How Technology Adds Value To Your Business
In this article, we discuss How technology adds value to your business. Technology has become the watchword of this century. Companies that accelerated their business models to a new technological trend were able to win market battles and meet a new profile of digital consumers.
Many other companies that had outdated technologies and understood the need for an update increased their sales, reduced costs, and, in some cases, found new segments to operate.
There are countless examples of organizations that, during the Covid-19 pandemic, structured the digitization of their businesses as a means of survival.
What Is Comprehensive Communication?
A comprehensive communication strategy ensures brand consistency across channels and aligns communication with business objectives.
Consider who the target audiences are and how and where they should be involved to move the business forward. Comprehensive communication helps organizations efficiently and effectively deliver:
The right message: What information and statements are important for the organization to share? What business objective does communication support?
To the right audience: Who should get this message? Why is it relevant to them?
From an appropriate tone: Who is the most trusted spokesperson to convey this particular message to this particular audience? (eg, CEO, social media brand ambassador, front-line employee, etc.)
At the right time: How will the organization know when to show up at the exact time this audience do you need to receive this message? How does your involvement at that time support the business?
In the right channel: Which channel is most effective for this audience to receive, trust, understand, and interact with this message?
Answering these questions requires companies to stay abreast of what is happening within their organizations, industries, and communities. That way, they will know how to stay relevant and engage stakeholders effectively.
Comprehensive communication enables organizations to convey a consistent message across channels to support business objectives, create a seamless experience for stakeholders, and build trust and brand loyalty. Also, here are the benefits of sase.
What Would Have Been The Trigger For The Use Of These Technologies?
Fundamentally, the predominant factors to some extent and/or scale intersect in an objectification: value creation.
Well, companies that quickly understood that the good use of technology is an essential factor for sustainable growth, and in some cases, for survival itself, added value to their business models.
Creating value from collaborative technologies in any business model is based on three essential premises. The first is the constant review of the business model adapted to new trends and new segments.
The second is the structuring of a solid digital platform that reaches its consumers without friction. The third is innovation. We noticed that the most expressive technology companies knew how to strengthen their brands from a primary product.
Subsequently, they created value for their platforms, from an unfolding of other products and/or secondary segments.
Constant Review Of The Business Model Adapted To New Trends And New Segments
A notable example of this premise is the Alibaba Group, which has known how to successfully navigate new business segments since its creation.
From the exponential market growth driven by e-commerce sales, Alibaba’s leadership knew how to take advantage of the already facilitated ecosystem to structure a channel for payment methods called “Alipay”.
Later, as a result of the success among consumers of the product, “Alipay” was spun off and became the “Ant Group”.
Currently, the finance arm of Alibaba Group is one of the largest financial technology companies headquartered in China. Currently, the company has a market value of US$35 billion.
Structuring A Solid Digital Platform
When we think about creating a digital platform, we cannot forget that essential factors such as pioneering spirit, costs, strategic partnerships, and customers are cornerstones of a successful project.
The most engaged platforms in the world knew how to provide an efficient and facilitated channel for their consumers to sell their products.
We can exemplify this with the case of TikTok, which reached 800 million monthly active users within three years of launch.
For those who don’t know, TikTok is part of the ByteDance group, valued at around US$78 billion in just seven years since its foundation.
ByteDance gained prominence in the Chinese market by pioneering a new era of video streaming and social media, based on a simple interaction model that allows its users to create and share short and creative videos.
The simplicity of its application’s interaction graphics, added to the ease of recording new videos, made the platform reach millions of users in just a few months.
Finally, we cannot lose sight of the main driver of any technological base: innovation. Entering segments with products and services with considerable technological advances and/or creating new market niches, based on unprecedented technology, are true driving forces for market evolution.
The constant search for strategic partnerships, such as with logistics and e-commerce companies, or the increment of innovative features that make the consumer’s life easier (such as the Amazon instant purchase button) bring the purest concept of innovation into the hands of consumers.
In this regard, Alibaba is highlighted once again. During the pandemic, the company created a business model to empower companies and digitally transform their businesses through its know-how in the areas of analytics, technology, and operations.
New business development has made Alibaba one of the most valuable technology companies in the world, with an estimated market value of approximately US$455 billion at the end of the fiscal year 2019.
In addition, during the period of the new coronavirus pandemic in China, Alibaba Cloud identified new business opportunities within the disease monitoring and diagnosis niches.
Thus, three innovative and profitable solutions were implemented: the Epidemic Prediction Service, a solution focused on estimating peak periods, risk areas, and contagion;
Genome Sequencing Data Analysis, a solution that through artificial intelligence improves the analysis of the virus genome; and the CT Image Analytic Service, a solution focused on improving the performance of COVID-19 tests.
