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The digital revolution has changed the way people live, and it’s certainly had an impact on how businesses operate. As well as giving rise to a whole new industry, the digital universe has changed how companies work, how they hire employees and how they connect with their target demographic.
Here, we take a look at 5 ways the digital revolution has changed the business landscape.
The rise of digital data has allowed businesses to obtain more data about their existing clients and their potential customers. Whether individuals give this information willingly or the data is obtained via their online activity, businesses are able to conduct highly-targeted marketing campaigns with precision due to the availability of consumer data.
Prior to the internet, businesses were reliant on faxes and phones to operate and tv and print ads to advertise their products or services. With email, internet, and social media platforms, however, companies can interact with their target market instantaneously, and they can also connect with in-house colleagues and external providers in the same way. This speeds up operational processes and enables businesses to respond to changing trends more quickly.
With increasing automation and digitization, businesses have been able to streamline their operational processes. New software and technology, such as cloud based ERP solutions, allow companies to integrate their businesses processes and manage the entire firm via software suites and applications, thus reducing the company’s outgoings and increasing efficiency.
In the digital world, it takes seconds for consumers to share their brand experiences and this can be both positive and negative for companies. Online influencers are a new breed of digital reviewers, regularly reaching millions of users via platforms such as Instagram and YouTube. A positive endorsement from a well-known influencer can cause sales to skyrocket, which means companies are modifying their campaigns and strategies to incorporate this new type of marketing.
Although businesses can access increasing amounts of consumer data and engage with customers in a variety of new ways, the digital revolution has placed companies under more scrutiny than ever before. The use of mobile devices means a consumer can find out more about a product or brand before they even pick it up off the shelf in front of them, and users aren’t shy about calling companies out online. As consumer behavior continues to evolve via the use of technology, businesses have been forced to respond accordingly and provide new and innovate customer services to ensure satisfaction.
Although the widespread use of the internet has been a gamechanger for companies, technology continues to evolve. As well as changing the way individuals behave, this evolution inevitably impacts the way businesses operate. In addition to providing companies with more efficient and cost-effective resources, the digital landscape allows businesses to engage with their target demographic and build ongoing relationships with consumers or clients. Whilst the changing digital landscape may have given consumers more power, it’s also provided businesses with the tools they need to function and prosper in a digital world.