Incorporating digital aspects to accelerate business growth in 2022

Incorporating digital aspects to accelerate business growth in 2022

Incorporation of digital aspects into an organization, or a digital transformation strategy, can mean several things. It could be IT modernization or digital optimization. What it reflects is how the organization intends and plans to accelerate business growth for the long term. If your business’s digital transformation roadmap is to invest in your customer satisfaction program through various innovative technologies like chatbots, online surveys, and video chats, then you are already digitizing your company. If you are investing in some other aspect, like cloud data storage, that too is a digital transformation process. In a way, the need to transform your business with digital is inevitable as it holds the power to optimize the way your company’s operations are run and impact the growth potential of your business.

In this article, we will examine certain digital transformations for businesses that you can expect in 2022, as well as the importance of digital transformation in business for the future.

Use of Automation

Business automation is one of the best examples of digital transformation technologies. It has become the savior of professionals from otherwise mundane, repetitive tasks that can also cut costs and improve operational efficiencies. A Statistica study showed that in 2021 alone, the automation industry should generate about 200 billion dollars from all over the world. And from this statistic, it’s evident that digital technology for business is poised for business growth and development and is transforming traditional work processes. After the COVID-19 outbreak, most businesses shifted to automation in order to save their businesses and remain afloat.

As most businesses aim to cut down on costs and improve efficiency, another popular technology coming up is RPA, or Robotic Process Automation. A Gartner study states that RPA technology in 2022 is likely to reach 2.4 billion dollars. Although financial firms were the first to adopt RPA, the future hints at the likelihood of its expansion to other industries, particularly in healthcare, retail, manufacturing, and many more. Most industries can utilize RPA to automate repetitive and mundane tasks that impact productivity and morale.

Chatbots will continue to grow in popularity

Chatbots have already started to make a huge difference in customer service and online interactions, bringing digital technology into business to the forefront and providing customers with immediate assistance rooted in learned behaviors and predictability.  Websites and apps are increasingly dependent on chatbots to build customer engagement, which helps ensure customer satisfaction. According to market research, the chatbot market size will grow from 2.5 billion dollars to 9.4 billion dollars by the year 2024, which means an annual growth rate as high as 29.7%.

So how can chatbots play a role in transforming the digital experiences of businesses?

Chatbots will help by managing the simple inquiries from customers via automation. They will reduce the need for more employees to work 24/7, which will result in cost savings for organizations. All AI bots can work actively 24/7, providing well-crafted responses based on algorithms. Chatbots are here to stay as a central digital business transformation strategy.

More and more companies are incorporating it every day and leveraging its enticing features to provide customer care. The Deloitte Greenhouse team used SurveySparrow’s feedback chatbot. It resulted in the Deloitte Greenhouse team witnessing a spike in their survey responses when compared to the traditional survey patterns. This is the power of what bots can do for companies, freeing up time for management to focus on important business needs.

If you’re interested in pursuing a career in digital business management, then take a look at the Toronto School of Management (TSoM)’s Diploma in Digital Business Management Co-op. These co-op programs are two-year programs that are specially curated to help students learn transferable skills that are imperative to being successful in the diverse and ever-changing world of digital media and business.

TSoM’s programs are all taught by industry experts who are committed to developing the skills and competencies of their students. Learn more about the institute’s programs here.