What is a Digital Business?

What is a Digital Business?

When you hear the term ‘digital business,’ you might think of a company that runs entirely online, such as an e-commerce company. However, that’s not entirely the case; there are digital businesses in a wide variety of industries. In light of the need to maintain physical distancing due to COVID-19, creating a digital business has taken on new importance. Even after the coronavirus has run its devastating course, digital businesses will still dominate.

What Is a Digital Business Exactly?

‘Digital business’ means different things at different companies. At one firm, it might be about enabling worker productivity through digital business tools such as mobile technologies, access to trusted data, and AI-enabled processes, while at another, being a digital business is about improving the user experience through digital means.

 

What’s the Difference a Digital Business and One that Runs Online?

A digital business goes beyond setting up a website and selling products or services. It’s about an integration of the physical and digital worlds. For example, a customer enters a shop and goes to a kiosk, where he requests a pair of shoes to try on. The store now has a record of that request; with that information, the kiosk’s software can suggest other products that would work well with the shoes, such as a jacket or briefcase. 

 

Why Are More Companies Becoming Digital Businesses?

There are a few reasons that more and more firms are becoming digital businesses. Here are the predominant reasons:

  • Technological improvements
  • Increased customer expectations
  • Increased employee expectations

 

Technological Improvements 

One of the reasons that more companies are becoming digital businesses is because it’s easier now than ever before to become a digital business. Technology has advanced so much that what we considered impossible a decade ago is now commonplace. 

Digital business tools are also much easier to access, both in terms of ease of implementation and cost. You don’t need to be a large company to take advantage of things like video conferencing, file sharing, chat, or VoIP. 

 

Increased Customer Expectations

Another factor in the popularity of digital businesses is that customers have greater expectations from the companies with which they do business. Today, customers expect that businesses respond to their needs, remember interactions, and offer them personalised experiences

Companies can provide that by implementing technology that helps them understand what customers want. With data about their last activity online, previous interactions with a company, and an accurate customer profile, businesses can satisfy their customers and build long-lasting relationships. 

 

Increased Employee Expectations

The shift in customer expectations means that employees expect more from their organisations, too. Millennials will be the largest demographic in the workforce in the next two decades, and they don’t work the way their parents do; they’re comfortable using technology, especially mobile devices. They understand that thanks to digital business tools, they can be productive inside and outside the office.

To attract (and more importantly, retain) Millennial employees, you need to enable easy collaboration and communication. You also need to be able to support remote workers as well as mobile devices and apps.

 

 

What Are the Advantages of a Digital Business?

There are a number of advantages to running a digital business. They all come from digital business tools:

  • Handle ever-increasing complexity
  • Greater control 
  • More clarity
  • Lower risk

 

Handle Ever-Increasing Complexity

The right digital business tools allow you to handle the ever-increasing complexity of today’s landscape. Complexity has two causes: technology and managing people.

We’re using a wider variety of technology today than ever before. Digital business tools enable all of those solutions. From the "people" side, more of us are working remotely, making it more difficult to manage and ensure productivity. Again, digital business tools help managers and employees by giving them the tools to be effective. 

 

Greater Control 

As mentioned, there’s more and more complexity. Part of that complexity stems from the rapid growth in apps, especially in apps that aren’t enterprise-grade. You don’t want your remote workers using apps that could put your firm at risk. 

Digital business tools solve that problem; they provide a set of trusted applications that employees can access. You can rest assured that your employees are working safely and securely.

 

More Clarity

One of the effects of readily available technology is that there’s more information out there than ever before. However, how do you know what to trust? Digital business tools make the situation easier.

The benefit of digital business tools is that they provide access to trusted information. You don’t have to worry that your employees aren’t getting the right data. Also, you can make better decisions. 

Lower Risk

Thanks to digital business tools, you lower your risk as you navigate a complex landscape. They allow you to operate effectively, efficiently, securely, and with confidence. 

Because digital business tools reduce complexity, you don’t have to worry about solutions that don’t work or a lack of productivity. You also have greater control over apps, increasing your security. Additionally, you can trust that you’re making the right choices for your firm because they’re based on trusted, accurate information. 

Enlighten Designs: Enabling Your Digital Business 

For over two decades, Enlighten Designs has brought exceptionally designed, innovative, customised, and focused technology solutions to our clients. We understand what it takes to be a successful digital business, as well as what digital business tools you need to thrive. To learn more about enabling your digital business, contact us today! 

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