Digital transformation is a series of interventions, all contributing to the larger strategy of creating a virtual presence for the business in a world where the customer and the partner are willing to be present and transact, than ever before. It is interesting to note a few seemingly disconnected digital trends that are impacting the larger picture and give you a ready reckoner to begin going digital.
1.Recommendation and personalization algorithms. Help your business deliver the right content from marketing, product or service offerings and support, to the right targets. This reduces your media spends dramatically. It is presumed that an active strategy for personalization and digitization can save anywhere between 40-50% of traditional media spends in the short term, considering the consulting money required to go digital and even more in the longer term once you have completely adopted the transformation.
2.Virtualized Presence. A webinar or an online event is not a distant technology any more. Opting for virtual meetings using digital tools and media, along with a gradual transformation in communication habits would go a long way to keep those in person meetings minimal. A business can easily cut down it’s travel budgets by 50% over a period of 12 months, even after absorbing investments made in virtual meeting technologies. The context for inviting users to a virtual presence should be made a little more interesting than merely replicating an offline event.
3.Multi modal digital presence of the brand. Millions of brands vying for a user’s attention across a plethora of digital channels is both a challenge and an opportunity. Digitization of the branding strategy is imperative and a plan to slowly be available on all digital channels – whether mobile, television, etc., is a must. Investments in promoting contextual relevance go a long way in optimizing a multi modal brand presence investments.
4.Mobile POS. Whether you call it e commerce or an app, POS terminals are clearly in the digital realm. Mobile seems to be leading the way here and a strategy to opt for making a beginning may pay off well in the long run. Again, tying up the personalized and contextually relevant business presence to mobile POS is key to achieve big returns and reduce costs on maintaining physical POS terminals or processes.
5.Delivery logistics. Digital UPC’s, scanners, soft formats and virtual delivery channels provide a networked world of options that a business does not have to necessarily own or maintain in a physical state. Delivery logistics are increasingly virtualized with a single reference tracking option available for the business to generate a source point and return confirmation of deliveries or in a more digital sense – interaction.
In summary, adopting digital trends are not an option anymore and the rate of change and impact on your business models is much higher than what you may expect. And you can begin the transformation by mapping available options to a cost saving strategy.