Why your business might need digital transformation
Many businesses still equate having a website, period, as the extent of their digital presence. But today’s customers are expecting much more.
We asked Pancho Reyna, our resource person on digital transformation in business, to give us key questions we must ask ourselves to ensure that we are in sync with modern expectations.
Are my customers getting an updated experience when they transact with my business?
If your customers are equipped with a smart phone (and chances are high that they are), it is very likely that they are thinking of the following whenever they transact with your business—whether they are buying your products, inquiring about your services, or complaining about issues or defects—Isn’t there an app for this? Don’t they have a Facebook page? Can’t I reach them through Twitter?
Let’s face it, modern and high-tech apps are the new norm.
Doing business the same way as last decade when having websites and SMS-enabled inquiry channels were new, are now considered old.
If your customers have the time to ask these questions, it can mean two things: (1) the experience is not smooth enough for them to contemplate other ways to interact with your business, and (2) you should be answering and addressing these same questions.
Improving your customer touch points through technology won’t just retain your suddenly tech-savvy customers, it would also allow you to reach out to new ones.
Are my business operations/processes fast and reliable enough to provide me a clear view of my business’ health and performance whenever I need it?
Entrepreneurs and business unit leaders always ask: is my business unit maximizing sales and profitability? It is mostly a mathematical question and to answer it you will need numbers, and then you will need time to measure and analyze. These numbers should go beyond sales and stock—it should also include employee performance, turnaround time of processes, unhandled and recurring issues, and many more.
To analyze these numbers, we would first need to relate, integrate and most of all ensure that we can get our hands on all the data necessary. It is a tedious process that if done frequently may result in errors (and fatigue). There are also uncertainties with regard to the data being reliable and/or available. Using software would ensure that we get the most accurate answer as to what the current state of our business is.
And yes, spreadsheets, logbooks, e-mails and spending time analyzing all these will get the job done. But to truly understand what is going on with your business, you need less time processing this information and more time reflecting on it.
How technologically advanced are my competitors?
Most businesses are competing for market share, and some businesses are quick to adapt to technology to retain or even gain a larger share.
Not all businesses can be “disruptors” of their competition, but at the very least, businesses should protect their interests from these so-called disruptions, most of which are technology-based. The key here is to adapt.
Is some online market place increasing the reach of your competitor? Sign up to that market place and create a presence for your company. Or even create your own e-commerce channel if you have to.
A competitor enabled online payments system for their micro-transactions? Enable yours as well. Go the extra mile to cover all bases and integrate with payment centers if they have the software for that.
A competitor reduced prices by reducing operational costs through a new robotic process or software? Why not explore applying that same improvement through your production line.
Though these questions are reactive rather than proactive in nature, it will give you the right mindset as to how to leverage technology to affect your products and services. So that in the future, you should be the first one asking, “What can this new technology do for my business?”
Reyna will conduct the “Digital transformation: Maximizing technology to enhance customer experience, improve operational efficiency and expand business models” workshop on May 16-17, 2018.
The Inquirer Academy is at 4168 Don Chino Roces Ave. corner Ponte St., Makati City. For more information about the workshops or if you would like to add your input on the article, you may email [email protected], call (632) 834-1557 or 771-2715 and look for Jerald Miguel or Judy Bondoc, or visit the website at www.inquireracademy.com.
