How Can Businesses Benefit From Digital Transformation

by Buana Sari Digital Marketer

With digitalization and the advancement of technology, businesses are experiencing a global revolution. Businesses are experiencing many changes - thanks to digital marketing platforms. Brands are better equipped to connect with consumers via the internet and mobile devices seamlessly.

Digital technologies are reshaping the customer’s experience fast. They are helping consumers make decisions wisely and in real-time. Businesses have undergone drastic changes in recent times and have improved business operations with an increase in customer-centricity. They are striving to eliminate the limitations in their services by adopting various advanced technologies adopting new-age technologies to create hyper-personalized customer experiences. Several factors such as changing customer dynamics, trends, and demands post-pandemic have led to a necessity for businesses to bring transformative approaches and adapt to the technologically advanced requirements at a faster rate.

The modern digital transformation framework includes a more comprehensive and effective range of business opportunities. Businesses are rapidly adopting digital transformation strategies to revolutionize customers and other business processes by integrating them with innovative and advanced technologies. The customer processes are going to become more streamlined and efficient, which will help the industry deliver better results to the customers. The advanced tools will enable the collaboration of various operating models that will be helping the industry in making strategic business decisions.

Here we explore how businesses can benefit from digital transformation, stating suitable digital transformation examples.

1. Embrace Mobile Customer Onboarding

Traditionally, customer onboarding has been a highly unstructured and cumbersome process. However, with the advent of breakthrough technologies, mobile customer onboarding is going to replace traditional onboarding in a big way. Mobile phones have increasingly become part of our daily life. With the penetration rate of smartphones continuing to increase, breakthrough technology like moLotus will drive mobile onboarding. Many SaaS companies have been developing mobile apps to cater to this demand for mobile onboarding with little or no success. Interestingly, moLotus is the best example of an automated, flexible, cost-effective, and scalable onboarding solution, enhancing customer engagement with a smooth end-to-end experience. Brands have embarked on moLotus to digitally transform their entire new customer onboarding process.

2. Digitalize Renewals - Policies and Contracts

The manual, labour-intensive and tedious traditional contract/policy renewal management processes for businesses would become obsolete. Digital transformation of your contract renewal process allows for automation, making it possible for all parties involved to track a contract's renewal. The more complex your contracts are, the more helpful automation becomes. By placing automated contract renewal at the forefront of your digital transformation strategy, you can emphasize the reporting and fulfillment of contractual obligations.

Platforms like moLotus have made the contract renewal processes mobile automated. moLotus would be allowing businesses to think more strategically, saving time & costs, and enhancing the overall customer experience.

3. Cost minimization

The adoption of the mobile transformation strategy by big brands has resulted in cost minimization via automating the “low touch” business processes. For instance, brands now can cut costs by reducing headcounts of call centres, printing and other dispatch processes. They have an opportunity to use advanced mobile-based technologies for this purpose. Brands are now unleashing the cost-cutting potential of moLotus and bringing down headcounts & training costs significantly while reducing printing & stationery costs by automating the processes.

4. Digitalize filing and document submission

The pace of customer conversion in the insurance and banking industry has been glacial. They have been experiencing conversion rates as low as 30% or below due to the manual filling & document submission processes. These processes are extremely painful for consumers, resulting in massive drop-outs. The customer experience is the key differentiator for service businesses especially process-intensive like insurance and banking. Customers expect the same level of customer experience they receive from the digital brands from other industries they engage with each day.

At present, document filing and submission processes are becoming more digital with technologies like moLotus making it hassle-free, leading to higher conversion at reduced cost & time. Top banking and insurance brands have embraced it to reap the benefits of better customer engagement with low costs, high revenues and high ARPU.

