Key Steps for Successful Business Transformation

In today’s fast-paced, ever-changing business world, business transformation is immensely crucial for success. Companies tend to expand, move quickly, reinvent, boost organizational health, and keep expanding their goals. Then it should have measurable results. Every business makes some improvements from time to time that are mostly incremental. But some companies have to make dramatic, fundamental shifts in the way they operate to cope with the external and internal changes in the organization such as the emergence of new technology, market changes, merger and acquisition, low profitability, increasing expectations of customers, etc.

Depending on the factors that need to be focused on to fulfill company goals, changes may be carried out in a certain department of the organization or the entire organization itself. Businesses have to do suitable modifications to their processes, personnel, systems, and technology to achieve their business goals, smoothly.

To lead the business in the right direction, certain changes are essential, for example; getting into mergers and acquisitions, replacing employees or outsourcing, introducing new products to gain a competitive advantage or stopping a non-profitable product line, adopting a new business model, etc.

However, this is not a simple process and there are high chances of failure too. To avert such situations, businesses must ensue certain approaches.

Let’s have a look at the key steps that businesses must follow for effective business transformation.

 

Figure out which areas need to be modified, enhanced, or eliminated
Companies that have successfully gone through transformation move and improve quickly and restart often. Not identifying the area that needs to be dealt with to bring improvements will make the whole effort of transforming the business go in vain. So, to discern the same, business leaders have to go through the prevailing business processes.

This is a comprehensive and exhaustive course of action and existing workflows, methods, policies, and systems of everything right from crafting the product or service to the customer experience at the final end have to be evaluated. This helps in identifying the bottlenecks that hinder carrying out what needs to be accomplished. Thus displays a clear picture of what needs to be changed, improved, or eliminated.

 

Determine the expected outcomes
Comprehending what the desired expectations are help in establishing the appropriate process to make the business transformation. Alignment plays a big role in determining the outcome of a business transformation. The efforts should align with the right goal and intentions. Moreover, determining the anticipated outcome and orienting towards it can help in setting up significant and reasonable milestones.

The outcome the business looks forward to must be clear and precise. Likewise, persuasive data that confirms that the business transformation will work out as well as measurable metrics must be established. Using such quantifiable metrics throughout the process is crucial for successful business transformation. The transformation does not end in implementing changes, the goal is to get the business outcome out of those changes.

 

Involve the relevant people
Get specialists and leaders of various departments to make a meticulous and detailed transformation as well as a change management plan. Also, involve stakeholders as their valuable advice can be leveraged to effectively cut risks and optimize returns. These people should have a better understanding of what the company goal is and apply it to their jobs and do whatever is expected of them to deliver differently. If they have no idea how to connect to the transformation, then their habits and performances won’t change.

Employees are the ones who take the action journey to accomplish the targeted outcomes. So, it is equally important to communicate it to the employees and engage them to get their perspectives and innovative ideas. Also, the company must aim to meet the customers’ needs. Any endeavor for business process transformation must revolve around delivering the customers the experience they expect and beyond that. Hence feedback from customers must be taken into consideration.

 

Create specific strategic plans
Business transformation is immensely risky and if not done methodically and carefully with proper strategies may lead to business failure too. And so, it is imperative to make specific strategic and actionable plans to ensure that the business survives the huge shifts. Such plans can be beneficial in creating a detailed roadmap for achieving the company’s goals. Undergoing transformation without proper planning can result in the incorrect execution of strategies and move.

A primary estimation of the budget and schedule is vital during the planning stage. While planning, the areas, work processes, as well as systems that may get impacted by the process of transformation must be discerned.

Employees’ engagement and their capacity to adjust and adapt are indispensable, as the company has to face new challenges along the way of transforming business. It is important to plan the way of communicating the changes to the employees as well as customers. Apart from that the company also has to create a risk mitigation plan to manage unfavorable situations, if the business transformation did not work out as projected.

 

Develop an effective change management process
Business transformation involves colossal modifications in the company. Consequently, powerful change management is critical. A well-developed change management system facilitates tracking, measuring, and evaluating the transformations that are being carried out and figures out how the changes are impacting the entire workplace. Supervising a significant company transition can boost people’s productivity and create a meaningful bond that can enrich performances if being handled properly.

