There’s no better example of a business transforming digitally than Amazon. Its journey from a bookstore that existed online to a global eCommerce leviathan is extremely inspirational. But even more motivating is how Bezos’ brainchild established Amazon Business in 2015 after the sun had set on AmazonSupply. Jeff saw the rise of B2B eCommerce and wanted a piece for himself. However, entering this marketplace was a tough nut to crack for Amazon due to these challenges:
- Fiercely competitive online retail space
- Customer expectations change constantly
- Need for scalability without alienating customers
However, Amazon conquered the B2B marketplace by accelerating its digital transformation efforts. It was done by creating a comprehensive online bazaar offering 250M products. With data analytics, Jeff Bezos’ company streamlined operations while enhancing customer service. Features like bulk purchasing options and tailored recommendations also helped this marketplace grow.
It’s just one example of how businesses can speed up the digital transformation process. This article goes into the details of how your company can accelerate this process in 2024.
10 Ways Businesses are Transforming Digitally
The global digital transformation market spending is said to climb by 3.4 trillion dollars (USD) by 2026. More and more companies are implementing a digital-first strategy and ditching traditional paper-based business transformation methods. Here are ten ways they’re bringing this digital change:
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LCNC Development
The world of development has witnessed the greatest shift with everybody-can-code initiatives. First, we need to understand the two codes that are popular right now:
- Traditional: The traditional coding mode is pro-code, involving the use of programming languages to create complex applications like Java, HTML, or Perl.
- Transformational: The new methods are low-code or no-code (LC/NC), where anyone can program without an extensive knowledge of languages like C++ or Python.
LCNC development simplifies the coding process so users can start app development quickly. Coders now work simultaneously with the pro-code and no-code approaches. LCNC empowers developers to address the company’s needs, and their work is then fine-tuned by traditional coders.
Pro-coders also make sure that LCNC-developed apps can integrate into the company’s tech ecosystem. -
Cloud Computing Adoption
Next, you need to ditch the paper trail and move to the cloud. That’s how you can:
- Keep/process your sensitive data remotely
- Cut down the cost of on-premise infrastructure
- Scale your operations much quicker and more efficiently
- Manage your corporate resources smartly (zero wastage)
Also, cloud services make it easier to collaborate with your remote teams. You can give them access to all key resources/applications in a snap. It’s a great way to boost productivity.
So, migrate to services like Microsoft Azure or Amazon Web Services.
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Data Analytics Utilization
Data analytics leads to informed decision-making, so there’s no need to sift through vast amounts of data. We all know that data is the main asset of a successful business. Marketers analyze it to uncover trends and gain insights into how their marketing campaigns are performing.
Let’s assume you run a retail company. In this regard, data analytics will help you track purchasing patterns (who buys what?) and adjust inventory accordingly. With analytics, you can meet customer demands without having to keep excess stock in your warehouses. This example shows how effective data analytics utilization prevents redundant spending and encourages businesses to make proactive adjustments season-wise.
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AI Integration
A survey shows that almost 9 in 10 companies worldwide have digital and AI transformations underway.
That’s because automation takes on repetitive tasks and performs mundane duties that can make human employees disposed to making mistakes. From chatbots to serve customers’ tedious queries to inventory management software – AI is present at every check post.
A great example of AI-led digital transformation is Netflix, which relies on AI algorithms to recommend content tailored to customers’ preferences (movies/shows they watch).
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Personalization-led Customer Service
Gone are the days of generic marketing campaigns with newsletters written with one-size-fits-all approaches. Businesses are transforming customer service by creating tailored experiences for customers based on their likes/dislikes and past behaviors.
Let’s take Amazon as an example once again. It recommends products based on your previous purchases, personalizing your shopping experience. This tactic boosts sales and fosters a deeper connection between the brand and its customers.
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Implement IoT Solutions
Thanks to IoT devices, business owners can now collect real-time data to stay operationally efficient. Let’s say a manufacturer needs to anticipate when product failure occurs. For this purpose, they could use IoT sensors to watch out for equipment performance issues and predict maintenance needs before the equipment shuts down.
You can adopt this proactive approach as well to minimize downtime. It’s a great way to reduce the costs of repair as well. Similarly, retailers are using smart shelves that have embedded sensors to track inventory levels on their own. So, retailers can ensure that their stock gets replenished based on real-time demand. It is already doing wonders for wholesalers during Christmas and Black Friday sales.
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Mobile App Development
A digital-first strategy comes in tandem with mobile-first search engine optimization approaches. Always assume that every second user is accessing your website via a smartphone. Given this, you must embrace the trend of mobile app development. This is why every business now has an app and prefers to interact with online consumers via smartphone applications. That’s because:
- Users can access services/products easily with an app
- Apps make your website more likely to be visited
- Data gathering on user interactions gets easier
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Strengthened Cybersecurity Measures
Cybersecurity issues have risen since the pandemic. That’s why a Cisco report notices that 70% of small-scale businesses are accelerating digital transformation. New cybersecurity measures adopted this way include:
- Encryption technologies
- Multi-factor authentication
- Regular company-wide security audits
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Automated Business Procedures
Another key way businesses are speedily boarding the digital transformation bandwagon is by adopting RPA or robotic process automation tools. It reduces manual intervention in tedious tasks (an advanced stage of automation). Business owners are using RPA tools for stuff like data entry and invoice processing.
This not only speeds up operations but also minimizes human error, allowing employees to focus on more strategic initiatives that drive business growth.
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Embracing a Digital-First Culture
Under Armour’s “Connected Fitness” initiative is a brilliant example of how companies can not only alter digitally but embrace a pro-digital culture. This initiative lets users track their well-being via an app while the company provides tailored recommendations to them based on this data.
This example illustrates how creating a culture that embraces digital transformation is vital for success.
Businesses are investing in training programs that boost employees’ digital skills and encourage innovation within teams.
The business world is changing rapidly, and your company needs to keep up with these transformations. A few years ago, businesses adopting a digital-first strategy had a competitive edge over others; today, every business needs to go “digital” to survive. If you’re not on the cloud, your brick-and-mortar presence will suffer. Digitization helps you overcome productivity issues and cut costs. So, don’t fall behind the line. Times are changing, and you need to adopt new norms to accelerate your digital transformation today.