By Ashley Lipman
Staying relevant in the world of business is much easier said than done. If a business refuses to use modern technology to benefit their customers, they will lose lots of money over time. Studies show that 56 percent of the businesses who adopt a digital-first strategy experience revenue growth.
While most business owners are familiar with the term digital transformation, many are unsure about what it entails. Business owners are usually more likely to try and save money by comparing electricity by state than they are to invest money in the latest technology. This refusal to use technology can come back to haunt you in the long run.
The following are some of the digital transformation trends in 2019 you definitely need to pay attention to.
The Power of Blockchain
One of the biggest misconceptions business owners have is that blockchain technology is just for cryptocurrencies. In reality, this technology is being utilized by a number of larger tech companies. You may be wondering how blockchain technology can help your business.
Smart Contracts are Beneficial
One of the main ways businesses are using this technology is by creating smart contracts. These self-executing contractors feature all of the terms for the various parties signing them and get written directly into code. The code and the contract are then stored on a decentralized blockchain network. With a smart contract, a business owner can ensure all parties carry out the job they have committed to.
Getting the Right Employees Hired
Modern business owners are also using this technology to hire better employees. Some people make a habit of deceiving potential employers with a long list of fake accomplishments. Blockchain technology allows a business owner to verify the claims a person is making with ease. Having access to things like past employment records, academic files and reference is crucial when attempting to hire the absolute best employees.
Increase Knowledge of Your Customer Base
If you are like most business owners, you are on a never-ending quest to obtain data about your customers. Increasing your ability to identify who your customers are and what they need is easy with the help of blockchain technology.
When stored on a secured blockchain network, the information you have about past transactions with a customer can become extremely helpful. Not only does this information give you an idea of what products or services a customer regularly uses, it can also help you see how your company’s relationship with an individual has grown over time.
Embracing Analytics is a Must
Businesses, now more than ever, are using data to drive everything from marketing campaigns to expansion into new markets. The only way to give your audience want they want is by collecting tons of data and properly analyzing it. Long gone are the days of going with your “gut feeling” when it comes to important business decisions. Modern business owners use cold hard data to ensure the moves they make are correct.
Luckily, there are a variety of programs on the market that makes analyzing data easier and more successful. With these analytics, you can easily identify problems or potential opportunities that need to be seized immediately.
The Rise of Conversational AI
Most consumers use voice-controlled AI technology on a daily basis without even realizing it. Programs like Apple’s Siri or Google Assistant are featured on most new smartphones and are widely used by people all over the world. Most business owners are already optimizing their website content and blogs to accommodate people who perform voice searches.
As companies like Microsoft start to make end roads to remove the problems with this technology, more businesses will start to use conversational AI in their apps. By using this technology, business owners can make searching for things on their website or in their app much easier for the consumer. Simplifying this process is crucial when trying to keep modern consumers loyal to your brand.
A Digital Transformation Takes Time
Whether you want to use conversational AI or blockchain technology for your business, understand it will take time to implement and perfect. Instead of trying to take on the implementation of new technology alone, you should reach out to IT professionals for assistance. With their help, you can avoid making crucial mistakes.