5. Digitalize Recurring Services and Product Cycles

For businesses, sending reminders for recurring services & product cycles has been a challenge. While addressing the service reminders to the customers, you do not want to confront or sound harsh to them. Digitally transforming the processes is the best and only solution to the challenge. Designing a bulletproof recurring service and product cycle process for customers is something every company has strived for. However, moLotus has made it truly possible by automating and transforming the recurring services and product cycles like car servicing, air-conditioning, buying coffee, or anything else. This year more brands are embracing this transformation resulting in increased revenues and customer engagement.

6. Replacing the Plastic Loyalty Cards

In the past, your customer wallets have been bulging with bulky plastic loyalty cards. Many businesses have been clinging to the idea that plastic loyalty cards are cheap and easy to set up and maintain, therefore more cost-effective than implementing digital transformation in the loyalty card space. However, this is not the case.

Presently, there are better ways like mobile apps to replace the excess plastic. However, loyalty card apps have not solved the challenge associated with plastic cards. Mobile Loyalty Card powered by moLotus has transformed the loyalty cards space, replacing plastic cards. It is convenient to consumers, saves cost, and increases usage with high revenue. It has proved to be a superior alternative to mobile apps.

7. Replace Outbound Calling

Once upon a time, most people contacted customer service by telephone when smartphones were in their infancy. That world is vanishing. This year digital transformation is fast replacing voice-based contact by shifting to low-cost automated channels such as internet-based self-service knowledge banks, mobile messaging, and chatbots. These transformation initiatives lead to lower operational costs coupled with greater efficiency.

8. Lead Generation & Better Response on Ads

Digital transformation has enhanced advertising and lead generation significantly. Brands are focusing on reaching out to customers directly using mobile advertising platforms. Mobile ad platforms like moLotus, TubeMogul, InMobi, AirNow, etc. have become the focus area for them with aggressive smartphone penetration. With its powerful capabilities of running highly personalized, customized, and targeted rich media ads, moLotus tops the list in lead generation. Interestingly, the ads are delivered directly to the mobile inbox of the customer in the case of moLotus. Unlike other ad platforms, moLotus is spam-free and the ads have a longer shelf life as they remain in the inbox until manually deleted. Businesses are capable of real-time data of individual customers for executing personalized promo campaigns along the entire customer journey. Ultimately, moLotus is capable of scaling revenue and performance for advertisers through easy ad campaign creation and management, response management, data reports & analytics, and automation API.

9. Better Customer Support & Feedback

If trends are considered, convenience and speed are topping the consumer agenda. A digitally transformed support system can engage this convenience and speed-driven consumer. Customers prefer mobile-driven digital service, with 76 percent of customers satisfied with digital-only journeys, compared with 57 percent for traditional channels (Source: McKinsey Report). Brands are preparing for more live chat and co-browsing that supports customers during the buying process and post-buying support. Web-based Live chat platforms like ZenDesk Chat, LiveChat, and acquire.io are taking a backseat and gradually being replaced by mobile platforms like moLotus. The moLotus platform has revolutionized the way brands can serve their customers on mobile devices. It guarantees real-time customer ratings and feedback via mobile for different service issues enabling them to analyze and improve upon.

moLotus is an example of an innovative mobile-based customer interaction platform best suited to interact directly with a large customer base. moLotus is loaded with multiple customer response options like SMS, Callback, Click URL, etc. The spam-free technology quickly delivers automated messages to a huge customer database directly into their inbox on all mobile handsets, irrespective of phone type or model – 2G, 3G, 4G, 5G smartphones, i-phones and feature phones without requiring any app download or data connection. Customers feel a greater connection with the brand & provide a better response which, in turn, helps in the improvement of the conversion rate and that too at low costs.

Conclusion

We are experiencing rapid scaling of digital initiatives across different industries globally. You are lucky to have the opportunity to engage with customers more precisely and effectively to know various queries, prospects, concerns, and requirements that further help you to market your products and services. Breakthrough Digital transformation offered by platforms like moLotus will eliminate traditional technologies' limitations and help businesses be more responsive to the current market trends and demands with agility and speed. The right time to start your digital transformation journey is now!