Fundamentally, technology has helped companies with many metrics for value creation.
It is possible to predict that, in a context in which global demand is increasingly moving towards a scale of digitized offer of services and products, companies that know how to deeply assess new market trends, through a constant re-analysis of their business models and a continuous search for technological advances will have the greatest competitive advantages.
That is, platforms that are increasingly responsive and enabling consumers will have more chances of overcoming the biggest nightmare of all contemporary companies: becoming obsolete.
Analyzing the data, it is clear that the organizations that achieved the expected benefits are those that followed a more strategic path, dedicating the time and resources necessary to transform the HR function and its service delivery model by implementing the new technology.
Among the main benefits expected with the implementation of a new HRMS, respondents said: better functionality, the greater added value from HR to the business, and speed of implementation.
“Today’s HR function can be a price center using outdated practices, or evolve to bring data- and evidence-based insights, make more intelligent strategic decisions, and add greater value to managing people and assets.
business results” added Mondelli. “This evolution will need that organizations go from knowing to doing what is required.
Strategies To Improve Customer Satisfaction
1. Understand customer expectations
You can’t expect to serve and satisfy your customers if you don’t understand and meet their expectations.
If you fail, there is a disconnect between customer expectations and your product or service, so take the necessary steps to overcome it. Talk to them, send customer surveys, and ask for their opinion.
It acts based on the feedback received. This will increase customer loyalty and encourage future feedback.
Is your feedback passed on to the right departments? How long can they wait for their problems to be resolved? These are some questions you should ask yourself to define and refine your customer processes.
2. Experience the journey yourself
The next strategy to improve customer satisfaction is to evaluate each point of the customer journey as if you were one of them.
There are several touchpoints where your customers interact before, during, or after the purchase. Why don’t you go through the background yourself?
Sign up for a demo, see how the process works, register a complaint, and evaluate the response time.
Once you know all of this first-hand, you will know which places need improvement. This will make your processes and operations more efficient, driving customer experience and satisfaction.
3. Connect with your sellers
It’s often overlooked, but you need to interact with your business team regularly and as needed.
They are the ones who are in direct contact with customers and know what the problems are. Use that data to fix any flaws you have in the customer journey.
It is also important that you trust and train your salespeople. Let them participate in the process and passionately solve customer problems. This will ensure employee engagement and reduce attrition.
4. Treat your customers well
One strategy to support customers and ensure their satisfaction is to treat them well.
You must attend them with respect, with the greatest attention and commitment. This has to be reflected in all equipment and processes.
Empathize with their problems. If a customer feels the website is unhelpful or difficult to navigate, have a live chat to get that feedback.
All customer-centric organizations strive to make their websites user-friendly and visually appealing so that they are happy.
We have for you 6 keys to good customer service.
5. Train your teams
Well-trained teams are better at managing and solving customer problems.
Trained customer service has more good records and significantly increases customer satisfaction and commitment.
6. Reduce waiting times
Longer wait times significantly lower the customer satisfaction index.
So it is the responsibility of the brand to include among the strategies to improve satisfaction the planning and hiring of support personnel.
Customers cannot be excused for high call volume, understaffing, holiday season, etc. You need to anticipate these situations and plan.
7. Offer multi-channel help
There can always be some small issues that your clients may have due to lack of supervision or some other reason.
Provide videos, documents, and all kinds of support material to solve small problems on your own.
Your customers will appreciate multichannel communication as it will help them find solutions quickly.
8. Listen to your customers
Listening to your satisfied customers as dissatisfied is another strategy to improve customer satisfaction.
Find out what works and what gets in the way of a great customer experience. Conduct customer satisfaction surveys using Customer Experience software and analyze the results, to see what areas need improvement and how you can achieve it.
If you survey customers but don’t act on their feedback, you won’t make them happy. Don’t lose your customers this way. Involve all your teams and work towards the common goal of raising customer satisfaction.
9. Build online communities
Building online communities is a great way to handle customer service, marketing activities, and address any customer concerns.
You can continuously do research on your products or services and inform the team to make changes and improve your strategies.
Communities are a great way to collect new product ideas, feedback on existing and future products, take surveys, polls, have a discussion forum, and get the insights you need.
10. Ensures employee satisfaction
Employee and customer experience are linked. Engaged employees are known to go the extra mile and improve customer satisfaction.
Another strategy is to reward the effort of employees, appreciate them and offer them a great work environment and enrich their experience, remember that internal customer satisfaction is also important.