Business Acceleration through IT Innovations: Practice Workshop
The years of long-term cooperation with client companies have yielded fruitful results. ScienceSoft’s business consultants and IT analysts have been monitoring the efficiency of delivered custom solutions, which led to compiling comprehensive researches.
Consulting industrial, trading, transport, and manufacturing businesses of various sizes our experts came up with the results to share in this article.
Let’s take a look at the tips you can use to accelerate the digital transformation of your business.
Must-have business pack
The digital transformation is, in fact, an inevitable consequence of the intensifying competitiveness. Therefore, CRM and ERP solutions have become vital necessities rather than IT innovations. It is a modern reality the same as corporate document management systems, digital communication, fleet management solutions and so on.
With the view to maintain its competitive edge, your business ought to have a well-functioning e-commerce portal comprising internal and external business communications. In total, your must-have business pack should consist of the entire range of marketing mix tools.
Monetization
Microtransactions and other ways of monetization can revamp your business processes. Donations, in-app purchase, paid content, targeted ads, etc., can be applied to your business model to ensure positive revenue growth. However, successful and profitable monetization necessarily requires your business being e-commerce ready. Paid services or in-app purchase can result in client and end user runoff. Thus, carefully plan your monetization strategy and make sure it is transparent and non-aggressive.
Personalization
A trend of the past years, powerful modern e-commerce CMS allows managers to accurately identify website visitors, analyze their online activities and predict their consumer goals and interests to target. You can significantly cut down on support costs and increase transactions/conversions in case making personalization a core part of your e-commerce strategy.
IoT as a platform
Take a broader view of the IoT industry: this young technology platform encompasses information channels, security protocols, new energy efficiency standards. Right before consumers’ eyes, a new industry standard is taking shape to greatly assist you in tackling the tasks of business modernization and digitalization. IoT is most often mentioned in the context of smart consumer electronics today. IoT industry unification opens new opportunities when it comes to off-the-shelf solutions.
Outsourcing
The opportunity to single out particular business processes and outsource them can bring efficiency to your business development strategy. Wasting time and money on routine operations, i.e., delivery, customer support, software solutions development and maintains, you fail to focus on the foremost strategic objectives of your business.
There is nothing new in the concept of outsourcing. However, the creation of IT tools for integration of outsourced tasks with your company’s business workflow may become the field for innovations that can accelerate your business growth. A truly intensive modification will be the combination of onshore and offshore facilities into a single information space within your digital environment.
Transforming information into knowledge
You may be under the delusion that your business is not data-driven. But this is not the case. Any business environment generates information. And the efficiency of your business in many ways depends on how accurately you can manage raw data. It is natural for business information to gradually and rapidly lose its value. The purpose and content of information loose value as we start forgetting the details, the name of the documents, and information sources. Therefore, a system transforming information into knowledge – knowledge management system – should be an essential stage of your company’s digital transformation. Customer feedback, official memos, business correspondence with partners, legal documents – all this can be and should be a part of your knowledge management system. Creating and implementing an expert system will allow you to find quick answers to the required questions, aggregate knowledge from different sources and unify it.