Integrating technology in business brings innovation to the business, and it further adds agility to it. However, a mere integration of technology in the business is not enough. It is essential for a holistic adoption of technology in it. Seven specific technology enablers can bring real digital transformation in business. Here are the seven technology enablers for digital transformation.
- Application Programming Interfaces or APIs
APIs act as the delivery vehicle for digital services. It often comes in the form of apps for businesses and websites that improve the customer experience. For instance, Uber uses APIs in its application to provide better functionality to its customers.
Additionally, APIs are extremely useful in expanding the target market of businesses. Internal innovation is a must to stand tall in the global market. APIs smoothen the internal innovation process by reducing friction and improving efficiency, resulting in a new business model.
Going digital has many benefits, but it also comes with a risk. For instance, a cyber attack can jeopardise the entire business, as evident from the recent headlines of different cyber attacks. Even at an individual level, security plays a critical role. One should be mindful of their passwords, online accounts and IP address, which can be checked on What Is My IP. If a business has a digital component, compromising digital security is a big no.
Robust security without any excuses is a must for any digital business.
A single company supports different departments for proper functioning, and each of these departments has a critical role to play. Proper integration between all the different departments and the stakeholders of the business is important for the proper functioning of the business.
Integration amongst the different tools also proves to be handy in building a further new platform to meet the growing requirements of a business. Whenever an integration is possible for improving the functioning of a company, one must go for it to fetch better results for the business.
- Artificial Intelligence
Even though the usage of Artificial Intelligence is still expanding, it plays a critical role in creating a digitally transformed business. It is an umbrella term that encompasses many other technological innovations like intelligence reasoning, natural language processing and smart search. A forecast is vital for a business to manage all the resources properly.
Forecasting requires plenty of data, and manually processing the data to gain meaningful insight is almost impossible. This is where Artificial Intelligence comes into play to fetch insights from all the raw data. It not only ensures the functioning of complex tasks but does it with great accuracy. Using Artificial Intelligence in the business can enhance both the customer experience and the employees’ experience.
- Internet of Things or IoT
IoT can benefit both small businesses and big businesses alike. It is an effective way to reduce costs and increase the efficiency and productivity of a business. Additional advantages of encompassing IoT within the business include more business opportunities and better customer experience.
IoT can streamline business operations and directly boost the business’s profitability when implemented correctly. It also takes care of all the time-consuming and repetitive tasks to bring more efficiency to the business.
One might wonder how IoT can bring business opportunities. It is, in fact, a game changer for business opportunities as it can collect actionable data for the business, which can be used to enhance the customer experience.
- Smart Analytics
Data and business go hand in hand. The relevant data can help businesses make data-driven decisions and eliminate guesswork. With the help of technology, a business can collect plenty of data from different sources. However, it is only through data analytics that the entire data can be streamlined to shed light on relevant insights for the business.
Lastly, smartphones play an integral part in bringing a true digital transformation. Smartphones are so handy that it has become a vital touchpoint not only for the customers but even for the employees to manage everyday tasks.
Mobile applications can help businesses to get closer to their customers and connect with them directly. As discussed above, IoT is important, and smartphones play an integral part in IoT.
With these seven elements, a business can undergo digital transformation in the right way to boost its profitability and revenue.