meetings, product demonstrations, customer contact, and marketing campaigns in other parts of the world. Digital technology has changed the very foundation of how business was done, transforming the very process of business and therefore transforming the way people do business.
Digital technology has changed the very processes of business. But not all have been affected equally. There are still some business sectors that haven’t embraced the change, while others have embraced it with relish. The following are four transformational change areas that are luring businesses right now:
Content delivery. This change refers to the shift from analog to digital technologies. This is responsible for the huge growth of the Internet and the ability to reach people all over the world. Digital transformation in content delivery means that businesses can easily communicate with their customers anywhere in the world and at any time of day.
Social media. The Internet has opened new vistas for businesses. It has also created a new level of connection and accountability between businesses and consumers. Social media has changed how business and marketing are done. Today, consumers are more connected than ever before and they have a voice in how products and services are developed and marketed. Social media will continue to make changes in the face of new consumer demands, new business models, and new business opportunities.
e-commerce. e-commerce refers to the growth of companies that do business on the web, through the Internet, and that provide products and services directly to customers. If you’re thinking about establishing a business on the web, then you need to understand the transformation that is happening in this industry.
Big data. This term pertains to the analysis, mining, and interpretation of large amounts of data that can provide a wealth of information about trends, customer behavior, and product and service developments. Extracting the benefits of a digital transformation means having access to this valuable data quickly and easily. Having the ability to use big data for strategic business decisions can change your business dramatically.
E-commerce. Digital commerce is the movement away from traditional business practices, towards a model of doing business on the Internet, through e-commerce. The Internet has changed how people buy and sell goods, and it has increased the speed and efficiency with which buyers and sellers transact online. If you want to establish a successful business online, then it makes sense to understand the transformational change taking place in this industry. Digital commerce is the foundation for the future of businesses on the web.
Customer. In times past, customers were viewed as the commodity that made any business successful. Today, the customer is considered an integral part of the business equation. Customers are now seen as partners, not just consumers. This transformational change is creating a new mindset for businesses to think about their customers as real assets.
Performance. In the past, a business could achieve significant performance results, without paying much attention to productivity. But digital transformation trends are changing this equation. Companies need to focus more on how they get the most out of each employee, and what processes they can automate to increase productivity and efficiency.
Innovation. In the past, a business could rely on innovation as a means of sustaining and even building a competitive advantage. With digital transformation, there is a growing need to rethink the way a business innovates to stay ahead of competitors. As a result, there is a need to embrace rapid innovation.
Deepak Wadhwani has over 20 years experience in software/wireless technologies. He has worked with Fortune 500 companies including Intuit, ESRI, Qualcomm, Sprint, Verizon, Vodafone, Nortel, Microsoft and Oracle in over 60 countries. Deepak has worked on Internet marketing projects in San Diego, Los Angeles, Orange Country, Denver, Nashville, Kansas City, New York, San Francisco and Huntsville. Deepak has been a founder of technology Startups for one of the first Cityguides, yellow pages online and web based enterprise solutions. He is an internet marketing and technology expert & co-founder for a San Diego Internet marketing company.