Technology is driving the business world forward across the globe, and it’s important to note that the right tech has the potential to take your company to new heights of success. But, you need to invest in the right tech solutions that are specifically geared to your industry and needs. The technologies that will transform the restaurant industry are vastly different from the tech optimized for legal processes and operations, for example.
Careful strategizing and implementation of technology is paramount for success, but digital transformation doesn’t just take care of one problem – it’s an all-encompassing solution. That said, it can be an expensive one if you’re not careful with your tech investments, which is why today we are taking a look at the five key technologies you should consider for your business.
Here are the tips for a successful and cost-effective digital transformation.
Migrate to the cloud
If you haven’t already, now is the time to migrate your business to the cloud and reap the many perks and benefits that the technology brings to companies of all sizes. The benefits of cloud computing are numerous, including lower operational costs, a simplified IT infrastructure, various collaboration tools, higher cybersecurity, and much more. For these and many other reasons, cloud technology is considered a foundation of good digital transformation in business nowadays.
After all, you don’t want to take on the financial burden of managing and scaling your own data centers forever. Depending on the size of your business and your goals, your dedicated cloud migration team can create a strategy that will quickly migrate your business to the cloud without any downtime, ensuring continuity. Once you’re on the cloud, you can start taking advantage of all the features provided by your vendor that will give your business a competitive edge.
Create a digital work environment
One of the many perks of cloud technology is that it gives you many of the tools you need to create a paperless, digital work environment. Now that many business processes are handled online, and that remote work has become the norm, you need a centralized collaborative environment where everyone can work together no matter where they are.
Cloud computing in conjunction with a cloud-based VoIP system allows you to communicate with employees and conduct successful business meetings seamlessly while collaborating with everyone in real-time. Along with introducing a VoIP system, implementing a cloud-based project management tool will allow you to create a real digital workspace to boost cross-department collaboration with in-house and remote employees.
Take advantage of online marketplaces
Meticulous supply chain management is more important than ever before given the difficult situation caused by the pandemic and the pressure that the global supply chain is experiencing. Rather than manually managing your supply chain and relying only on local suppliers and partners, in 2021 you want to transition to online marketplaces. These give you access to suppliers from around the world and may offer significantly better prices.
Take the oil and gas industry as a good example. In this sector, the popularization of the OFMP marketplace in recent years has allowed companies to strengthen their supply chains and gain access to manufacturers and partners across the globe, effectively minimizing risk while stabilizing their position in their markets.
No matter the industry you’re in, you should digitize your supply chain management and ensure stability by transitioning to online marketplaces. Look for industry-specific online markets where you can find the best partners for your company.
Use ERP to create an omni-channel experience
Of course, managing your supply chain is not just about having access to more partners and suppliers, it’s about carefully planning all aspects of your business, from inventory and sales, to order processing and beyond. The reason why it’s so important to digitize your supply chain management and your entire operation because it allows you to create an omni-channel experience for your customers.
People want to engage with brands through numerous touchpoints, and if you want to maximize sales and optimize your conversion rate, then you need to sell on every channel in the online world. This is impossible to do without a comprehensive ERP (enterprise resource planning) system. This software helps you manage your inventory in real-time, process orders from multiple channels with zero risk of error or overlap, and allows you to integrate numerous other software to maximize productivity.
Leverage AI to automate various menial tasks
Lastly, in 2021 you want to finally embrace automation in order to take your business forward. All of the solutions we mentioned above will automate various tasks throughout your organization, but you can also use AI-driven tools to automate specific processes like customer support, big data analysis and data science, onboarding and training, and much more.
It’s important to use the right technology to improve your business on numerous fronts, both internally and externally. To that end, be sure to leverage AI-driven tools like chatbots, implement AI into big data analysis to generate better reports and forecasts, and use a smart payment and payroll system to simplify financial processes and ensure everything gets paid on time to secure your cash flow.
Digital transformation is one of the pillars of success nowadays, and now’s the time to invest in the right tech in your company. Prioritize these investments to transform your business across the board, elevate the employees’ quality of life, and set the stage for growth in 2021 and the years to come.