Going Digital and Its Effect on International Business

Going Digital and Its Effect on International Business


In today’s business world, a strong digital presence equals a strong position in the market. But what does that mean for businesses operating on an international scale? 

International businesses have the demanding task to improve their digital presence and grow more while trying to balance the needs of different markets.

Digital transformation was further ignited by the global pandemic where we learned more about the importance of omnipresence. Let’s explore some of the effects of digital transformation.

Digital Transformation Stats

Now let’s see some of the most exciting statistics about going digital:

  • Is it estimated that companies have spent approximately $58.3 billion on AI in 2021. This number is expected to increase up to a staggering $309.6 billion by 2026.
  • Just one bad experience with the brand was enough for 32% of people to never again interact with the brand they like.
  • Around 70% of customer engagement will be driven by different intelligent systems in 2022

What are the main pillars of digital transformation?

Digital transformation is the process of using digital technologies to create or improve brand new business processes, products, and services. It can also help businesses to reach new markets and tap into new customer segments.

There are many different areas of digital transformation. Some of the main areas include:

  • Automation: Automating business processes can help to improve efficiency and accuracy. It can also help to free up employees’ time so that they can focus on more valuable tasks. It also reduces the chance of human error. 
  • Big data and analytics: Collecting and analyzing data can help businesses to make better decisions, understand their customers better, and improve their operations.
  • Cloud computing: Moving to the cloud can help businesses to reduce their IT costs, improve their flexibility, and scale their operations more easily.
  • Customer experience: Enhancing the customer experience is a key goal for many businesses undertaking digital transformation. This can be done through things like developing omnichannel customer service or using personalization techniques.

Overall, it is evident that digitalization has had a positive impact on businesses all over the world. With the help of digital solutions, businesses can operate more efficiently and easily reach new markets.

Benefits of digitalization for your business

Digitalization is simply inevitable in today’s business world. The advantages of digitalization are plenty, and they can be extremely beneficial for your business, no matter its size or sector. 

Here are some of the main benefits of adopting a digital transformation. 

Improved customer experience

In a digital landscape, customers expect a seamless and personalized experience. Establishing a customer-centric system should be a top priority for all businesses that go global. By analyzing huge volumes of data, you can create your customer profiles, explore demography better and understand their needs.

By digitizing your customer touchpoints, you can provide a better experience that will keep them coming back for more. Improving omnichannel communication is important. Utilizing social media, and chatbots can help you improve your relationship with your customers. 

When it comes to increasing customer trust, you need to think a bit out of the box. Or should we say…mailbox? Make good use of the virtual mailbox service, your future customers will trust you more when your business has a physical address.

 

Increased efficiency and productivity

One of the main advantages of digitalization is that it can help increase your business’s efficiency and productivity. By automating processes and using data-driven decision-making, you can free up time and resources that can be better used elsewhere. 

Digitalization can help you locate potential bottlenecks and automate your processes better. You can optimize your workflow, automate some menial tasks and by doing so, allocate your resources and set the stage for further growth. 

Greater insights and analytics

With digitalization comes an abundance of data. This data can be used to gain insights into your customers, your business operations, and more. With data as the lifeblood of a company, you can go further only if you know how to understand it properly. Big data will turn into massive data and you will be able to interpret everything through a new generation of analytics.

With the right analytics tools, you can use this data to make better decisions that will drive your business forward.

Enhanced security

 In a digital world, security is paramount. International companies need some really robust security services while digital transformation is happening. With everything moving to the cloud, there are dangers of data breaches. Enhanced data encryption, better password security and ensuring that all your employees comply with data safety standards should also be a priority.

In conclusion

Digital technology has transformed the business world in a number of ways. For starters, it has made communication and collaboration much easier and more efficient. 

Businesses can now communicate with their employees, partners, and customers no matter where they are. This has made it easier for businesses to operate on a global scale.

Furthermore, digital technology has also made it easier for businesses to reach new markets and customers. With the help of the internet and social media, businesses can now reach a wider audience with ease. This has given rise to new opportunities for businesses to grow and expand their reach.