The good old days of paper-based processes are left in the dust by the ever-growing array of technology and software applications. Currently, 70% of organizations have a digital transformation strategy that's constantly evolving thanks to the constant stream of new applications a business can capitalize from. Take the up-and-coming Metaverse - two years ago, brands wouldn't have had that in their pipeline. Now, it's considered a necessity.
It's no secret that brands rely on technology more than ever to support and streamline business processes, but which ones do they rely on most heavily, thanks to their tangible benefits? Let's explore.
Operations Efficiency
The entire customer buying cycle - which is relatively short for B2C sales - needs to include an efficient operation that ensures consumers get from A to B without a hitch. A to B in the business world is the point of sale to the delivery of a product or service.
That sounds simple when you say it like that, but there's an entire supply chain in the middle of that, which adds complexities. In comes automated processes to save the day. Everything from automated invoice processing to business process automation creates tons of applications a business can capitalize from simply by streamlining processes.
A brand can test its operational efficiency by keeping track of performance indicators and input and output. Those indicators might be automation accuracy, completing quality indexes and audits, and seeking consumer feedback.
Digital Applications
According to a study by McKinsey, 92% of business leaders surveyed believe their current will not remain viable thanks to the rapid rates of digitization. They also found that winning companies are investing heavily in technology, data applications, and new employees with the expertise to lead a digital charge.
McKinsey also highlighted a few specific elements of a brand's digitization model that stands out - one of those is brands that focus on digital speed. Winning brands constantly review strategies and reallocate resources and talent four times quicker than competitors.
One example of a great digital application tool focuses on project management. Trello, for example, is an excellent project management tool that tracks project progress and efficiency. The software will allow project managers to create specific workspaces for teams to function as a collective while also providing a clear overview of the project as an entirety.
Security Features
Security is a big problem in the modern-day, especially the up-and-coming Metaverse and decentralized markets that businesses are starting to utilize. Websites have always had a bold target on their back for hackers, but as more decentralized applications enter the market, it's adding a new security risk into the mix. In the last few days, the NFT marketplace OpenSea, which many big brands and celebrities are using as a new form of marketing, became a victim of a hacking scandal.
1.7 million dollars worth of NFTs were snatched from the grasp of owners, highlighting the inherent risk of the new digital world we're advancing towards.
Still, excellent security features like VPNs are one application 30% of companies utilize. VPNs protect online activity from third-party prying eyes. Firewalls, encryption software, and backing up sensitive company data to external servers are all ways brands use security features.
Digital Marketing
75% of businesses currently utilize digital marketing automation tools. Digital marketing, in general, has become a necessity for a growing brand, and automation tools are some of the most relied upon technology applications. They've become instrumental to the success of a digital marketing campaign.
By definition, digital marketing automation tools are specifically designed for marketing companies or brands to help effectively market across multiple online channels. Considering there are numerous ways to market online now, from social media to Google ads, it becomes essential to harness the power of marketing automation tools to boost the success of a campaign.
Before the introduction of marketing automation tools, omnichannel marketing campaigns were practically impossible to manage. Plus, marketing automation technology doesn't just help a brand track a campaign. It helps to facilitate lead generation, lead scoring, relationship marketing, upselling, and customer retention. The benefits are a better return on investment, reduced staffing costs, and more room for creativity.
Artificial Intelligence
Artificial intelligence is the rising star of the business world. Numerous artificial intelligence applications serve companies in different ways - but one of the most widely utilized applications of artificial intelligence is for marketing. Especially where customer acquisition and personalization is concerned. According to a survey by Evergage notes, 33% of marketers use AI to deliver a personalized web experience, and 63% of respondents noted an increase in conversion rates thanks to artificial intelligence.
Where customer acquisition is concerned, artificial intelligence has the power to analyze a data set and extract contact information in seconds. It's a task once reserved for a team of people who would spend hours, or even days, collecting a list of contact details to reach out to new customers. Therefore, artificial intelligence improves efficiency and reduces marketing costs in the long run. There are hundreds of applications outside of marketing where the power of artificial intelligence triumphs.
We're heading towards a new digital era - one that involves digital worlds like Decentraland and The SandBox. Digital just got more digital - and brands need to utilize the current technology applications and seek new ones to keep up to date with current trends.
