Digital economy: how to let your business survive and thrive

Digital transformation has exploded in the last few years. We can’t deny that the pandemic helped speed this up as businesses needed to act quickly to ensure they would survive. The changes involved revitalizing and reinventing existing service models and replacing them with digital alternatives overnight, often long overdue.

Now we’ve all had a chance to breathe; it’s time for businesses to consider how they move forward regarding service excellence. This includes how to spend budgets in a future-friendly way and how to not just survive but thrive in today’s digital economy.

Reassess and readjust

Digital is all about progress and evolution, and we’ve seen exponential growth in a relatively short space of time. To keep up, businesses need to look at their current setup and compare this alongside consumer demands. They should assess which service chains and processes are crucial at all times and which need to be a focus. Similarly, organizations need to understand the current state of their IT infrastructure and whether it is compliant before making any decisions.

To achieve the maximum impact without breaking the bank, careful planning and consideration of cash flow should be prioritized. Nevertheless, it is possible, when calculated correctly, to meet the market situation and demand while also seeing the benefits of constant profitability.

Embrace flexibility while securing accuracy

 For a business to succeed in today’s digital service economy, those at the helm must understand the importance of strategic and operational excellence across the board. This is called Enterprise Service Management (ESM).

To be successful within ESM, organizations need to put emphasis on knowledge management as employees having access to this can revolutionize business performance when it comes to service management. That said, to reach this point, businesses must have a handle on their data. And that needs data management.

Get in the know about your customers

Organized customer data can be like gold dust. Putting in place a centralized system that is accessible to all gives businesses a competitive edge. When all data is in its designated place, businesses will save time and money.

Giving customer care teams access to standardized and automated IT service management processes means they can provide a more tailored service to clients, who will, in turn, appreciate the speed and efficiency. And let us not forget that making data unified across the businesses will also support other departments such as IT, HR, finance and more.

Invest in AI

AI is another way to support business growth in the digital age. Incorporate Artificial Intelligence (AI), which will help businesses reach the next level of digital integration and manage data across multiple departments simultaneously. For example, AI integration can offer semantic analyses to determine similar content – reducing duplicates, freeing up space and making the right data available faster.

As digital transformation becomes ever more important, it makes good business sense to look to the future while being aware of the current financial implications. However, to be successful, businesses must consider all angles and use their resources. By making the most of the data available to you, your business can achieve operational excellence and thrive in today’s service economy.

 

Dirk Martin

Written by Dirk Martin

CEO and Founder of Serviceware SE


Related posts

Subscribe for our newsletter and we'll keep you up to date!

I am interested in the following topics: