Home Make Money Online Five ways technology is impacting the older legacy brands

Five ways technology is impacting the older legacy brands

by Lottar

S Gurdeep Singh is a natural leader, dedicated to driving growth and change. After graduating from Government College Ludhiana in 1985, he joined his family transport business soon after. At a very early stage, he realized the need for a professional logistics service that operates with uncompromising standards and precision, and in 1990, he established Jujhar Constructions & Travels Pvt. Ltd.

With changing customer behavior, businesses are under constant pressure to deliver high-quality products and unparalleled services. The new age technology is paving the way to meet the people’s expectations and needs, while businesses are constantly changing themselves to gain a competitive advantage in the markets. The latest buzzword in the business domain is digital transformation, and the majority of brands are adopting it to support their growth and development.

However, it was previously scary for old brands to consider a technological transformation as a strategy because of their previous successes in the offline domain with a wide network and manual control. But now they have understood that the need of the hour is to have a digital presence as their customers are heavily present on the digital platforms. Hence, older legacy brands are following in the footsteps of new age startups and readily adopting innovative technologies to stay ahead of the curve.

Technology adds value to the legacy brands

According to a survey conducted by McKinsey & Company, a “technology-forward” approach for a business not only increases existing revenue, but also adds new revenue streams due to exposure in an open market. Keeping up with technological trends enables businesses to stay ahead of the competition, while also adding value in terms of flexibility, accessibility, understanding of prospective customers, innovation and agility. The products are created according to the requirements of the markets and the costs are formulated in a way that is feasible for both consumers and the company, making it a win-win situation.

A data-driven approach to analytical decision making

Data has become the sole foundation of various businesses, and legacy brands are making the most of it by adopting data analytics tools to gain a better insight into their business’ impact on the market. By having data at their disposal, they made smarter and more data-driven decisions that are outcome-based. The strategies can be simulated to get a gist of the customer’s behavior and immediately devise appropriate changes to improve the product journey.

Better internal and external communication with virtual tools

In today’s fast-paced environment, effective communication is critical to every business. The adverse effects of the pandemic have led every business to go online. Business meetings are now held online, and ERP (Enterprise Resource Planning) has effectively connected every employee in an organization.

Messages are automated in a personalized way to communicate with customers. AI Chatbots are available for handling customer queries. Furthermore, deeper intelligence helps collect valuable data and use it to improve the customer experience.

Streamlined operations and increased productivity with the cloud

Over the past two years, remote work has increased for business continuity and to facilitate enabling cloud-based servers. As everything shut down when the pandemic hit, it gave a good idea to the old legacy brands to adopt digitization to keep their businesses going. The companies have therefore ensured that their employees have the right infrastructure and hardware to support remote work, video conferencing and project management. It also enabled an alignment between various departments, and it made it easier for companies to monitor the processes and thus give a better overview of what is happening in the business.

Growth and expansion with a digital presence

Previously, businesses were run through word of mouth and print media advertising, but as time changed, digital media overtook the market and became an integral part of the society as well as the brands. Having a digital presence is not just a substitute but a necessity for every brand today. This has helped companies to get better reach in the market as they have proactively kept themselves at the forefront for the customers to let them know that they exist in the market with their products. Using technology like AR and VR can help the brands with better customer engagement and acquisition. When customers get the ubiquitous presence of the brands via various platforms, they prefer to buy their products and services, which ultimately increases sales and profits for the companies.

All things considered

Digital transformation is the driving force behind the growth and success of a business in today’s era. Technology not only speeds up various operations but also helps in managing the workforce efficiently. For legacy businesses, this can help increase efficiency and productivity while reducing costs and effort. Technology also helps track the business’ progress, streamline operations, maintain data flow and optimize employee data. With all the advantages of new-age technology, traditional businesses transform into technology-enabled organizations and increase their development and growth.

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