Every day, there seems to be another threat to the term ‘Business As Usual’.
One of the most profound changes for business operations is the recent shift to digital technology. Nearly every customer now has access to and uses digital technology.
This shift has drastically influenced consumer behaviours and expectations. Current customers require information on a product or service in order to make comparisons before they decide to commit and the internet is the prime location they turn to.
A large amount of businesses have yet to ‘modernise’ their operations and they have been faced with declines in earnings and decreased product recognition. Digitalisation has become an important factor in maintaining a relevant business – doing so will also create added value for the customer. A well informed customer is a happy one and this will result in bigger purchases.
Here are six reasons why every business require a digital strategy.
Digital is now a crucial part of the consumer shopping behaviour
Many businesses are unaware that their customers wish to communicate via digital platforms. Many are also unprepared to address the evolving “ROBO” (Research Online, Buy Offline) trend of consumer behaviour.
1. Every Business is a Digital Business
With the advent of smartphones, digital technologies enable businesses to be permanently connected to customers at all times and locations. The percentage of connected consumers has been rising at a steady pace and will continue doing so.
Integrating digital technologies also has a profound effect on the organisation’s productivity, growth and profitability. Till today, many companies have not embraced digital business at a scale which they need to and this also causes them to fall behind competitors.
2. Current Consumers Expect a Seamless Brand Experience
The digital landscape of today provides consumers with an unprecedented access to information, products and services across a variety of channels. Digitalisation has also given consumers a choice on the kind of service they want, when they want it and more importantly, how it’s being delivered to them.
This has completely revolutionised the traditional business which now have to create a seamless brand experience and create multiple touch points and channels to reach out to their customers.
3. Merging Digitalisation and Operations Practices Improves Customer Experience
Many businesses are still operating on dated processes and modernisation has negatively affected their business goals.
In order to remain competitive within the digital ecosystem, businesses will need to incorporate digitalisation into every element of the organisation. By doing so, businesses remain present within the digital landscape and becomes reactionary to customers’ needs. Employing digital technologies allow businesses to keep track of consumer buying patterns – easing the decision making process on stock-keeping and which products to increase or decrease.
4. Digitalisation is an Effective Remedy to Industry Disruption
A solid digital strategy focuses on utilising technology to improve business performance. It can be applied to new products and used as a method to re-position existing ones. Digitalisation enables a new, disruptive model and ‘motivates’ a business to review their current operating procedures. Business will have to rethink their approaches to target new demands, new supplies and they will have to explore new business models.
5. Digital Strategy Provides Updated Processes With Transformative Results
Every aspect of the business are examined and modernised with the implementation of a new digital strategy. Apart from a better shopping experience for customers, updated processes also address the organization’s cyber security and privacy issues while maintaining an updated compliance practice.
Digitalisation also allows the business to have a run through of company assets. The process of modernisation requires businesses to covert physical records to digital ones. In the course of doing so, businesses are able to protect their assets and make financial reporting a breeze.
By moving to digital record-keeping, it is also easier to keep track and renew policies and other procedures.
6. In the Near Future, All Business Strategies Will Be a Digital Strategy
The internet era has transformed the makings of a successful business. The act of meeting and exceeding customer expectations has always been fundamental and digital technology and social media has become an integral to a business’ wellbeing.
It’s clear that implementing a digital business strategy sooner rather than later positions an organization for future success and a competitive edge.
Get your business on track with a BRAND NEW DIGITAL BUSINESS STRATEGY!
Join us at DEWIDigi 2020 to explore why going digital means so much to businesses today and how doing so can help in day-to-day operations.
In celebration of International Women’s Day, SMCCI’s female wing, DEWI will be launching DEWIDigi 2020, a full-day conference focused on digitisation and business topics. The conference is also designed to bring together aspiring and established female entrepreneurs from Singapore.
Featuring speakers, Datin Diyana Halik and Ms. Amira Geneid; These ladies have amassed a substantial customer base by transferring their business online whilst keeping up with the latest digital trends. They will be sharing their experiences along with other successful business owners. Participants will also be engaged in Breakout Sessions and be given an opportunity to interact with the speakers.
What are you waiting for? Get your tickets here: https://dewidigi.smcci.org.sg/#buy-a-ticket
Aspiring and established MALE entrepreneurs also welcomed!