Is Digitalisation A Boon Or Bane For Your Business?
We are living in a world which is becoming digital at a rapid speed. The audience whether customers or employees, have already embraced digital. Organizations risk estranging these two key stakeholder cohorts if digital transformation is not a part of their business strategy.
In the race to get your customer’s attention, your competitors are flooding them with personalised communication and relevant promotions. To stay in the race, you need to engage with your customers better and more effectively than anybody else at every point of time.
Under engagement, personalisation makes communication relevant and connects with customers. It involves talking to customers one-on-one, giving them what they want, when they want, where they want and how they want. Technology can provide a way to deliver targeted communication that recipients will respond to. Data holds the key to understanding your customers’ buying behaviour and designing the most relevant communication. With these in hand, technology delivers these directly to a customer through a channel of their choice.
Levi Strauss & Co is in the process of implementing personalisation by capturing some basic data of every walk-in customer, at a minimum their mobile number, name and email details. Their sales solution then captures customer transactional data. Analytics tell them who is buying what, and at what price. From those results, they know that their customers are likely to buy more of what they have liked, or related products. With their mobile numbers handy, they also invite existing customers to preview and buy new offerings.
We cater to increasing numbers of global customers who expect their favourite brands to match their global buying experiences. Ten seconds or less, is all a customer is willing to wait for service. Can you meet this expectation without technology?
Can you tell a customer how many points they are eligible to redeem in less than 10 seconds? Or whether you can procure that shirt in a larger size from another store in the next two hours? This brings us to employee empowerment.
Employees are always apirational. People want to make decisions and feel useful. If you ask your employees to crunch data, to do a job that can be better served by technology, you can expect them to quit before long. Asking our previous question, does the nearest store have the shirt in the desired size? We can use technology to provide front-facing employees with this information and empower them to serve customers. Under-employed people make for discontented employees. How can you expect them to satisfy customers?
CFOs also need data to make timely, informed decisions to increase customer engagement, albeit indirectly, influencing to build a loyal customer base. Let’s say sales have been sluggish over the week. And, on Friday, we need to run a promotion. Now, it is important to have all recent information before you to make a quick and informed decision. Without technology, we can lose opportunities to serve customers.
Therefore, digitalisation is essential to increase our critical understanding about financial and operational data. Not only does it help to engage customers but also empower employees to work meaningfully with better outcomes.
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