You may need a digital transformation platform more than you realize. Although there is value in tradition, and old-time charm can be enchanting, most businesses cannot capitalize on these assets enough to offset the damages of simply being left behind. In order to maintain customer loyalty and remain competitive, you must transform.
Declining Customer Satisfaction
A major sign that you are past due for a digital transformation platform is a loss of customers and declining customer satisfaction. Customers adapt to new technology much faster than most of the businesses they buy from. Most consumers update their hardware much more often than businesses, and they adopt new technology as a convenience rather than a burden. After all, buying one piece of hardware or changing personal habits are vastly easier tasks than replacing outdated technology for an entire office or changing how several hundred people complete their daily tasks.
Customers are quick to turn to the most convenient option. If your business isn’t capable of offering those conveniences, you will lose consumers. Just think of how few people visit their bank regularly in person anymore and compare that to how busy bank locations were a decade or two ago.
New Services from Competitors
Failing to meet customer expectations goes hand in hand with losing patrons to the competition. Up until very recently, many delivery services required delivery personnel to acquire a copy of the customer’s card in person. Clunky slide copiers made it harder for delivery personnel to do their job, slowing delivery times, and generally annoying customers. Today, most deliveries only require a signature thanks to advances in credit card processing and verification.
A digital transformation platform helps you keep pace, or even get ahead of, your greatest competitors. Technology is advancing at a rapid pace, and you may be able to offer new services and techniques that were not available until extremely recently. If you can find a way to make your services even more convenient than the competition’s, then you devalue their investment while increasing the worth of your own.
Technical Advances You Cannot Support
One of the clearest signs that it’s time to invest in a digital transformation platform is an inability to support new services, tech, or software. This includes basic issues, like not having a chip reader for credit cards. However, you may face more complex and nuanced issues as well. For instance, are you prepared for the growing popularity of machine learning technology? These programs demand a high volume of regular, highly organized data in order to function. If your business practices favor paper copies and scattered databases, then you won’t be able to adapt. These programs are already influencing developments in a number of major industries. Developers are incorporating more and more machine learning in their software products. Failure to adapt now will lead to consequences in the near future.
Change is inevitable, but it doesn’t have to be difficult. A digital transformation platform makes transitioning easier so you have fewer interruptions to your regular workflow. In order to protect that workflow, however, you must adapt.