Evolution of Business Process as an Impact of Digital Technology

Technology is always in a constant evolving phase. Speaking of technology, it is quite impossible to not detect the usage of digital technology in our modern world. Henceforth its impact is evident in every sector of our lives including in the area of business. In fact, it can be said that business processes has been greatly influenced by digital technology.

The emergence of advanced technology has made a significant impact in the way businesses around the world operates. Whether inclusion of a new technology in the business administration or establishing a new business process, the inclusion of digital technology has become staple.

Businesses around the world have been transforming drastically as a direct impact of digital technology. The latest digital technology has been offering highly advanced procedures that are rapidly providing businesses the tools to satiate vast need of external and internal stakeholders.

The transformation of business process in recent times has been on-the-go ever since the introduction of digital technology. It has dramatically changed the way previous operations and administration of business used to take place. However, transformation as a result of digital technology does not only mean the inclusion of new technology but, instead, also refers to digital transition in terms of thought process and business culture as well.

One of the major reasons why the inclusion of digital technology has been a rage in businesses across the globe is, it helps facilitate business growth and development with its innovation and creativity. There are several evidences that illustrate that digital technology has forever transformed business and the way it functions.

For example, social media usage among big or small businesses has become a mandatory operation in today’s world. In fact, as stated by the U.S. Chamber of Commerce, as much as 84% of small ventured businesses have been using at least one or the other digital platform in order to engage with the audience members.

This shift has impacted upon the traditional way of recruitment process in companies worldwide. It is in fact claimed by 62% of small enterprises that having the knowledge of media and digital skills is regarded as one of the major attribute that they look for in candidates.

Now, Companies located globally does not incorporate these procedures just for keeping up with the latest trend of technology. Consumers are the major factor why businesses have been going through this digital transformation. Consumers around the globe have ever changing needs and demands. The best way to satiate their needs does not lie in following regular, plain old business models or procedures. Instead, it heavily relies on the aspect of adopting new pattern and eventually transforming the primitive procedures into a new and innovative form.

We are at that stage where interaction and communication plays a key role in making a strong bond. Businesses as well in today’s world have utilized this aspect in order to make better connections with its customers. One of the major transformation that the business process has gone through in recent years is including better communicating platforms with the customers. This involves inclusion of instant messaging mobile applications as a means of company’s marketing strategy.

This transformation has taken place as result of the popularity of these mobile applications among the general public. In fact, as stated by the Economist, instant messaging apps are the most used applications among the users whereas a quarter of other downloaded applications are discarded after a one time use only.

One of the revolutionary transformation that the businesses across the world has went through as a result of digital technology is the level at which a company gathers knowledge regarding their target customers. Marketers constantly explore these data in order to make appropriate usage of it. These data collected are nothing if there are not expertise to process these collected data. Henceforth, another major incorporation that businesses around the globe has gone through is setting up a team of data analytic.

Another major change that has been included in the way businesses operate is the level of transparency. Traditionally, the business ethics and values of a company remained within the walls of the company and some external stakeholders. However, with time customers have become more and more active and as a result of which wants to know more about the companies that they are involved with.

This has shifted the company’s dynamic to a major extent. The gradual change in consumer behaviour of demanding more transparency from the company’s have forced the businesses to change their mundane pattern of functions.

It has become essential for companies to incorporate their ethical values so that they could establish a brand which would connect with the customers in a more personal level. Online persona of a company has become a significant factor in order to build a better bond with the customers. For instance, the food business have been heavily influenced by this new inclusion. As customers want to know what they are purchasing from the market.

It has been evident in recent years that companies which are more transparent and interact with customers via various means of media have better customer loyalty. In fact, it has been observed that almost 94% of consumers are willing to stay with the company’s that are transparent regarding their business ethics and values.

There is whole another level of knowing your customers when it comes to marketing strategies. The latest digital technology has opened up a new portal for businesses to better understand the customers as well as potential consumers. The way businesses operate these days have become highly personalized with the help of data that are gathered online via surveys, personality tests and many other digital techniques.

These data have the potential of impacting upon consumers on a significant level. Companies are building up marketing messages which are extremely personalized and this is done with the help of the data collected. It has been observed that almost 85% of customers purchase products or services of those companies that have better personalized marketing strategy.

Apart from focusing on customer service, the digital technology have significantly simplified the way in which the traditional business process used to work with. One of the highly popularized technology that have been used by vast number of companies across the globe is the cloud computing. With the introduction of cloud computing technology, the business process has been more efficient than ever. Instead of working on separate department of agenda the cloud computing process simplified the way traditional business process used to work.

Another popular technology that emerged since the popularity of digital technology is Business-to-business (B2B) technology. Going one step ahead in the way in which marketing works in businesses around the world is the establishment of B2B technology. The manual labour of developing leads, interpretation of data were prone to error as it was not reliable. However, with the introduction of B2B integration technology the results were much more enhanced. It even saves the time and money giving high powered results.

Sharing of information is not typically restricted between a company and its customers. Instead, there are suppliers, manufacturers, distributors and other members of the supply chain environment. With B2B technology, the flow of this task has become significantly efficient.

Digital technology is in a constant path of developing new platforms that could ease the labour and amplify the results. Business being a highly competitive sector require rapid customer deliverance. Here comes the advent of highly sophisticated technology that has been considered to be taking over businesses across the world.

The emergence of artificial intelligence and automation is one such technology that is constantly developing and in some countries are taking over various manually laboured business operations. For instance, in Japan, the Bank of Tokyo Mitsubishi UFJ launched an automated service robot that guides the customers in the bank. High technology systems as such is reported to be taking over almost 47% of United States jobs in banking sector.

It is undeniable that digital technology through the years have established new business process worldwide. Additionally, it is also evident that this phenomenon is always in the run for introducing simplification and smart way of doing business. With every passing year, companies are adopting and transforming their prior business models, structure, operation and taking a dive towards a digital technology modification.

 Innumerable amount of digital technology being launched every year has impacted upon the business process in a revolutionizing way. It can be appropriately said that with the advent of latest digital technology the businesses are entering into a new phase of transformation.