Modern businesses are moving towards a level-playing field due to advanced technologies. Even small and medium companies can make use of AI, ML, and data analytics. They can transform their business to simplify various operations. But what do these changes mean for the customers?
Streamlining business activities through technology infusion is not sufficient. Currently, the focus of many enterprises is also on customer-centric policies. They plan and implement various strategies to satisfy the clients. Business managers focus on delivering a memorable customer experience (CX) to increase their brand image. They win the loyalty of the consumers through value-added services.
So, business transformation can get defined as a core change in the organization. It encompasses processes, technology, employees, and customers. A strategic switch gets carried out to enhance the quality of various services and systems. And a breakthrough is plausible in the entire work culture.
For example, a large bank was struggling to perform its audits on time. It had access to centralized data storage and prediction models. But the organization lacked a holistic view of data creation and transformation processes. So, an integration team was set-up to resolve the troublesome issue.
They brought together the technical and business teams. They designed a solution with a focus on group coordination. Data consistency was assured by eliminating the silo mentality, and viable mechanisms were initiated to trace the data’s origin, transfers, quality, and attributes. They achieved a significant and predictable result to generate audit reports within a timeframe.
In another case, a retail business was struggling with its invoice system. The customer-facing teams were not able to ensure a smooth payment process. So, the management invested in a high-quality tool. This software produced the bills, posted the invoices via email, and managed alerts and reminders. It had professional-grade templates to deliver reliable, customer-centric value.
Types of Transformation
Modern enterprises are tech-intensive, and their transformation is mostly digital. Yes, there is a change in the work culture, managerial practices, and organizational goals. But, the transformative effect is palpable when the technological modifications create impressive customer experiences.
Many successful companies adopted new processes and business models. They were flexible and showed a willingness to experiment and invest valuable resources. The fundamental changes made their operations efficient, inexpensive, and faster. Let us look at some key transformations along with real-world examples for greater understanding:
Role of Digitization
Digital transformation has been at the forefront of ushering new paradigms. Internet connectivity and mobile phone ubiquity altered consumer perceptions. Their changing behavior created disruptions in e-commerce, social media marketing, and real-time communications.
Today, small and large companies strive to stay up-to-date with technologies. They focus on customers’ preferences and tastes to create brand loyalty. Techniques like SEO, SEM, and social media advertising are useful for targeting and connecting with a tech-savvy customer base.
Customer behavior also altered and adapted to new technologies. They prefer innovative products and a memorable online shopping experience. So, the businesses moved in fast and brought forth these modifications to stay competitive and profitable:
- Actively promote the brand on social media platforms to make the customers happy.
- Lure the website visitors into a sales funnel by strategic use of chatbots.
- Rely on customer relationship management (CRM) system to stay relevant every day.
- Provide a mobile-friendly website to facilitate anytime, anywhere shopping.
- Offer an online knowledge base to reduce the need for phone-in support.
Effects of AI and ML
Artificial intelligence and machine learning techniques are strategic developments. They transform the business and make it fit for 21st-century transactions. Customers get personalized services based on browsing history and online search behavior.
Customer preferences and product purchases get monitored for fresh insights. ML algorithms are useful to generate recommendations that support the consumer’s decisions. Diverse social media conversation monitoring helps collect and analyze data to pick up market trends and sentiments.
Amazon and other retail giants use AI techniques to make product recommendations. They facilitate up-selling and cross-selling to bring in higher revenues.
- HD Supply improved its search capabilities with filters and design features. The customers also navigate to the product pages easily to place an order.
- Video rental companies like Netflix shifted to content streaming to enhance the consumer’s experience. Those who stuck to older business models (Blockbuster) went bankrupt despite cutting-edge analytics.
- Media companies like Comcast ensured device integration to satisfy diverse clientele. The customers could watch their favorite shows and movies on laptops, desktops, tablets, and PCs.
The work culture is no longer 9-5 desk jobs. The workforce now includes international workers, freelancers, work-at-home employees, contract employees, and more. The employees and managers have the freedom to innovate, share ideas, and bring in fresh perspectives.
Work culture has transformed to new heights by surpassing traditional bottlenecks and the top-to-bottom hierarchy. Sentiment data and analytical insights are the priority than red tape to create a dynamic and perceptive organization.
CloudGen focuses to embrace the business transformation with value-added services and solutions. We keep our innovation hub updated with the in-demand technologies and trends.