A Study On Impact Of Business Technology On Stakeholder Digital Behavior
Expectations of stakeholders in terms of emerging technologies are growing drastically in diverse range of industries reflecting a clear change in consumer digital behavior. Digital disruption is the change that occurs when new digital technologies affect the value proposition of existing business models. In other words, true disruption arises when superior technological innovations significantly alters the way consumers, businesses and industries operate. Digital disruption makes current systems, believes and habits obsolete because it delivers attributes which are practically superior.
As a response companies from SMEs to Large Scale Organizations are using data driven approaches such as, Predictive analytics, Artificial Intelligence, Disruptive Innovation, Big Data Analytics, Machine Learning, Internet of Things(IOT),
Block Chain, Finance Tech and Automation in order to improve business processes, increase market growth, enhance
performance and improve the stakeholder experience.
Digital Disruption Through Technology Based Marketing Solutions
Integration
of technology into the marketing process is blurring the line between the Consumer
and Business. Giving consumers the ability to shop, from wherever, whenever and
however they want. Technology has reduced many pain points of traditional
marketing. Processes can be optimized throughout the business value creation process.
Most
North American, European and East Asian businesses are actively exploring the
use cases of these technologies to exploit new horizons of opportunities by
incorporating technologies as Block Chain, Internet of things (IOT), Artificial
Intelligence (AI), 5G Technology, Machine learning, etc. However, the rest of
the world is still not utilizing the full extent of opportunities. For example,
optimization value chain functions using Predictive analytics,which will enable a business to optimize
performance according to demand and supply, warehousing, sales channels, target
marketing and many more. for use cases across
multiple domains. Automated ERP systems such as SAP which use machine learning algorithms and
artificial intelligence to set a purchase order for suppliers when a certain
material of production is reaching a preset buzzer volume based on demand
predictions. This would allow production to run smoothly without interruptions
in demand or supply. IT also positively affects supplier relationships as they
can supply without heist.
The
full potential of technologies like Internet of things (IOT) is still to be explored across
multiple domains/industries. IOT will allows products to communicate enhancing
service capabilities. Big data in enabling to target each customer at a micro
level raising potential to build strong brand loyalty. Also, consumers expect
convenient, secure and transparent payment systems when using payment gateways
to buy products and services through virtual stores and e-commerce websites. Block chain enabled payment systems
make it virtually impossible to make fraudulent transactions without detection,
enhancing cyber security and transparency. These state-of-the-art designed payment
systems helps break stereotypical barriers of online purchases being unsafe.
Hence, aids in improving conversions drastically.
For Example: Unilever has included a new Augmented Reality Feature activated on Facebook where consumers can scan their personal care products that unlock refreshed packs and discount codes. They are also developing a fully Virtual Reality (VR) store.
Figure 1:
Unilever Augmented Reality (AR) Campaign
In
summary, Companies can significantly improve stakeholders experience when
incorporating these digital technological advancements.
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