Successful business transformation is not feasible without making certain that the accurate information gets to the relevant workforces at the apt time. So, the relevant teams that execute the change must be capable of communicating effectively.

 

Executing the proposed process
It is essential to involve the workforce in the whole process however hastening the implementation step is not wise. All it does is put immense pressure on the current operations and the employees which can eventually bring up problems such as employees’ resistance towards change.

Business transformation incorporates several steps and activities and so can never be expected to happen instantly. It requires years of dedication to executing the resolved strategies, although it also depends on the factors such as the size of the company, the resources available, etc.

It is hard to make sure that the change is creating a favorable outcome on the operation if several changes are instigated simultaneously to the existing system. On the other hand, a steady and systematic approach helps in ascertaining that every single change is perfectly implemented, measured, and modified as required before progressing on to the subsequent activity of the established plan. It is also equally important to re-evaluate the implementation plan on a regular basis so that necessary alterations can be made along the process. A business can make use of Key Performance Indicators. The business transformation project is only as good as the metrics used to evaluate its development and alignment with its goals. Making use of performance evaluators at the beginning and during the transformational phase must be taken into consideration to achieve success. For many companies, reduced expenses, better profits, and progressive customer feedbacks are decent indicators of business growth. 

For many businesses, executing business transformation may not be an option but a necessity to keep going further. Although weighed down with risks, if implemented correctly and strategically, following the key steps, can unlock new opportunities and bring about incredible growth and success to the company.

Must-have Digital Technologies for Optimizing CX in 2023

A digital-first approach is a key marketing aspect in 2023, as it empowers companies to reach and engage with customers through various digital channels. The majority of customers expect quick and convenient access to information and services. Hence, digital channels can help companies advance customer satisfaction, stay ahead of competitors, and drive growth. In this article, let’s study the top ten must-have digital technologies for optimizing CX in 2023. By embracing these ten tools and technologies, companies can increase the quality of customer service without increasing costs.

  1. Contact Center as a Service (CCaaS)

CCaaS is a cloud-based solution that allows companies to use the software provided by a CCS provider. It is another option for an on-premises call center and bundles an entire communication solution fixated on scalable customer experience. By lowering the amount of technology, companies can reduce the requirement for internal IT support. Due to the ability to pay for the essential technology in a consumption model, they can provide better service to their clients with minimum investment. It will also empower companies to provide an omnichannel communication strategy while delivering an excellent customer experience.

  1. Marketing automation software

This type of software helps companies send messages to their target customers based on their purchase history, demographics, and interests. It is user-friendly and can create campaigns with just one click. It has a streamlined user interface and drag-and-drop components which is very much the same as the other apps being used nowadays. With the support of this software, all types of companies can develop and execute marketing campaigns quickly and effortlessly.  So companies can reduce their time consumption for customer service so that they can focus on solving critical issues.

Benefits of Marketing Automation Software

  • Better customer experience
  • Cross-channel marketing campaigns
  • Full control of customer interactions
  • Value-added accountability in the workplace
  • Increased lead-to-sale conversion rates
  • Marketing and sales alignment
  • More space for creativity
  • Smooth customer service
  • Customized marketing strategies
  • Precise reporting
  • Reduces staffing expenses
  1. Chatbots

Chatbots work with the support of AI to have conversations with human customers via the internet. Companies have developed various chatbots for customer support activities and large number of brands have invested to Chatbots to improve their customer experience. Several firms, due to the ability of chatbots to respond to client inquiries, have installed on their websites to meet modern consumer needs.

Benefits of Chatbots

  • More generated leads and increased sales
  • Better customer insights with 24/7 availability
  • Better user experience because of multilingual support
  • Enhances operational efficiency
  • Cuts expenses to businesses while giving convenience to customers
  1. Customer relationship management (CRM) systems

Managing customer relationships is one of the key technologies that provide a great experience to companies. It assists customer-centric companies by placing customers at the centre of the business with proper strategy and plans.  Technology nowadays can improve human potential by having the proper CRM technology and tools that are capable of doing the processes and helping people to focus on their priorities requiring human touch.   A CRM system empowers companies to keep track of all types of data related to customer interactions. It also helps companies handle their pipeline, discover opportunities, and quantify the success of digital marketing campaigns.

