HOW TO START A DIGITAL BUSINESS (Tips, Tricks & Resources)
Whether it’s #bigdata, #internetofthings or #virtualreality, the world of business is being transformed by #digitaltechnology. It’s a time of rapid change that is creating exciting new opportunities. What is a "digital business," and what does it mean to digitize your business? With Google searches for #digitalbusiness at their highest, we thought it worth rounding up the most common questions and answers.
Business digitalization is the use of digital technologies to change a business model and produce new chances for earning value and money. Any firm can be digitalized by adopting digital technologies to become a digital business. The main objectives of businesses' digitalization are higher income generation and the creation of new chances for value addition. Currently, digitalization is a process that many businesses are going through. Leading businesses have already implemented this technique with excellent outcomes in terms of sales, earnings, and client satisfaction. Consider the car manufacturer AUDI, which is focusing heavily on the future of automated mobility. It offers a virtual showroom, enables its customers to order the new car via an app, and pick it up at the dealership anytime later. This strategy has proven successful and changed the way the brand interacts with its Chinese customers, who have different buying habits than Europeans.
Four benefits of business digitization
Cutting-edge technologies like 5G, or artificial intelligence greatly impact how things will be done in the future. At Bepace, we believe that there are four significant benefits that digitization can bring to your company.??
Higher Productivity?
Technology has always been a major driver of productivity. Utilizing innovative technology, such as the cloud, mobile devices, big data, and analytics, can help businesses increase their productivity and efficiency. Learn more about the benefits of using the Bepace ecosystem for your digital business here.
Lower operational risks?
Businesses might lose up to 25% of their revenue due to inefficient processes, and manual operations have greater error rates. Digitizing the firm will be more cost-efficient and effective in these circumstances.
Consistent quality
The advantage of digitization is that it makes sure each task is completed consistently, resulting in output that is dependable and of high quality.
Reliable governance
The dependability of workflow automation ensures that critical corporate governance processes are always carried out according to the law. Learn more about the Bepace Business Certification and Trust Label here.
Two components to create a successful digital business
The essential elements needed to establish an online digital business include the following:?
To begin, digital engineering transforms customer journeys by enabling rapid innovation, which introduces new brands and industry-leading technology, that reframes customer expectations.
Furthermore, a digital strategy maximizes the business benefits of data assets and technology-focused initiatives. Customer demands and internal pressure to offer digitally ready goods and services are increasing along with the proliferation of digital tools. We believe that it is crucial to implement and analyze an efficient digital strategy across front-, middle-, and back-office IT environments to remain relevant.
Four suggestions to build or expand your digital business
Here are our suggestions to assist you in creating a successful digital business, whether you are expanding your current digital firm online or establishing one from scratch.
- Automate.
- Prepare your clients.
- Offer an excellent digital customer journey.
- Invest in online advertising.
Three promising digital business models
A digital business model is basically how your firm uses the internet to exchange products and services for money or to earn revenue online. The top three on our radar are listed below.?
Ecosystem Model
One of the most promising models is the ecosystem. The business starts with one main product and gradually rolls out related products to provide an all-inclusive experience. One of the most successful ecosystem companies is Google.
E-commerce model
E-commerce is a well-known digital business concept. It is simple to implement for companies embracing a digital transformation. Think of Amazon, the most popular e-commerce platform.??
Marketplace Model
In this concept, buyers and sellers trade goods and services on a two-sided marketplace run by a third party. Examples of this business strategy include eBay.?
The pandemic has taught us many valuable business lessons, and the production of value in the digital sphere seems to skyrocket further. We fully believe that businesses that create digital enterprises and incorporate ecosystem, marketplace, and e-commerce business models into the framework of their value creation strategy will succeed in the future.
Trust in the digital world is quite a complex issue. It is not limited to privacy and security concerns. A digital Trust Label and other digital Business Certifications are the opportunity to stay closer to your clients.
Bepace will also help future proof you with an innovation mindset and industry-relevant knowledge and skills in emerging technologies including social media, big data analytics or mobile technologies.
For more info, contact?services@bepace.com?or visit?www.bepace.com