How Digital Transformation is Shaping Industries

Nowadays, we live in a primarily digital world. Almost everything has transferred online or became digitized these days. The fact of the matter is that technological innovations and advancements are disrupting industries left and right. Simply put, modern technology is forcing industries to take on a new approach, in order to remain relevant in the market, as well as remain efficient. However, technology isn’t the only reason industries must consider a digital approach.

As a matter of fact, it’s the consumers and their purchasing habits and behavior, as well as their tendency to follow the latest trends that also forces industries to adapt. If you don’t adapt, in order to meet consumer expectations and needs, your competitors will most definitely outrun you. Companies across various industries must simply develop a more consumer-centric solution, in order to continue providing a seamless customer experience. That being said, here are a few ways how digital transformation is shaping industries.

Chasing a competitive advantage

Newest innovations on the market are always regarded by companies as an opportunity to outrun competitors. The main reason so many companies across various industries are prioritizing digitalization is that it may allow them to gain a competitive advantage. It only takes a single business to disrupt an entire industry and drastically change the rules simply by adopting a new technology or developing a new approach.

That’s why most companies are in one way or another prioritizing digitalization. As a matter of fact, 47% of company CEOs stated that they are being pushed towards adopting a digital approach for their business by their board of directors while 56% stated that their business digitalization efforts are already increasing company profits. In essence, while some companies are considering digitalization others are already implementing new strategies and approaches. In other words, the digital transformation is bound to happen across various industries sooner or later.

Improving efficiency

The fact that every industry is about to experience a digital transformation is evident. Even the industries that are less likely to consider digitalization, such as oil and gas sector are in fact, doing so. Resource exploration industry has so far avoided digitalization but even they have to adapt to modern trends and innovations. The main reason is that a digital approach enables the oil and gas sector to improve efficiency, reduce operational costs and streamline entire processes, among other things.

That being said, oil extraction professionals that are keeping up with the latest technology have implemented an ecommerce solution. As a matter of fact, reliable oilfield equipment zone essentials can be easily bought and acquired online, thus reducing the downtime and maintenance costs for mission-critical equipment on the field. Not only that but artificial intelligence and automation are also making their way into the resource exploration industry, helping operators streamline the processes of detection and exploitation of natural resources.

Meeting consumer demands

As mentioned before, consumer habits are oftentimes one of the main reasons why industries and companies develop a new approach. After all, if you’re not relevant to your customers you will lose a battle to your competitors. Consumer demand for increased and improved connectivity, as well as their increasing interest in smart devices and IoT (Internet of Things), has already made an impact on various businesses ranging from retail to ecommerce and so on. These demands have made their way even to the automotive industry.

Nowadays, one of the rising trends in this industry is self-driving and highly connected vehicles. Therefore, the cars of the future won’t be able to fly anytime soon but they will surely be able to drive themselves. Vehicle manufacturers and sales dealerships are also adopting a digital approach for their consumers. As a matter of fact, 75% of consumers who are interested in buying a vehicle will conduct their research online. Moreover, a digital approach in the automotive industry is also there to serve new consumer needs, especially since 56% of millennials would rather avoid interacting with salespeople in person.

Reshaping the logistics

The distribution and logistics industry is also experiencing vast changes due to the digital transformation. Logistics and distribution providers are practically being forced to adopt a new approach because their clients are doing so as well. For example, retail and ecommerce sectors are leveraging the newest technology to its fullest potential, thus making numerous promises to their customers, such as next-day or even same-day delivery, in order to boost customer experience. Also, manufacturers in the automotive industry want materials delivered at the right time for production, in order to avoid having to store materials around.

These demands force distribution and logistics providers to step up their game and deliver on their clients’ expectations. Even though logistic providers aren’t part of major brands per se, they still feel responsible for representing those brands through their services. Therefore, as manufacturers and retailers implement their digital approaches, distribution and logistics providers must become an extension of their clients’ brands, in order to remain competitive and relevant.

The world is already reshaped by the digital era and it continues to be transformed. As technology continues to advance, the increasing need for new solutions challenges various industries. Even the industries that are reluctant to transform will eventually have to do so. That is if they wish to remain successful and competitive in the market.