Benefits of CRM

  • Automated sales reports with more accurate sales forecasting
  • Better customer service with increased sales
  • Centralized database of information
  • Higher productivity and efficiency with detailed analytics
  • Streamlined internal communications
  • Helps manage campaigns across sales and marketing
  • Consistently generate quality leads and opportunities
  • Customized customer experience
  1. Email marketing software

Email will always be an essential digital marketing component despite the fact that there are new online platforms being launched. It’s a recognized method of boosting customer acquisition and engagement. Email marketing software empowers companies to design and send customized email messages to their customers. With various types of messages such as product announcements, coupons, or information about upcoming events, it supports companies to track the success of their marketing campaigns. It also helps companies to identify the right customers that are likely to respond to particular types of offers.

Benefits of Email Marketing Software

  • Collecting feedback and surveys
  • Communicating with your audience
  • Creating personalized content
  • Generating traffic to your site
  • Having a setting for self-promotion
  • Producing cost-effective and timely campaigns
  • Providing more value to your audience

 

  • Reaching the right people at the right time
  • Heightens Brand Awareness
  • Minimize expenses for the promotion campaigns and overall business
  1. Mixed realities

Mixed realities, the combined forms of Virtual reality (VR) and augmented reality (AR), transform how customers and sales reps communicate and interact. Basic examples for this are virtual makeup applications and Snapchat or Instagram filters. In order to come up with a mixed reality experience, you don’t need to stress about physical hindrances, but you will be needing artificial intelligence and cloud computing. This technology will reimagine how sales reps or agents can interact with customers more effectively by adding more visual value to their communications. Companies can suggest better solutions with the support of an immersive visual user experience.

Sectors that need the support of Mixed Realities

  • Construction
  • E-learning
  • Entertainment
  • Healthcare
  • Manufacturing
  • Retail
  • Sports
  • Tourism
  • Construction and Engineering
  • Training
  • Marketing
  1. Self-Service

Customer self-service portals have become an excellent section, as they enable customers to help themselves. Self-service technology puts a control power in our hands. It permits is to perform various tasks without needing the help of another human being and almost all of us come across self-service technology daily from digital touchpads that can take orders in restaurants to gas stations with credit card readers. Without any fair knowledge of technology, customers can easily browse through the knowledge base, use self-service tools, and contact customer support team if they want to know more details about products and services.

Benefits of Self-service

  • It boosts website traffic.
  • It advances agent productivity.
  • It leverages personalised information.
  • It decreases customer service costs.
  • It imparts new skills to customers.
  • It provides bigger customer retention
  • 24/7 availability
  • It heightens customer satisfaction

 

  1. Speech analytics

We can define speech analytics as a contact hub intelligence instrument that uses technologies such as audio analysis, data visualization, natural language processing and automatic speech recognition. It is widely used for automated surveys, letting customers respond to survey questions via call and extracting insights. Speech analytics can reveal keywords or themes that normally provoke certain feelings. With the support of speech analytics, companies can identify emotional signals, customers’ sentiments, and positive interactions.

Benefits of Speech Analytics

  • Identifying customer needs and interests
  • Offering personalized services
  • Understanding customers better
  • Supported training data and performance improvement
  • Provides feedback to fasten up sales
  1. Customer experience management (CXM) systems

For the past years, companies have been prioritizing the relevance of managing cuthe stomer experience and software firms have been working on creating a CRM software to help businesses handle their customers. A CXM system goes beyond managing CRM. With the ability to collect feedback and data from all customer touchpoints, it can provide a holistic view of the customer experience. CXM focuses on the listening part and hotels, airlines and F&B industry are realizing its value to customer experience. CXM is driving growth for companies such as retail, CPG, media, technology, healthcare, and financial services.  It can advance marketing campaigns, customer interactions, and website design.

Benefits of CXM

  • Better customer engagement
  • Higher customer retention
  • Improved crisis management
  • Increased brand equity
  • Reduced costs of service and marketing
  1. Customer data platform (CDP)

A customer Data Platform (CDP) is a set of applications that works together to develop a unified permanent customer database. It helps a business to get to know their customers more. CDP’s main function is to construct an integrated client database that can at the same time address multiple downstream problems. This database will have an access to other applications. Data gathered from various sources is cleansed and merged to provide a comprehensive consumer profile. This data is subsequently accessible to other marketing platforms. With the support of the insights from the CDP, companies can predict customer behaviour and perform a host of tasks based on data.

