The digital transformation of business models and companies in general involves various aspects:
Change in product development and company organization
More efficient ways of working based on digitalization ensure a reduction in costs as well as accelerated processes. By using robotic automation, for example, previously collected data can be used smartly.
Agile working, as can take place in teams or through smart manufacturing, leads not only to an increase in revenue, but also to better products or services. At the same time, the internal corporate culture must not be forgotten: Because traditionally hierarchical structures can have a negative impact on the skills and motivation of employees that it takes for a successful digital transformation. You should therefore examine the structure of teams, infrastructures, products and business models for optimization potential and act as a driver of the transformation.
Changing products, services and business models
Tapping into new markets that would be difficult to reach without digitization allows you to internationalize your business. This and also better customer centricity and innovation of products and services can consequently lead to an increase in revenue.
Changing the way you interact with your target group
It is important for successful digitization that you continue to invest in the trust of your customers. For example, while machine learning approaches through chat bots or similar can be applied for data analysis and automated communication, these should be implemented as pleasantly and almost imperceptibly as possible for the customer. In dunning and debt collection, this automation can be particularly useful. But marketing is also becoming increasingly automated, for example, with personalized advertising being played out to customers, leading to increased repeat purchases.
Example: Financial processes
Financial processes touch on all three aspects of digital transformation:
- Streamlining internal financial processes
- Enabling new business models, e.g., through adapted payment methods
- Making payment processes and all associated customer communications more customer-friendly