3 Inspiring Examples Of Digitalization In Business
In the twenty first century, we have welcomed the digital age. Forget landlines, snail mail and face to face meetings. Nearly every business function can be conducted through a piece of technology or hardware that makes our lives more efficient and streamlined. The digitalization of business has meant that companies have had to rediscover how to get their message to their customer base in a more modern way. Those who haven’t succeeded have fallen by the wayside. However, those that embrace change, technology and digitalization have thrived. Take a look at these inspiring examples of digitalization in business.
It’s all very well and good making your in house functions more streamlined through digitalization and changing with the times, but what about your customer experience. You cannot put all of your efforts into making your own in house tech more worthwhile. Companies like SE2 are taking it upon themselves to transform life insurance applications. Being more streamlined through digitalization, they have created an interface for life insurance companies that is slick and easy to use that aims to attract the millennial market. People want fast, reliable services that don’t take up too much of their time. If a customer visits your website, they want to get to the page they need in two or three clicks. Any more and you have lost their interest and they are swiftly on a rival’s site. Concentrate on the customer with any digitalization that you are thinking of implementing.
The most revolutionary piece of digitalization has been within the world of online banking. Not so long ago telephone banking was seen as the height of modern financial services. Nowadays, people are choosing to head onto their smartphone apps to handle their money, move money into their savings account and to pay off their credit card. This is a service that needs to be reliable, secure and speedy. Newer online based banks with no physical branches are leading the way in creating a fully automated and intelligent way of online banking for the customer. While slower to keep up, big name banks are starting to keep pace with the new digital banking world.
No longer are TV commercials the prime sources of revenue generation in the realm of advertising. Online platforms such as social media channels are the key tools to acquire new business. Through targeted advertising and digitalization, Hasbro, the toy manufacturer worked out that they needed to focus on the parents of the children who wanted the toys, rather than the children themselves. Nuanced market research and analytics proved that more sales were generated through adverts aimed at parents. As such their campaigns ran on Facebook aimed at a new niche and increased sales.
Digitalization within business can result in increased revenue, an enhanced global reach, greater online visibility and a better customer experience. By not embracing change, you are falling behind your rivals. You need to welcome new initiatives and adapt to the technology developing around you. Learn from these examples and embrace digitalization in your venture.
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