Benefits of CDP

  • Eliminating data silos
  • Ensuring data protection and privacy
  • Increasing operational efficiency
  • Customized communication
  • Systematize processes
  • Come up with time-suitable marketing messages
  • Heightens customer engagement

Conclusion

The above digital technologies can play a key role in the process of customer experience optimization. By leveraging these ten technologies, companies can improve their interactions with customers and enhance their customer experience. Nevertheless, companies should be aware of the appropriate technologies that will be able to reach and engage their target audience for their every promotion, since every type of promotion needs unique channels. And also companies should ensure that they have properly implemented these technologies for getting better results.

 

10 Steps to Become a Unicorn Company from a Start-up!

Unicorn startups are well-respected in the world of business. Becoming a successful unicorn needs several factors – customer-friendly branding techniques, a unique business model, growth-driven strategies, and on top of these, a unicorn refers to a start-up with a valuation of $1 billion or more, and so on. All over the world thousands of new companies come up with new services or products every year. However, most start-ups fail due to poor strategies and outdated business models and only a small percentage of start-ups could become unicorn companies. The fact that a business has only a 0.00006% chance of transforming into a unicorn, can be really challenging. If you want to give your company unicorn status, it’s important to be aware of how your products or services will make a better world. In this article, let’s see 10 steps you should follow to become a unicorn company.

  1. Specific Target Audience

More than 60% of unicorns depend on a B2C business system. These companies provide reasonable and latest products and services to everyday consumers. To become a unicorn company, create products or services that consumers want for their essential needs and discover ways to identify the specific target audience for your products or services. Every unicorn in the world offers a strong value proposition or a promise of how its products add value to the needs of customers. If you want to stay in the game, understand who your specific target audience is and how you can add value to your products for them.

  1. Introducing New Technologies

In the past two decades, all venture capitalists focused on investing in high-tech industries based on the basics of digital life.  This is the right time to introduce new technologies based on the advancement of digital life with more advanced technological features in fintech, industrial tech, health tech, mobility tech, digital commerce, and entertainment and media. Hi-tech is now influencing several verticals that make human life better. The better technologies you introduce the better unicorn you can develop. In a recent survey, it was said that roughly 90% of unicorns are software providers. May it be CRM systems, cloud computing, or any business software, all these leveraging technologies improve businesses dramatically.

  1. Solve Existing Problems

Products that solve existing problems will naturally gain customers. Every brand is a kind of service to the human race if we understand the nature of business in detail. Hence, every problem can inspire you to start a business. If your product can solve big problems that your competitors cannot, you have identified the right strategy that can make your brand become a unicorn. After solving the problem initially, you may continue advancing the features of your product by adding some elements that customers need. A perfect example of knowing their target audience is Canva. Its products were able to solve real and present problems and they have delivered the perfect product to the right customers. Canva taught us that if your product was able to solve big problems, by the time you launch, you will surely have ready audiences that will surely care about your business.

  1. Unique and Disruptive Business Model

Nowadays business disruption is the most effective business model that will become unicorns because it pertains to innovation in an industry that drastically affects the way it functions. Disruption refers to business innovation that fundamentally transforms the way that the industry or market functions. Every disruptive business provides simple yet creative solutions and cons-effective solutions that meet customer needs. Discover a new business disruption to develop a unicorn company.

  1. Secure Funding

Securing funds is an indispensable part of every start-up. And a unicorn’s value is often based on how venture capitalists and investors see themselves develop and grow from it. This is where longer-term forecasting comes in. As a start-up owner, you must know how you can secure proper funds to ensure the perfect functions of your company. Especially for start-ups that have a goal of becoming a unicorn, having sufficient funding is the most important step. There are various funding solutions available now.  You may choose wisely to make your company become a unicorn in the long run.

