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It is evident that tech transforms how a business operates, and business growth is the aspiration of any business. A family business is built with the intention of the company surviving generations. Changing business activities while embracing tech is one way to ensure that your family business remains afloat for years to come.
Automation
Automation is a crucial aspect of digital transformation. This is because it allows companies to eliminate repetitive tasks and tasks that are not essential for the organization’s success. In addition, it reduces time spent on non-value-added activities. This will allow organizations to focus on maximizing their value-add activities.
Cloud Computing
Cloud cost optimization is a crucial aspect of digital transformation. This is because it allows organizations to access and utilize their data, information, and applications from anywhere. Consequently, cloud computing will enable companies to reduce their cost of operations while increasing the speed of their operations.
The Customer experience management
Customer experience management allows companies to promptly provide the right products and services to their customers. In addition, it enables organizations to manage their customer relationships and interactions. It will also allow companies to understand their customers’ needs and expectations better.
Data analytics
Data analytics empowers organizations to gain insights from data to make more informed decisions about the future of their businesses. Data analytics can be used for forecasting, decision making, efficiency optimization, cost reduction, and maximizing business value. Therefore, data analytics will enable organizations to act quickly to meet their customers’ needs.
Digital Transformation
Digital transformation is making a business more efficient and effective by using digital tools and technologies to transform business processes. According to the McKinsey Global Institute, digital transformation is necessary for long-term growth. The report notes that digital transformation will be critical for continued growth in the next few years.
According to a report by Gartner, businesses that can embrace digital transformation can grow at twice the rate of their competitors. The report notes that companies that embrace digital transformation have an average annual growth rate of 18 percent compared to 7 percent for companies that do not adopt it. This is because they can leverage the power of technology to enhance efficiency and effectiveness. The report notes that the benefits of digital transformation include:
Digital transformation requires a shift in thinking and mindset. According to a study by Deloitte, 80 percent of companies that have transformed their business models were able to do so because they shifted from an “in-house” mindset to an “outsourcing” mindset. This enabled them to develop new skills and capabilities, which allowed them to be more efficient and effective in their operations.
Digital transformation does not require a significant overhaul of an organization’s infrastructure. Instead, it involves making small, incremental changes to ensure that the business can take full advantage of the benefits offered by digital technologies. These changes include:
Business model transformation
Business model transformation refers to transforming an organization’s business model and processes to maximize profitability through digitalization and automation.
Value creation
Value creation creates new or enhanced value by utilizing digital technologies and information technology (IT).
Operations transformation
Operation transformation refers to changing how an organization manages its processes, people, information, and data to achieve faster results with reduced costs. The process will involve automating repetitive tasks and tasks that are not essential for the organization’s success.
Enhance Communication Using Tech
1. VOIP
Voice over internet protocol (VOIP) is a technology that allows phone calls to be made by using the internet instead of traditional phone lines. This will allow businesses to save money on their telephone bills and reduce their carbon footprint.
2. Virtual Calls and Meetings
Virtual calls and meetings will allow businesses to conduct business from any location without being physically present. Virtual calls will save companies time and money and help increase customer satisfaction.
Remote Access
Family businesses can access their office computers and other devices via the internet using remote access software. This will allow companies to use their computers regardless of where they are located, saving them the costs of paying for a computer technician or IT specialist to fix or upgrade a device.
