This article discusses the importance of market research in Digitization. It highlights the need for organizations to adopt digital transformation to stay relevant in the market.
What’s In This Blog?
- What Is Digital Transformation
- Importance of Market Research in Digitization
- Systems and Strategies
- Execution
- Why digital transformation? Why is it important and why are businesses experiencing it?
Technology has taken the world by storm, and the modernization of daily tasks has become more common than ever. In this digital age, the market has been re-imagined by none other than the internet- known more commonly as the world wide web. As time passed, technology improved, and so did the medium. Data handling was introduced and played a vital role in creating job responsibilities. The corporate culture evolved, transcending conventional methods of work. And just like that, digitization occurred.
Digital transformation has ushered in an entirely different way of living. It has caused businesses to take a new approach to tackle consumer behavior and market their products.
So what is digital transformation?
In simpler words, it refers to an organization’s act of adopting digital technology. It is endorsed to develop new business techniques and customer experiences to meet shifts in the market. Hence, making firms more efficient.
Digital transformation yields a multitude of benefits. It enables firms to modernize, accelerate productivity, strengthen security, boost earnings and gain customer satisfaction. Customers seek digital engagement: 56% of shoppers would prefer sending an instant message to contacting companies via calling a support line (Facebook). With digitization, businesses are making a profit at an increased rate allowing customers to have more manageable access to products and services.
Everything is easy and simplified.
Digital transformation is essential for efficiency. Its operations, workflow, and corporate culture are part of this approach. The results: it ties all levels of an organization together, allowing them to work in unison.
Another thing that plays a role in digital transformation is business intelligence: which helps organizations gather and analyze external and internal data.
Importance of Market Research in Digitization
Market research now relies on continuous business intelligence. All aspects such as social media trends, competition, consumers’ tastes, and wants need to be registered. It never remains the same. Firms have to implement necessary methods to accommodate these changes. That’s where business intelligence systems come in.
Systems and Strategies
In business intelligence systems, data gets entered into a data warehouse, organized for analysis performed by data analysts who construct visual representations of the derivatives. It is used for decision-making and planning by workers.
Business intelligence systems compile all records and data produced by companies. This data can pinpoint what gives an advantage and what is a setback.
For a business to adopt digital transformation, an effective strategy is crucial. MIT and Deloitte articles cement that strategy, not tech, is the driving force behind digital transformation. It continues to dominate business strategy and is the key growth driver for man organizations.
Nearly 70% of businesses already have a digital transformation strategy or are working on one. 55% of startups have already adopted one. You can even see an increase in traditional businesses going towards digital.
Discussing business strategies can involve using methods from digital transformation roadmaps/frameworks or initiatives constructed on a computing platform formed from mobile technology, social media, cloud computing, etc.
Digital roadmaps and frameworks are under a similar category when drawing up a business plan. Digital roadmaps are the fundamental blueprint of what kind of steps a business has to take to ensure they are reaching maximum potential. Or other words: break even. Digital frameworks are the outcome of these objectives.
When executing this, a thorough plan is needed to use digital solutions to revamp your business.
Execution
There are a few mandatory steps to making a digital transformation strategy:
- Defining your vision: what are your goals and ideas?
- Gather functional expertise: who is needed to execute these ideas?
- Choose the right technology: what is needed to ensure the smoothest transformation?
- Create a clear view for your customers: what are you trying to sell? And why should people buy it?
- Prioritize your organization and change your management: what’s most important, and whos the right person to help you meet these priorities.
These are all steps a business can take when starting out in this transformation journey.
The sooner, the better!
With how fast digitization is taking over businesses. It is important to note how many digital transformation trends are becoming more popular in the market.
A few of them are:
- Customer data platforms (CDP)
- Cybersecurity
- Multi-cloud architecture
- Use of AI
- Contactless solutions as well as digital payment
- Automation
- Adoption of 5G
- Data analytics
All these trends are linked one way or another. They have one shared purpose: easy access and feasibility. For example, the adoption of 5G provides a fast connection while cybersecurity guarantees the prevention of data corruption. 60% of companies are most likely to use AI to assist workers in the future (Deloitte). 83% of executives in the U.S. have reported faster adoption of automation (McKinsey). Insurance underwriting, warehouse and manufacturing, and customer service are among the jobs predicted to become automated in the next 5 to 10 years. (Forbes Technology Council)
In the end, the question arises: Why digital transformation? Why is it important and why are businesses experiencing it?
Given the times, most corporations have found themselves managing better storing their data digitally rather than analog. Computers are more popular than ever because of their efficiency and practicality. Most importantly, it is what is needed to survive. In order to gain a competitive advantage. 84% of business executives say that new business opportunities have emerged as their companies make digital transformations (HBR)
Furthermore, digital transformation is increasing regulation and has aided many organizations. After the COVID-19 crisis, many firms have found that hybrid workplaces are more cost-effective. 85% of executives said their businesses have somewhat or significantly accelerated the implementation of technologies that digitally enable employee interaction and collaboration—in a matter of weeks vs. months or even years (McKinsey)
In conclusion, digital transformation is the way to go. So don’t be afraid to take the risk.
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Last Modified: July 1, 2024 at 5:09 am
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