March 2021 - Wright Business Technologies

Digital Transformation: What to Look for in 2021

For the past several years, business change has been astronomical and marked by advances in digital technology.

In the last year, digital transformation has been marked, a more progressive form of digital technology that has quickly infiltrated nearly every department and system in business, making operations and communication run more quickly, efficiently, and remotely.

What Is Digital Transformation?

The origins of digital transformation can be found in its relatively young ancestors: digitization and digitalization. Yes, those are two different words.

Salesforce, a leading CRM platform for businesses, describes digitization as the move from analog to digital.

From letters to email.

From snail mail and the fax machine to digital scanners and PDFs.

Digitalization came next when businesses began utilizing the fact their data was now stored electronically.

Digitalization was not a huge leap in digital technology, rather it was a move toward using what digitization had put in place to perform simple tasks like organizing computer files and data on customers.

While digitalization allowed businesses to maintain their current systems more efficiently, digital transformation came along to change those systems altogether.

Digital transformation has exploded in the last few years with artificial intelligence, cloud computing, Big Data, cryptocurrency, and other industry game-changers.

Digital transformation is the process of taking your business to the next level, or a different one altogether, depending on your needs, goals, and how existing and future technology can support them.

Digitization and digitalization laid the foundation for businesses to streamline and organize their communication and data. Digital transformation allows businesses to use digital technology to completely change how they do business and grow their efforts at an exponential rate.

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Why Does Digital Transformation Matter?

If your business isn't focused on digital transformation, especially in 2021, you might want to reassess your priorities.

Digital transformation sets the competition apart in any industry. It is what allows companies to market more directly to their target market, process sales more efficiently, capture and keep track of their data, and pinpoint strengths, weaknesses, and where their business is headed in the future.

Digital transformation is where the money is. The IDC's Worldwide Semiannual Digital Transformation Guide predicts $1.97 trillion will be spent on digital transformation in 2022.

A study by The Economist and DXC Technology found that 68% of senior executives have seen an increase in profitability in the last three years due to digital transformation, and 74% predict there will be a rise in profitability due to digital transformation.

Digital transformation is a train that's moving quickly. If you don't get on it, you'll be left behind.

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Digital Transformation Trends for 2021

It's that time of year where tech industry experts are all weighing in on their 2021 predictions for technology, and digital transformation is something they're all talking about.

You will see many different predictions and opinions out there, but most experts agree that the following will be big for digital transformation in 2021.

AI, or Articifical Intelligence

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AI, or artificial intelligence, is already utilized by many businesses for customer-facing endeavors such as online chatbots. Still, AI in 2021 and beyond will be making a big difference in-house as well.

Information Age predicts companies will be using AI more for their own marketing efforts to analyze data and streamline production. Different industries will utilize this technology in different ways. For example, the medical industry is predicted to use AI to help diagnose patients and determine the best treatment plans.

Analytics

Forbes goes so far as to say, "Companies that still aren't investing heavily in analytics probably won't be in business in 2021."

Analytics are crucial for any business to grow and thrive today. Using data to analyze customer needs and trends is incredibly useful and necessary for growth.

Data analysis can also track trends within your business and industry and identify problem areas and growth opportunities. Using data critically through thorough analysis will continue to be the backbone of any business utilizing digital technology this year.

5G

Wireless and cellular speeds get faster every year, and 2021 will be no different.

5G, the fifth generation of wireless technology and cellular data, became widespread in 2019 and is now standard with major carriers like AT&T, Verizon, and Huawei.

In 2021, 5G will be even more prolific and, therefore, necessary to keep business up to speed. As ACPCs (always-connected PCs) become more prevalent-a trend predicted by Forbes-we will likely see ACPCs with 5G capability.

Managed IT Services

Managed IT Services is a solidified "trend" by now, but many of them are upping the ante for 2021.

According to The Enterprisers Project, IT services are now big players in the mergers and acquisitions game, acquiring engineering and digital marketing firms to increase their offerings to clients. When CIOs are on the hunt for the right Managed IT Service for their company, they will find the competition to be even steeper than before. Still, they will also be pleased to find more departments housed under one roof, leading to more digital transformation opportunities.

Digital transformation is transforming businesses all over the globe. We'll be closely watching what happens in digital technology this year, and we hope for the sake of your business, you will be too.

To learn more about Wright Business Technologies and how we could support your digital transformation in 2021, contact us here.

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Make your business run better and more efficiently with five modern solutions to crucial business challenges.

Why Information Technology (IT) is Important for Business

Information technologies (IT), such as computer equipment, servers, and productivity applications are the tools of modern business.

No matter what industry your business might occupy, IT will play a crucial role in how your business operates and runs on a day-to-day basis. It is almost impossible to imagine a profitable company that operates without basic IT such as computers and internet connectivity. Many consider such basic IT tools to be essential for doing business in today's world.

5 ways technology is crucial for your business today:

E-commerce

Collaboration

Cybersecurity

Customer Service

Happier Employees

5 ways technology is crucial for your business today:

1. E-commerce

To succeed, businesses must proactively meet customers where they are. In the past, that meant building a brick-and-mortar building in an advantageous location. If your target audience was in the mall or in a central urban location, that's where you had to go.

Today, consumers are online. That's not to say that traditional means of doing business in person aren't important. Rather, the internet has become another essential space for businesses to reach clients and consumers and transact goods and services. This is known as e-commerce.

It almost goes without saying that any businesses operating today will need a presence on the web and on social media platforms such as Facebook, Yelp, Twitter, LinkedIn, TikTok, and others.