  1. Growth-driven Strategies

To develop your company as a unicorn, you should establish growth-driven strategies and set a long-term vision for your company. A growth strategy is an action plan that could help a company to grow continuously. Most unicorns have a clear vision and have achieved growth by obtaining tested validated sales channels and marketing strategies.  If a company applies the strategy appropriately, the company may acquire a huge number of customers and it will increase sales and revenue over a specific period. Growth-driven will unleash exact, quantifiable, and focused development to become a unicorn company from a scratch. 

  1. Hire the Right Talents

To build up a successful start-up, you need a strong team with the right talents that will help drive growth. It is important to hire employees with not only the skillsets you need but also the same values you are looking for implementing your company missions applicably. Keep in mind that the employees with the right talents will be able to forward your company to the next level since they want to provide the best to attain the next level in their careers.  If you will hire and lead people who are in on the same page as yours, then you’ll be able to join forces more effectively and reach your goals. 

  1. Business Relationships

Building relationships and establishing a strong rapport are two if of the most important aspects of developing a successful unicorn and these can be useful also during the trial-and-error stage. Having a strong business network will support companies to find suitable business partners, potential clients, and all types of investors. Developing a strong rapport with various business innovators and leaders can be highly beneficial for start-ups since new companies can gain valuable business insights from these business legends.

  1. Branding and Marketing

Many startups fail to capture their place in the market since their branding and marketing departments don’t perform well. Establishing the brand identity of your company and developing a detailed and long-term branding and marketing strategy will make you go on the right path. Once you have established a powerful image of your brand, you can start executing a marketing strategy based on your target audience. An excellent product concept can give a convincing reason for people to go for your product or even change preferences based on their status quo and market alternatives. 

  1. Scale Your Start-up

Scaling a business requires planning, some funding, skilled employees, enhanced processes, the latest technologies, and long-term goals. Scaling a business with the right sales and marketing strategies will support your company to become a unicorn company since it gives you a clear picture of building an accurate strategy that outlines key milestones. It can also align your short-term and long-term goals so that you can gradually reach the status of a unicorn.  

By having a large and untouched market with a fascinating value proposition, a quick word-of-mouth can be prompted which leads to attracting more buyers and potential clients then becoming the choice of the majority, and then eventually, passing the scalability test.

Conclusion

There is no exact formula to develop a unicorn company. However, the above steps and examples can help your company forward to the next level. If you want to stay competitive in your business model, you need a strong understanding of what your business concept is. Once you develop a powerful solution to address the existing problems and scale up, you will set a new path to reaching unicorn standards.

Top Artificial Intelligence Trends to Capture the Global Tech Market

Artificial intelligence is the hottest technology in the global tech market. It has transformed the corporate world with innovative processes and gadgets and made everyone’s life more convenient. AI models provide the world with autonomous systems, cybersecurity, automation, RPA, etc. With artificial intelligence trends to boost productivity and efficiency, tech companies are changing the way we live. This article will help you to understand the power of artificial intelligence by explaining the current trends and the following are the top artificial intelligence trends in 2023 in the tech market:

Predictive analytics
Predictive analytics is the most important trend of artificial intelligence since it is highly helpful for better business and market research. It has gained a number of attention in recent years in the areas of machine learning and big data. With the support of data, statistical algorithms, and machine learning techniques, companies can make decisions for future outcomes. The key theme of this technique is to utilize the trends of the past to provide the best in the future. This trend has captured the attention of business analysts and market experts.

Embedded Application (EA)
The essential attributes of Embedded Application are fault tolerance, real-time, reliability, portability, and flexibility. This AI software application perpetually resides in a consumer or industrial device. This AI-based software and is programmed to have a special function in a device with a specific purpose that must meet size, time, energy, and memory constraints. There are different types of embedded systems in various gadgets and devices such as smartphones, digital cameras, digital wristwatches, embedded medical devices, and sensors. Embedded systems are transforming our lifestyles by creating newer opportunities and challenges. This is one of the best AI trends to follow if entrepreneurs want to play well in the tech market.

The Metaverse
Metaverse is an immersive virtual world in which everyone can work, play, live, transact, and socialise, enabled by the practice of mixed reality (virtual reality and augmented reality). Here, users are linked to their avatars or other digital illustration and the information gathered about their activities is personal data, which is accountable to data protection and privacy laws. It is the next evolution of the digital world, facilitated by multiple technologies including blockchain, artificial intelligence, smart objects, and edge computing. In a recent market study, the Metaverse Technology market had a valuation of $32 billion in 2021 and is possible to become $224 billion by 2030.

