Weekly News

Digital Transformation Is Critical For Business Development

May 17,2018 09:34

The Internet was born in 1990 in the United States and Silicon Valley embraced it almost immediately. But since then, it's traveled across the world faster than your free-spirited nomad friend on Instagram. The internet was invented in America, but the ...


Jia Wertz , Women@Forbes Opinions expressed by Forbes Contributors are their own.

Shutterstock

The Internet was born in 1990 in the United States and Silicon Valley embraced it almost immediately. But since then, it’s traveled across the world faster than your free-spirited nomad friend on Instagram. The internet was invented in America, but the world was very quick to adopt it and in the last decade new tech hubs all over the world have popped up. There’s Silicon Alley in New York; Asia, Israel and India have all become hubs for tech, and that’s just a few examples.
Eastern Europe has rapidly become a center for innovation too, thanks to an increasing pool of entrepreneurial tech talent. The region has scored a host of successes in recent years, from Estonia’s Skype and Transferwise to Ukrainian facial recognition start-up Looksery which was acquired by Snapchat for a reported $150 million, the largest technology deal in Ukraine’s history.
Digital innovations are creating opportunities quicker and quicker every day. And businesses in every industry need to utilize technological advances to not only stay competitive, but to survive. Let’s take a closer look at successful strategies businesses are using to say ahead of the curve.
Create Systems That Promote Digital Growth
In today’s business world digital marketing touches all industries, from the retail industry to the education sector.  Schools and colleges aren’t the first businesses that come to mind when thinking of digital marketing, but it’s interesting to take a look at the business side of the education sector to see just how digital marketing has impacted all types of businesses.
The Baltic Talents Academy offers a variety of programs and enrolls a significant number of students to prepare the workforce for outsourced jobs. The aim of the academy is to teach digital marketing and growth hacking to some of the most promising students, as well as to respond to the needs of outsourcing centers.
The Academy has implemented advanced digital marketing tactics to grow its student population. Every system they’ve adopted promotes scaling their attendance. Students can refer friends, classes can be shared online and lecture curriculum can be accessed via the cloud. The entire culture is based around collaboration and systems that advance growth.
Professor Nerijus Pacesa, who is the chairman of the academy’s board explained, “We are a long-term focused institution. All our programs are for working, creating and scaling digitally. Our aim is not only to deliver exceptional professionals, which is important, but also to make sure the best ones who make it, actually share their know-how with others through our programs.”
In order to drive growth, a company’s culture must in fact promote growth at its very core.
Digital Transformation Is The Vehicle, Strategy Is The Fuel 
Because technology is so integrated in today’s business landscape, almost every business is a digital business to some extent. Old systems and processes have to be rethought, and new technologies have to be put in place in order for businesses to stay competitive within their industry. Companies are faced with many challenges as they navigate their way through this digital transformation. These hurdles can range from limited budgets for new technology to lack of the expertise or know-how required to roll out new digital initiatives. But the one challenge that is crucial to overcome is creating an effective digital strategy.
Strategy is what gives businesses the framework they need to effectively utilize the digital tools they have on hand. And without it, efforts and funds can go wasted. 
As an example, a company with thousands or even millions of social media followers that doesn’t engage with them effectively in order to convert those followers is a perfect example of jumping on the digital transformation bandwagon but not having a strategy in place to capitalize on the opportunity.
Retail e-commerce sales worldwide grew from 1.3 trillion US dollars in 2014 to 2.3 trillion in 2017 . The opportunities in this industry are abundant and businesses that have an effective digital strategy are capitalizing substantially.

Photo Courtesy of Statista

One company known for having a solid strategy is Zappos. Known for cultivating its customer relationships and using all digital channels to do so, Zappos has positioned themselves as leaders in the retail e-commerce industry. The company not only uses social media to engage with customers in a very authentic way, but encourages employees to share their own experiences as well. Zappos gets personal with their posts, and as a result, their customers get personal too, creating a much more genuine connection to the brand.
The company also puts an emphasis on content marketing and has done everything from launching a shoppable digital magazine with editorial-style content to executing a robust Pinterest strategy.
Technology is impacting every industry and the way we conduct business. Companies must rise to the digital challenge by leveraging digital tools, being innovative with their strategies and creating new value for customers.

business casual business business insider business lease business card business english business model canvas business class business intelligence business casual dress code

Share this article

Related videos

The business case for digital transformation
The business case for digital transformation
Why contract management is foundational for digital transformation
Why contract management is foundational for dig...

DON'T MISS THIS STORIES