Some would argue that a strong web presence for your business is even more important today than having a brick-and-mortar office. And it's not just for consumer-facing businesses. Global business-to-business (B2B) eCommerce sales reached over $6.6 trillion during 2020, surpassing business-to-consumer (B2C) valued at $3.2 trillion.

In order to build a strong web presence and e-commerce operation, you will first need to develop an effective IT strategy, build-out IT infrastructure, and work to collect and analyze enormous reams of digital information, or data.

The benefits of e-commerce are obvious - increased market reach, increased responsiveness to consumer demands, and decreased investment costs associated with owning and maintaining a physical brick-and-mortar location. However, making the jump to a seamless e-commerce operation is no easy task, and can only be accomplished with the help of knowledgeable IT experts.

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2. Collaboration

America as well as the rest of the world engaged in a massive experiment in remote work during 2020 and into 2021. As a result of the global COVID-19 pandemic, millions of people around the globe shifted and learned to work and collaborate exclusively through new digital tools designed exactly for such a scenario.

From Skype to Zoom to Microsoft Teams to Slack and innumerable other collaboration applications and software, the past few years have seen a blossoming of technologies designed exclusively to streamline and digitize how we work together.

Not only has this blossoming of digital collaboration technologies and tools allowed businesses to continue in spite of pandemic-related shutdowns and social distancing, but it will also have long-term effects on how we communicate moving forward.

The truth is, work now happens at all hours of the day, every day of the week. If you have ever checked your email during the weekend, or on vacation, you have engaged in work. Digital collaboration and communication tools not only make it possible to work while you are away from the office, but they also make being productive easy and seamless.

Businesses that want to stay competitive should implement tools, technologies, and technology policies that enable this new paradigm of work through digital means.

Collaboration no longer only happens in the office, but now occurs in digital spaces as well from chat rooms to email chains to shared servers.

If you want to supercharge your business, investing in the technologies and tools necessary to facilitate collaboration everywhere and at any time is an absolute must.

3. Cybersecurity

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With the growth of e-commerce and digital collaboration also comes new digital threats. The dark side of the internet revolution is that the very IT tools and technologies that have sparked massive growth in innovation and business output can also be used by malicious actors to cause enormous harm.

Today, the biggest security threats to most businesses aren't burglars or arsonists; rather, it's cybercriminals and hackers.

According to the Official Cybercrime Report published by Cybersecurity Ventures, cybercrime will cost the world US $6 trillion annually by 2021, up from US $3 trillion in 2015.

The damage caused by such malicious cyber-attacks includes data theft and destruction, financial theft, downtime resulting in lost productivity, intellectual property theft, the compromise of personal information, embezzlement, fraud, identity theft, extortion, and reputational harm.

Sixty percent of businesses will go out of business within six months of being victimized by hackers. Yet, according to many studies, most businesses are ill-prepared to deal with this new era of cybercrime and cyber attacks.

To survive and thrive in the internet age, security must be a top priority for all businesses. Not only will protecting and hardening your enterprise against potential cyber threats and data breaches make your business more resilient, but investing in cybersecurity will also protect your business's reputation with clients, customers, and business partners alike.

4. Customer Service

Customer service is perhaps the most important engagement point between your business and customers. It's the best way to make a sale, turn around a sale gone wrong, build trust, and earn a customer for life. Nonetheless, so many businesses get customer service wrong.

The best way to build a great customer service system is by leveraging the latest technologies. Forget about call banks and call centers. Instead, businesses need to build a responsive, real-time customer service infrastructure that not only engages customers directly but can also collect and analyze important pieces of customer information and data.

There are a number of IT tools and technologies that can be implemented to build a world-class customer service experience beyond traditional call centers.

These include:

Realtime chatbots

Customer relationship management (CRM) software and technologies

Website & E-commerce platforms

Self-service FAQ and support information

Face-to-face digital conferencing

Omni-channel service

Responsive social media service

Virtual assistant technology

Deep customer analytics

Digitization of human interactions

5. Happier Employees

Happier employees make for a better bottom line. That's because happier employees are more productive, stick around longer, and create a better workplace culture (in and out of the office) which generally results in even greater productivity and innovation.

Ignoring employee satisfaction comes with all the opposite effects and can truly kill a business from the inside out. Unhappy employees aren't productive, turn over rapidly resulting in increased hiring and training costs, and tend to spread their misery far and wide. Needless to say, keeping your workers satisfied can pay enormous dividends and drive long-term business success.

Technology can help your company identify management and incentive strategies that work effectively to improve employee morale and maintain optimal levels of worker satisfaction and productivity.

For example, more and more businesses today aren't just putting out a "suggestion box" and hoping for productive feedback. Instead, businesses today can utilize a variety of proactive technological tools and channels from anonymous surveys and employee engagement software to individualized employee goal-setting applications.

Sophisticated enterprises leverage technology to retain talent and identify staff issues before they metastasize and harm their company cultures.

One great way to keep employees happy and engaged is to utilize new collaboration tools and software, such as Zoom, in order to allow willing employees to work remotely. According to studies, remote workers are happier, stay in their jobs longer, and work more hours than onsite employees.

Got Tech Dreams?

Information technology tools are constantly evolving and changing. Together with the complexity of modern technological infrastructure systems, it can be difficult to get your business's IT up to speed. Leverage technology to your advantage and stay competitive in the marketplace by partnering with a managed services provider (MSP). A Managed IT Service provider can take care of all your IT needs, from IT infrastructure to security and malware to ensure that your business stays in the running and at the top of your customers' minds.