In the next decade onwards, the Metaverse is likely to provide the most incredible business opportunities to make the world evolve with innovative business concepts. Furthermore, a number of remarkable technologies are introduced for taking place within the Metaverse that could provide innovative business opportunities. Companies can enter into the Metaverse trends that are going to make our life prosperous in the future.

Security and Surveillance
A new level of security and surveillance has also become one of the best trends in artificial intelligence technologies. Surveillance technology is a software useful for monitoring activities, behaviour, and handling information. With video surveillance that combines biometric authentication using face and voice recognition with automated image analysis, we could more accurately identify objects. With the support of video capture and analysis software, we can help secure large public and private spaces by spotting potential threats. Companies may focus on this trend to protect every organization with the security and surveillance techniques of AI. It is said that this year, the global surveillance technology market had a valuation of over 130 billion U.S. dollars.

Manufacturing
Manufacturing has changed and entered a dynamic phase. It has promoted innovation and productivity in today’s economy and a global transformation is in progress to authorize manufacturing with AI.  AI plays various roles in manufacturing sectors. For example, automated production control is used to monitor equipment and check for quality control. AI-powered inspection is used to control the suitability of components for assembling cars and to sense product defects on the conveyor. In manufacturing, AI also plays a major role in using technology to automate multifaceted tasks and unearthing formerly unidentified patterns in manufacturing processes.

Fintech
It is a must for any financial industry to ensure its traditional priorities such as the speed and accuracy of transactions, the prevention of errors and abuses, the preservation of data privacy, and the responsibility for the confidentiality of transactionsThe fast growth of Fintech in several sectors has created many benefits that include:

  • The key benefits of vendors are faster processes in accessibility and loan approvals. On account of a quick and hassle-free process, users become more adaptable to this new fast-paced technology.
  • In a one-stop platform, users can enjoy a very easy payment method and feel a better experience whenever they process different types of payments from various devices such as smartphones and tablets.
  • Several latest systems depend on chatbots and robot advisors to help users understand their finances. As Fintech comes with a very low-cost option, customers get more useful functions.
  • Fintech is powerful software that is very helpful for companies to collect payments accurately. It also helps everyone to know their updated account status.

It is predicted that the Global Financial Technology market will grow progressively and is expected to reach approximately $324 billion market value by 2026.

Healthcare
There is an improved uptake of AI technologies in the healthcare sector and the efficiency, accuracy, and convenience of AI in the healthcare sector played a big part in the driving factor for its growth in the global technology market. Artificial intelligence has already proven that it is a great boon to healthcare providers since it could facilitate care more efficiently and allow patients greater access to safe medical care. It will transform many aspects of patient care together with the related administrative processes. The potential benefits of artificial intelligence in the healthcare market are enormous as it:

  • Develops healthcare sectors with more trustworthy methods.
  • Provides patients with medical records of all communications and prescriptions.
  • Offers a great deal of transparent communication related to patient billing.
  • Allows healthcare professionals to access the patient’s data easily.
  • Provides data which that cannot be altered by anyone.

AI and IoT
Artificial Intelligence and the Internet of Things have provided magnificent changes in today’s business environment. When we connect any internet-connected devices with other gadgets wirelessly, the gadgets in this system can transmit and receive data from each other. With the support of IoT, workplaces and modern management have become smart with various hands-on facilities. It also supports companies to reduce operational costs and enhance overall efficiency and productivity. As IoT comes along with blockchain technology, companies can advance IoT industry processes to protect communications, modernize the software, and monitor usage and functions on the whole.

The AI in IoT market size is said to grow to 34 Billion USD in 2027 and the growing need of refining the human-machine and machine-to-machine interaction across households, healthcare and transportation activities will fasten the growth of AI in the IoT market for the coming years.

Conclusion
Artificial intelligence is capable to transform any type of organization. It has the key to unlocking a digital world where we can make more informed decisions based on data. The domination of AI affects every sector, from manufacturing to finance, bringing about never before seen increases in efficiency and productivity. Since every sector starts experimenting with this technology, the trends of AI keep evolving. Embrace AI, the benefits of AI to business are immense if used wisely.