With changing customer behaviour, enterprises are constantly under pressure to provide high-quality products and unparalleled services. The new age technologies are paving the way for catering to the people’s expectations and needs while businesses are consistently changing themselves in order to gain a competitive edge in the markets. The latest buzzword in the business domain is digital transformation, and the majority of brands are adopting it to support their growth and development.
However, it was previously daunting for legacy brands to consider a tech transformation as a strategy due to their previous successes in the offline domain with a wide network and manual control. But now they have understood that the need of the hour is to have a digital presence as their customers are strongly present on the digital platforms. Therefore, older legacy brands are following in the footsteps of new-age startups and readily adopting innovative technologies to stay ahead of the curve.
Technology is adding value to the legacy brands
According to a survey conducted by McKinsey & Company, having a “tech-forward” approach for a business not only enhances existing revenues but also adds new revenue streams due to exposure in an open market. Keeping up with technological trends allows businesses to stay ahead of the competition while also adding value in terms of flexibility, accessibility, understanding prospective customers, innovation, and agility. The products are created as per the requirements of the markets and the costs are formulated in a way that is feasible for both consumers and the company, making it a win-win situation.
A data-driven approach to making analytical decisions
Data has become the sole foundation of several businesses, and old-legacy brands are making the best use of it by adopting data analytics tools to get a better insight into their business’s impact in the market. Having data at their disposal has made them make smarter and more data-driven decisions that are outcome-based. The strategies can be simulated to get a gist of the customer’s behaviour and devise appropriate changes immediately to improve the product journey.
Better internal and external communication with virtual tools
In today’s fast-paced environment, effective communication is critical for every business. The adverse effects of the pandemic have led every business to go online. Business meetings are held online now, and ERP (Enterprise Resource Planning) has connected every employee in an organisation efficiently.
Messages are automated in a personalised manner for communicating with customers. AI Chatbots are available for handling customer inquiries. Furthermore, deeper intelligence is helping to gather valuable data and use it to enhance the customer experience.
Streamlined operations and increased productivity with the cloud
For the past two years, remote working has been elevated for business continuity and to facilitate that cloud-based servers are enabled. As everything shut down when the pandemic soared, it gave a fair idea to the old legacy brands to adopt digitalisation in order to keep their businesses running. So the companies ensured their employees had the proper infrastructure and hardware to support remote working, video conferencing, and project management. This also enabled an alignment between various departments, and it made it easier for enterprises to monitor the processes, thus giving a better overview of what’s happening in the business.
Growth and expansion with a digital presence
Previously, businesses were run by word of mouth and advertisements in the print media, but as time changed, digital media overtook the market and became an integral part of society as well as the brands. Having a digital presence is not just a substitute but a necessity for every brand today. It helped companies to gain better reach in the market as they proactively kept themselves in the forefront for the customers to let them know that they are existing in the market with their products. Utilizing technology such as AR and VR can help the brands with better customer engagement and acquisition. When customers get the ubiquitous presence of the brands via multiple platforms, they prefer to buy their products and services, eventually increasing sales and profits for the companies.
All things considered
Digital transformation is the driving force behind the growth and success of a business in today’s era. Technology not only expedites several operations but also helps efficiently manage the workforce. For legacy businesses, it can help increase efficiency and productivity while reducing costs and effort. Technology also helps in tracking the business’s progress, streamlining operations, maintaining data flow, and optimising employee data. With all of the advantages of new-age technology, traditional businesses are transforming into tech-enabled organisations and elevating their development and growth.
