It’s not easy being an entrepreneur, and the numbers don’t paint a pretty picture either.
We don’t mean to scare you off, but roughly 90% of startups fail. And considering today’s fast-paced business landscape, it’s no wonder why.
However, that doesn’t mean you should give up on your lifelong dream of owning a company. An effective way to lay a strong foundation from the get-go is by leveraging digital technologies. Or, in other words, use digital transformation.
In our previous blog, we explained what digital transformation is. If you missed it, read the article here.
Today, we’ll discuss how your startup can leverage digital transformation uniquely. We say uniquely because, owing to its usefulness, many small businesses have begun to implement digital transformation.
So, if you are to do the same, you must be different in your approach.
Critical Steps for Leveraging Business Transformation for Startups
1. Use AI Tools Wherever Possible
Like it or not, AI tools have taken over almost every industry. From robots serving food at restaurants to assembling machines in factories, there’s no stopping AI.
While this may sound like a terrible thing, it’s not. As they say, “If you can’t beat them, join them.” And considering the benefits of AI, it might do your company a lot of good.
To give you a rough idea, here’s what can happen should you make room for AI across various business departments:
- Automate repetitive tasks
- Make smart, well-informed decisions
- Deliver a better customer experience
- Solve challenging problems
- Reduce human error
- Increase productivity
- Be available 24/7
2. Make Cryptocurrency a Payment Option
Cryptocurrency remains a controversial topic. Some claim it can – and already has – changed the way we accept payments, while others remain skeptical.
We agree with the former view. And we’re not just saying this to jump on the bandwagon.
Instead, we’ve witnessed first-hand how businesses have benefitted by accepting crypto payments. If you’re wondering what they are, we’ve mentioned them below:
- Lower Transaction Fees – Cryptocurrencies are decentralized and don’t require verification from a local bank that charges money for every transaction.
- Better Payment Security – 65% of people have experienced credit or debit card fraud at least once. Cryptocurrencies, on the other hand, eliminate the risk because there are no physical assets involved.
- No Geographic Restrictions – No matter where your customers are in the world, they can make payments via cryptocurrency.
3. Migrate Your Data to the Cloud
Cloud computing isn’t new, and its advantages are plenty, yet you’d be surprised to know that only a handful of companies use it. If yours is not on the list, consider migrating to the cloud.
It’s guaranteed to make your business operations more agile, efficient, and flexible.
The initial costs of switching to the cloud will be high, but all things considered, the decision will be very much in your organization’s favor.
Whether you choose public, private, or hybrid-based cloud models, you can expect a number of changes in your company, including:
-
Enhanced Security
All your data will be stored securely, ensuring unauthorized individuals stay as far away from it as possible.
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More Flexibility
Cloud computing allows you to scale up your business resources to meet the increasing demand.
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Increased Mobility
Switching to cloud technology allows your employees to access critical data anywhere they are.
4. Use Customer Relationship Management (CRM) Tools
Customer feedback holds critical importance for businesses. What they say about your product or service gives you an opportunity to meet their demands and exceed their expectations.
But how exactly can you understand your customers better? Yes, reviews can be effective, but you need something more personal – like CRM tools. Using these, you can facilitate real-time communication and accommodate users whenever they visit your website.
And the best part is that you don’t have to develop CRM software. There are plenty of options available that you can use, like Salesforce, Zoho, Keap, and more.
In addition to retaining customers, you can achieve many things using CRM tools, like:
- Communicate seamlessly with your team
- Follow up with prospects
- Filter customers based on various segments
- Boost employee productivity
- Monitor and improve marketing performance
5. Invest in Cybersecurity
Online shopping, banking, and socialization have become such an integral part of our lives that we can’t imagine what would happen without it.
While it has made our lives incredibly convenient, cybercriminal attacks are also rising. Consequently, customers expect businesses to take effective security measures to keep their confidential data safe.
That’s where cybersecurity comes in. It safeguards computer systems and databases from damage, theft, or unauthorized access. And that’s not all.
These days, customers expect companies to comply with safety regulations. If the businesses aren’t compliant, they’re less likely to purchase from them.
So, by investing in cybersecurity, you’d be doing your company, as well as customers, a significant favor. If you’re not sure what that would entail, let’s look at a few tips to make sure you make a well-informed decision:
- Use anti-virus protection and a firewall
- Encourage customers to use strong passwords
- Implement two-factor authentication (2FA)
- Encrypt and secure your website
- Monitor your website for threats continuously
Tips for Successfully Implementing Digital Transformation
Now that we’ve covered one part of the conversation – how to leverage digital transformation for startups – let’s move to the second:
- Create a roadmap highlighting the important milestones in your digital transformation journey.
- Hire tech-savvy employees who welcome change with open arms.
- Seek help from experts if it’s your first time navigating this concept.
- Make sure your employees are up to date with the transition by training them.
- Keep making changes to your strategy, considering digital transformation is an ongoing process.
To Sum It Up
70% of organizations are working on a digital transformation strategy or have already developed one. That’s what you should be doing, too. It’s only a matter of time until every organization embraces digital transformation regardless of its size and the industry it serves.
And don’t be afraid of the challenges of digital transformation. Think of them as small hurdles passing which will take you to your final destination.
Meanwhile, if you need help regarding other equally critical aspects of running a business, Design Genious has got your back. We provide a comprehensive range of services specifically developed to boost your sales, increase visibility, and nurture healthy customer relationships.