Guest author, Raul Harman, is a B.Sc. in Innovative entrepreneurship and has a lot to say about innovations in all aspects of digital technology and online marketing. While he’s not enjoying football and great food, you can find him on Technivorz.com

Growing Your Company: 5 Reasons to Consider Relocating Your Business

You are trying to improve the way you do business. This means you are attempting to grow your company, and you would like to have a greater impact on the local marketplace. Yet, in order to achieve your business growth goals, you realize that you must consider relocating your company to a new area. The following are five reasons why this is going to be an excellent move for your business.

An Exercise in Team Work

Sometimes a relocation effort can be great for company morale. The thought of moving to a new location can cause employees to pull it together like never before. They can even get the opportunity to work with an experienced full service moving company to ensure that the big move is executed in a timely fashion without any hitches. This will give you an opportunity to let your employees know how much you appreciate all the hard work they are doing to help your company relocation happen as it should.

Relocation Will Improve Visibility

When you started your business, you had to settle for a location that was a little off the beat and path. You did not have the necessary capital reserves to plant your operation in a highly visible area. This has hurt business to some degree, but these days you have more capital to put down on a better location; so, moving your operations to a more visible location is the right move to make for your business needs.

A Larger Space

A new location will provide more space for your company. With more space, you will be able to accommodate more customers at one time. This means you will be able to carry more items in stock, and your business will also experience an increase in sales volume. This will set your company up on a faster track to future expansion.

Better Logistics

In your old location, it was difficult for trucks to maneuver for dropping off shipments. In fact, the small space you were operating out of made this a nightmare for large trucks and their drivers. Your new location has more area for trucks to pull into, and it will accommodate more off-loading space for merchandise. This is good news, because it means you will be able to finally order goods at a higher capacity without it creating such a mess for your employees.

Community Support

With a bigger location to operate out of, you will also be able to get more deeply involved in the local community. You will have the right location for throwing large events which will be good for the community and your company’s bottom line. In addition, this will translate to a lot more media coverage than you were able to get when operating out of your older location.

Moving to a new location for your business is going to bring positive changes to your company. You will have more space, you will enjoy higher visibility and you will have an ability to do more business than ever before. For the first time, your business will start to feel like it has finally reached that next level beyond the startup phase.

Guest author, Lizzie Weakley is a freelance writer from Columbus, Ohio. She went to college at The Ohio State University where she studied communications. In her free time, she enjoys the outdoors and long walks in the park with her 3-year-old husky Snowball.  @LizzieWeakley

Get More Out of Your Online Business Today

If it feels like your online business is starting to get stuck in a bit of a rut, it’s important to take action to change that. You can’t expect your business to remain on an upward trajectory forever; there are always going to be bumps in the road. It’s how you respond to and handle these bumps that matter. Be proactive and take steps to drive your online business forward and get more out of it today. Here’s how.

Put More In

To get more out of your online business, you first need to put more into it. By putting more into the business, you’ll find that you eventually start to reap the rewards. But more of what? It can be more financial investment, it could be more time or it could be other resources. But don’t let your online business remain static for too long because that never ends well. 

Learn the Value of Analytics

Analytics can’t be ignored any longer. If your online business is not currently making use of analytics tools, that has to change sooner rather than later. There is no getting round the importance of this. So, if you want your company to succeed, start using the right analytics tools. You can approach embedded BI and analytics from many angles. Get informed and work with people who know what they’re doing.

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Consider the Way Your Customers Use Your Site

 Your website should always put the needs and wants of the visitor first. These days, people don’t just sit at their desktop when they want to buy something online or browse your website. Instead, they use smartphone screens and tablets. You need to be aware of these trends and allow potential customers to use and interact with your website in the way they want to.

Improve Scalability

Scalability is one word that you should become more familiar with if you want to push your business in the right kind of direction. This often applies to the logistical side of your business’s operations. You can’t expect your company to keep growing if you don’t know how to scale things up and keep producing strong outcomes. Learn more about this and clean up the logistics that your business relies on each day.

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Cut Out the Middlemen

Middlemen often serve no real purpose. If you have a lot of people acting as intermediaries for your business, you will find that cutting them out and getting to the point saves you a lot of time and energy. There is no need to persist with people that are offering you nothing in the way of value and contributing very little to the success of your online business. Many people feel they’re necessary, but that doesn’t mean they are in practice.

There are so many ways to get more out of your business and help it to grow. These 5 ideas offer you a good starting block. From there, you can develop your own methods to get more out of the online business going forward.