28 Jun, 2017

Businesses Adapt to Technology to Become Digital Enterprises

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In a world where technology is rapidly developing, we are constantly forced to keep up with new, digital trends in order to stay up to date and relevant.

It is no surprise that businesses are compelled to keep up with the trends as well, to stay above the digital wave and ahead of their competition.

To integrate technology, businesses must conform to new, advanced operations by letting go of traditional tools and adapting to new digital growth.

Once this happens, businesses are considered digital enterprises because they are supported by technology.

Becoming a digital enterprise brings real value to business operations by enhancing two functions

  1. Brand reputation
  2. Customer interaction

There are four solutions that work as tools within digital enterprises in order to enhance the functions adapted through digital transformation.

According to Grand View Research, these solutions are predicted to only increase by 2025 through compound annual growth rates (CAGR).

CAGR is used to measure growth over multiple time periods.

“The solution segment dominated the type segment in 2016 and is expected to reach USD 798.44 billion by 2025 over the next eight years.”

This report shows just how fast digital solutions are growing, affecting organizations who have adapted their services to become a digital enterprise.

These innovative solutions go hand in hand with brand reputation and customer interaction in a variety of ways.

Analytics

“The analytics segment occupied a significant share of the global market in 2016, owing to the increasing demand to synthesize large volumes of business data in order to derive insights along with the growing number of smart devices and applications being used”

Analytics is considered to be any information that is collected through systematical data, which ultimately helps businesses conduct strategies and increase accurate decision making.

Brand reputation can also be affected by analytics because data can be used to calculate information that gives insight into where a brand meets an audience.

This can help business leaders make fact-based decisions about customer interactions, sales or production processes.

Analytics also allows businesses to become agile, providing tools that optimize operations.

Cloud Computing

The Cloud is a rapidly moving digital disruption which businesses are starting to adapt to.

According to Grand View Research, small and medium-sized enterprises will grow  20.1% CAGR from 2017 to 2025.

The cloud is given credit for this growth,

“Cloud-based strategies help in improving cost structures and setting up a control center for coordinating and arranging various components of the supply chain.”

Emerging onto the cloud means ditching old ways of storing data on hard drives, and upgrading to only using one server to hold information.

This makes data remotely available for IT professionals and business leaders.

Small and medium enterprises haven taken note of this digital transformation and are using the cloud to grow business leads and brand reputation in order to become a digital enterprise.

Mobility

Mobility allows businesses to transform operations to be suitable for the on the go, mobile customer.

This is important for businesses to adapt to because it can increase digital functions by integrating features such as mobile apps to industries like retail and healthcare.

By creating these mobile apps, a broader scope of an audience can be targetted and reached in an accessible way.

According to Grand View Research, mobility’s revenue will grow up to be 1 billion USD, by 2025.

Social Media

With mobility, comes social media.

“The social media segment is anticipated to emerge as the fastest growing solution segment at a CAGR of over 20.6% over the next eight years, owing to the increasing penetration of internet across the world, especially in emerging nations.”

Social media is on the rise as new technology increases, making a huge impact on business functions.

Information through social media is readily accessible through multiple channels such as computers and mobile devices.

Because social media is so accessible, businesses leverage this function in order to interact with customers, which results in increased customer engagement.

 “Furthermore, organizations are heavily relying on gathering information through social media platforms as social media offers an opportunity to organizations to gauge customer behavior and their interpretation of the information about the products or services.”

Businesses can also increase brand reputation through social media by using a variety outlets where content can be released in a controlled way, specific to the intended brand message.

Using specific solutions helps mold businesses to become digital enterprises, which ultimately sets them above the competition and above the digital wave, which is rapidly growing and developing.

ABOUT DIGITAL ENTERPRISE TRANSFORMATION ASSEMBLY

The digital transformation revolution is moving quickly toward many industries, forcing them to become mobile which can only be done by adapting to new technologies. The convergence of mobile, social and cloud is crucial for organizations to understand in order to become digital enterprises. Knowing which of these solutions will be useful and beneficial to your company, keeping you above the digital wave and ahead of the competition and agiler than ever.

As we move closer to 2018, digital technology is only increasing, causing private and public sectors to look to CIOs to manage the emerging information that has been developed through digital transformation.

The only way to become informed about this digital transformation is through learning. Learning can be done through a variety of outlets, but the most impactful one is listening to informative business leaders to leverage your time in order to become successfully digitally adapted.

The Millennium Alliance is thrilled to present the second 2017 edition of Digital Enterprise Transformation Assembly. Join us November 16-17, for a series of executive education roundtables, keynote presentations, collaborative think tanks, educational workshops, and networking sessions will offer industry-specific topics and trends to ensure your company sustains its competitive advantage.

This is not just another “Digital IT” event. Spaces are reserved for the best in the business. Apply for Millennium Membership today

Our agendas and attendee lists are for Millennium Members only. Apply today for access! Already a Millennium Member? Simply click the link and enter your password when requested.

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