The business world has witnessed a host of changes over the years, ranging from the administrative era that Henry Fayol spoke of in the 19th century, to the technological age of today. This administrative era relied heavily on the use of manual tools only, while the technological age relied on technology.
Over the years, changes still occurred regularly, as people sorted for various ways of speeding up transaction procedures by innovating plans for the business world, which was called the digital transformation. These plans were about going digital in all aspects and eradicating the popular mundane system of operation. The digital business transformation is simply the shift from the traditional mode of operation and management to the modern and technology oriented ways of operation, for example, the e-commerce. The e-commerce is defined as commercial transactions conducted electronically on the internet. The digital business transformation is quite important to all kinds of businesses, be it small, medium, large or software,
The digital business transformation is simply the shift from the traditional mode of operation and management to the modern and technology oriented ways of operation, for example, the e-commerce. The digital transformation is quite important to all kinds of businesses, be it small, medium, large or software, automation, and logistics. The digital transformation delivers custom application at the speed of ideas and by doing so; it keeps you ahead in the competition of today’s world. Also, the digital business transformation does not just provide technology only, but changes the thoughts and culture of an organization.
Furthermore, the digital business transformation is driven by key factors, such as Innovative technology, consumer behavior and market demand and environmental factors.
- Innovative Technology: The current technological innovation brings about the cloud platform, big data and internet of things (IoT) system that brings value to a business, by providing increased speed, lower cost and more effective delivering of results. Businesses have no choice than to forfeit the mundane legacy system of transactions and adopt this new system.
- Consumer Behavior and market demand: This is a very important factor in digital business transformation. The consumer behavior and expectations from the business shows what exact solutions are to be made. Every day the needs of individual’s changes and are quite demanding, so new technology is created to suit such needs. In other words, customer’s demands increase technological abilities.
- Environmental Factor: In here, organizations have to constantly mind external influences such as: regulatory laws, market competitions, business partner’s demands and lastly, aiding the economy. These points are quite important in the formation and running of a digital business.
Nevertheless, the impact of the digital transformation in the business world has gone from stronger than ever to faster than ever. Any company looking to transform their business digitally will benefit immensely, as business leaders are currently coming forward to ensure that digital transformation, coupled with innovation is driving a business forward by bringing in productive changes with values. This clearly shows that the business world, if not all, has keyed into the digital business transformation plan and now benefit the successful transactions without hindrances. Such ways in which digital transformation now aid in successful transactions are: consumer and retailer relationship, marketing with the social media and cheaper and faster sales.
Consumer and retailer relationship: This is a very important point in any kind of business, be it small, medium or large. If the consumer and retailer don’t have a solid and well reputable relationship, the business might definitely die out soon. However, knowing full well of the gravity of such, the digital business tried to overcome this by establishing different ways in which such can be averted. The digital business then started with “the no see, no business” notion hovering around most individual’s mentality and brought brand applications, such as Jumia, Konga, Uber and the likes. These applications are used as platforms for communication and feedback, in order to ascertain the quality of their product and services so they can improve on it if need be. Also, the digital transformation in the business world allows emails to notify all customers on every detail of the next steps taking by the company towards their products or services. By doing so, they constantly command attention at any time, causing such information to linger in the minds of the consumers, whether patronizing or not.
Furthermore, another example of such application that notifies consumers is the Microsoft outlook package. This application does more than informing consumers by also managing tasks, contacts, and calendar for better and well-organized relationship between an organization and its customers. It is usually found in the Microsoft office suite, called office 365. The Microsoft office 365 is a package that comprises of various online working tools, used for proper organization of office duties, with the aim of achieving successful transactions in business.
Social media marketing: The social media is another phenomenon that is becoming an increasingly important part of any business, while marketing. The perception of the social media, as a trendy and unserious platform for just communication has changed over the years. As It is now seen as a platform used to promote products and services with the aim of making more profit.
The social media is clearly a voice in the digital transformation plan for businesses, as it could be almost completely cost-free in boosting productivity if the business is creative and constantly engaging customers online. The social media works with the three biggest applications (facebook, twitter, and Instagram) of its platform because of its fan base. These applications are so necessary for businesses because they aid in securing places in both the traditional and digital market field.
According to the social media marketing report of 2012; 85% of businesses that used the social media platform as part of their marketing strategy reported an increase in their market exposure. Also, 58% of businesses that used social media marketing for over 3years reported an increase in sales, in that period. Above all, it was ascertained that these occurrences were a result of marketers devoting a full work day to the social media platform, for development and maintenance, in order to provide and deliver successful transactions.
Cheaper and faster sales: This is one of the agenda, the digital transformation promised to deliver to the business world at large. The digital business transformation saw the necessity of a cheaper and faster sales system that promotes constant successful transactions. The digital transformation brought about a host of technological packages like the A.T.M, P.O.S, ONLINE MARKETING and BANKING APPLICATIONS. The digital transformation has succeeded in eliminating the middle man in some transactions, as people make a transfer of cash without going to the banks. People also go on cashless policies by paying with A.T.M cards, through P.O.S machines. People now have access to money at any time of the day without the interference of banking hours and closing hour. Above all, transactions can be carried out conveniently without the fear of exorbitant bank rates.
In summary, the digital business transformation brings a lot of advantages as it lowers operational cost, enhance customers experience, accelerates business activities and time management in the market and business world.