4 Reasons Why You Should Prioritize Digital Innovation Strategy

Businesses who fail to align the technology with their business model will be quickly surpassed by more knowledgeable competitors. Smart company executives should always think about how combining technology in business model might help them stay relevant and bring value to their companies.

The use of digital technologies and applications to improve company operations and worker performance, improve customer experience, and launch new goods or business models is known as digital innovation.

Here’s reasons of why you should prioritize DIS!

Customer Expectations

Of course, customers put a high expectation for customer experience. It includes application’s usability to how you connect with employees. Providing a great customer experience in business means that you are prioritizing digital innovation as well.

There is little doubt that brands must be proactive in responding to the shift in how customers interact on a regular basis

Improving customer experience will have good effects to your business, such as better brand loyalty and customer retention, higher revenue from repeat sales, also increase customer lifetime value.

Data

First thing first, to increase customer satisfaction, you need to ensure the data that customer provide, and the analytics are the core of digital innovation strategy. These days, businesses have more access to look on the customer data, which as a result they are able to transform data and its analytics into valuable insights.

Digitization is the process of moving from an analog to a digital format, also known as digital enablement – Gartner

The first thing indeed requires companies to understand the value of the customers’ data that it controls. Meanwhile, business leaders who embrace digital innovation will surely help them to make better business decisions.

Employee Productivity

Digital innovation can also function in improving employee efficiency by automating process. As a result of remote working, many firms' digital transformation activities have accelerated. Approximately 88% of companies have made it essential or strongly encouraged their workers to work from home.

Providing employees with access to required data, will make a better understanding of a target audience and a better customer experience

In line with that, working from home is more productive for 77% of remote employees. A survey suggests that organizations that were able to quickly transform to a digital work model had benefits such as higher productivity and access to a global workforce.

Security

Cyber-attacks have increased tremendously as organizations move to the cloud, meaning that companies must use technology to better their security and to prevent business failure. The 451 Research Group show that cloud computing is now used by 90% of businesses for some of their services.

Providing employees with access to required data, will make a better understanding of a target audience and a better customer experience

Cybercriminals are becoming more sophisticated, and businesses that fail to transform into digital will pay a high price as they need to keep up and keep improving their security with technology.

Conclusion

Despite the instability of the past years, the future will remain unpredictable. Because they've made it this far, organizations can now attempt to profit from the uncertainty by embracing various digital tactics and determining which software programs are best for their business model in order to keep on track.

Any company that wants to be successful in the long run should embrace digital innovation.

Get more information about Digital Innovation Strategy only on Multimatics!

Reference:

Cooper, Z. (2021, February 24). Five reasons why digital transformation is essential for business growth. IT PRO. Retrieved January 4, 2022, from https://www.itpro.co.uk/strategy/29899/three-reasons-why-digital-transformation-is-essential-for-business-growth

Erdem, S., &; Aktas, M. (2021, June 11). What is Digital Innovation and how do you achieve it? UserGuiding. Retrieved January 3, 2022, from https://userguiding.com/blog/digital-innovation/

Szabelski, K. (2021, August 23). The difference between Digitization, Digitalization & Digital Transformation. ITProPortal. Retrieved January 4, 2022, from https://www.itproportal.com/features/the-difference-between-digitization-digitalization-and-digital-transformation/