What is a Digital Business?
Millions of business owners, CEOs and other stakeholders have asked this question. Most businesses do not know the exact answer to this question. They continue to evade the digital, focussing their energies elsewhere.
They continue concentrating on traditional mediums of marketing and advertising. They fail to realize that digital is the way forward. From consumers to data, digital helps you achieve all that and more.
If you are looking to set up a digital business, you will need to create a digital ecosystem around your existing business. In this article, we will look at how businesses can engineer a digital transformation in 5 easy steps.
5 Easy Steps to plan your Digital Business Transformation
Setting up a Social Media Presence
The first step that any business can take towards setting up a digital transformation is social media. With nearly five billion active users, any business cannot afford to ignore social media presence. By selecting the right platforms, creating value-added content, engaging with consumers, and following best practices; businesses can expect to see real value.
Creating a Robust Digital Presence with a Brand Website
If you are not on search and social, you will never get exposure and reach new consumers. Every business needs to set up its brand website or its e-commerce website, depending on the nature and type of business. The website needs to be SEO friendly, and contain all the information, including positive customer testimonials to reinforce credibility.
Invest in a Master Data Management System
Businesses are already using different software for ERPs and CRMs. However, they need to bring it all under one overarching framework with Master Data Management. Gartner MDM magic quadrant helps in streamlining operations, foster inter-department data usage, generate revenues and reduce wastages in business operations.
Focus on Automation, AI, and ML
If you are already done with the basics, this would be a good time to go for sophisticated technology to aid your business. This involves using Automation, Artificial Intelligence, and Machine Learning to boost your business. The biggest businesses like Facebook, Amazon, Uber, and others heavily rely on these technological innovations to predict, project and offer a better customer experience.
Make your Organization adopt a Digital-First Approach
Like many philosophies operating in the business world, going digital needs to be a policy decision. It also involves everyone on the team from the CEO down, to understand the basics and align business goals accordingly. This helps in fixing priorities, setting timelines, focussing on different technologies and more.
At the end of every day, you close down your store or your office. However, if you have a digital presence you never close down. In other words, you are live 24×7 and open to a business at all times.
This helps in growing your business in a major way. Everyone is researching online on search or on social. You need to reach potential consumers where they are looking for businesses or services like yours.
Can you think of any more steps, by which, businesses can accelerate their move towards digital transformation? Let us know in the comments section.
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