Digital Transformation
In the business community, there are many inventions which companies are introducing every day, and buyers attract to them because they want to try new things in the market. This is the time of comfort, the era of innovative technologies. Everyone believes in smart work rather than hard work. This is why business owners should change their business terms and work style according to the new digital inventions.
Now the selling and buying procedure is digital; review procedure is digital, services are digital and faster to give easy access to the buyers. These things demand digital transformation in the business. (What is Digital Transformation and Why it is Essential in Today's Rapidly Changing Marketplace? , OpenClassrooms Team, May 04 2020)
The digital transformation marketplace helps the business owners to reform the digital transformation in their business. They help them in using new technologies, set up new inventions. These transformations increase the revenue ratio of the business. The current situation demands digital transformation in the business; as everyone noted that in this COVID-19 pandemic, the companies who are working under the digital transformation collected massive revenue in this lockdown because people were bound to their homes. They need easy access to companies with good products and comforts. (How can your company benefit from digital transformation? , Sandra Melo, March 15, 2018)
Small business owners and minority businesses can take the help of the digital transformation marketplace for getting benefits. There was a drawback that small business owners only invest 1.9% of capital in the digital transformation. These things push them back in the market. (How can your company benefit from digital transformation? , Sandra Melo, March 15, 2018)
Benefits:
- Increase Productivity Business digitalization helps in the increase of productivity. The production ratio is increased and it also increases the revenue rate. Digital transformation can be your best tool to grow the business according to your desire.
- Reduce Operating Cost It reduces the operating cost by up to 20%. It is a huge difference, it helps in easy operating of the system and management with very less cost.
- Strengthen and enhance your brand For many businesses, digitization implies a greater fluency of their internal processes and gives the organisation a competitive advantage in the market.
- Open new market possibilities Digital transformation will help minority businesses and other businesses to open new market possibilities. Digital inventions help them to grow their selling rate in the market. Digital communication strategy can open a new door for the business owners in the market. It will help them to grow the business.
References
- What is Digital Transformation and Why it is Essential in Today's Rapidly Changing Marketplace? , OpenClassrooms Team, May 04 2020 https://blog.openclassrooms.com/en/2020/05/04/what-is-digital-transformation-and-why-it-is-essential-in-todays-rapidly-changing-marketplace-part-1-of-3/
- How can your company benefit from digital transformation? , Sandra Melo, March 15, 2018 https://mydatascope.com/blog/en/how-can-your-company-benefit-from-digital-transformation/
- https://dictionary.cambridge.org/dictionary/english/minority-business
