In the age of digital transformation, the question if a company should implement innovative technology is no longer a question. In a world full of data that is rapidly changing, the only way forward is to leverage these assets and use them to gain a competitive advantage. So the real question is how integrating innovative technologies can considerably benefit your business these days?
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What is digital transformation?
Digital transformation is the process of implementing the newest technology such as open banking, blockchain, AI, or cryptocurrency into a company’s operations to meet and anticipate the wants and needs not only of their customers but also other stakeholders. And also to gain a competitive advantage in a highly extreme environment and ever-changing market. The only companies that can survive would be those who can adapt to the VUCA – volatile, uncertain, complex, and ambiguous – world and implement new solutions to be more efficient. One might fear the upcoming changes, but they are bettering customer and user experiences and the well-being of the company. Digital transformation reduces human error and secures business operations, which will be covered later in more detail. So let’s look at why the integration of innovative technologies can considerably benefit your business today?
Effective marketing
The time when the industry focused the marketing on selling goods to a mass audience has passed. Nowadays, to get the message across and contribute to the growth of the business, the marketing efforts must be measurable and tailored to the needs of specific customer groups. How can one achieve that? By collecting the data and organizing it using innovative technologies to gain an insight into customers’ behaviours. The key to expanding the business is to cater to the customer’s needs. How to do that? Research the market, analyze the data and create marketing strategies, including personalized communication. Only by making sure that the customer is happy can the business flourish.
The gambling industry is the perfect example of implementing innovative technologies to satisfy customer needs – precisely 32Red online slot games. It’s no secret that the gambling industry is booming these days, and while the players are excited about new opportunities awaiting them, a massive role in the development of the games is played by new technology. Mobile technology opened up the gambling sector to a whole new segment of customers – now, from the comfort of their own homes, they can play whatever games they want by only using their smartphones. Mobile-friendly slot games are taking the whole experience to a new level, satisfying the customer’s needs and exceeding them. A user-friendly interface, high-resolution graphics, and mobile-friendly approach have changed the entire experience of gambling.
Agility in an ever-changing world
As mentioned before, the world we live in can be described as a VUCA world – full of change and uncertainty. The only way forward is to adapt, and to that, the company must be agile. Although it’s a buzz world taken out from the IT sector, being agile is much more than that. It is the ability to quickly move and change the direction one is heading in. It’s a way of working on a project by iterating it. Instead of doing things from A to Z as planned, it is based on dividing tasks into a few small ones and frequent reassessment and adaptation of plans if needed. While the agile approach is more of an ideology, there are many methodologies we can use to implement this approach, such as Scrum or LeSS (Large Scale Scrum).
Reducing the cost and time spent
Every business is interested in reducing costs and ideally also the time of getting things done while maintaining high quality. One way of doing that is to introduce automation to its operations. What is business automation? It is a way of reducing the number of repetitive tasks that allows relocation of the time into more complex tasks, freeing the employees from mundane tasks. Not only can we save on time and therefore cut the costs, but also we can significantly reduce the amounts of human errors that can occur. A decade ago, this type of innovative technology required highly skilled and computer proficient staff along with expensive software – nowadays, it all takes place in cloud-based automation platforms that are easy to navigate and use. There are a few types of business process automation (BPA) – powered by AI or ML that can be implemented to boost the company’s performance depending on its needs.
Improved security
The other reason, and maybe the most important one, why the integration of innovative technologies can considerably benefit the business is the improved security of company assets. With the data being today’s most precious asset and cybersecurity risks at an all-time high, companies can not neglect the issues associated with security. Many industries work with sensitive customer and financial data and have to monitor a variety of risks, which is not an easy thing to do. Using security software platforms can ensure that the data is correctly stored and secured, which contributes to keeping the business running smoothly. Also, the companies can not forget about meeting the specified compliance standards for each industry. The appropriate security software makes sure that the organization runs efficiently and can quickly respond to any threats. And by storing most of the data securely in the cloud and making automatic backups, the risk of losing the data in case of any unexpected events is much lower.
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