Why Digital Maturity Helps Companies Thrive During a Recession
The current economy has notable uncertainty, leading many businesses to brace themselves for an economic downturn. However, those that have achieved digital maturity are thriving.
What is digital maturity, and why does it make such a big difference in times of potential recession?
Talks of a possible recession highlight an excellent opportunity for businesses to become more digitally mature. We consider digital maturity to be the level at which a company has adopted and integrated digital technologies into its business model. This can range from automating business processes to free up employees for more strategic tasks or leveraging unique digital channels to engage prospects and customers in innovative ways.
Many companies failed in past economic downturns because they were not quick to adapt/change to market needs. For example, the 2008 recession forced many businesses that had not digitized their processes to do so to remain competitive. On the other hand, companies that were already digitized before the recession could quickly adapt and change their business. This played a significant role in why so many companies struggled to recover.
Want to stay ahead of the game and ensure no hurdles slow your growth down? Read on to learn why companies that adopted digital transformation tend to thrive even in tough economic times.
The Three Characteristics of a Digitally Mature Business
There are three primary characteristics of a digitally mature business:
1) Digital Maturity Makes Businesses More Adaptable
Digitally mature businesses can quickly adapt to changes in the market. This is because they have automated processes and systems that allow them to pivot their business quickly.
For example, a company with a digital sales process like an eCommerce company or a software provider with a subscription-based model can quickly change its pricing or product offering if necessary. This flexibility allows businesses to stay ahead of the competition and maintain a strong position in the market.
2) Digitally Mature Teams Have Enhanced Operational Efficiency
A digitally mature company is operationally efficient. This is because they have adopted digital technologies to automate critical processes.
For example, automating customer onboarding or using chatbots to answer frequently asked questions frees employees to focus on more strategic tasks. This increased efficiency leads to a better customer experience and improved bottom-line results.
3) Digital Maturity Amplifies CX with Greater Customer Insights
Lastly, digitally mature businesses have greater insight into their customers. This is because they have access to data that allows them to understand customer behavior and preferences.
For example, a company with a data-driven marketing strategy can use customer data to segment its audience and create targeted campaigns. This leads to a better customer experience and improved brand loyalty.
With the right insights, a digitally mature company’s customer service is superior, and they offer a better overall customer experience.
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How Can My Company Increase its Digital Maturity?
You can take a few key steps if your company wants to increase its digital maturity:
- Understand the different types of digital maturity and how they can impact your business. There are a variety of ways to digitize your business. You can incorporate technology into your sales, marketing, finance, and service functions. You can get as granular as providing a chatbot on your website to field questions or as macro as implementing a new marketing automation platform for your marketing team. Therefore, you must research and understand how any initiative will affect your company’s operations.
- Develop a strategy for improving your company’s digital maturity. Once you have a list of options and prioritize them based on their most significant potential impact on the business, it’s time to create a game plan to implement it. Set SMART goals, formulate a timeline, then get to work!
- Evaluate your team’s current capabilities and identify areas for improvement. Along with determining new ways to mature your business digitally, you must also assess your everyday business functions and uncover ways digital tools can augment and enhance your team!
- Implement changes to improve your team’s overall digital maturity. You don’t have to go through this process alone. Partners like BrainSell bring a wealth of experience and expertise to ensure you see positive results right from the start!
- Measure the success of your new strategy and make necessary adjustments along the way. Please don’t set it and forget it! Keep track of key performance indicators (KPIs) that highlight whether your strategy is producing results. Adjust accordingly based on that data.
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5 Benefits of Being a Digitally Mature Business
Many benefits come with being a digitally mature business. Here are five of the most significant benefits digital maturity can bring to any organization:
- Increased Efficiency – You can speed up workflows and improve accuracy by automating business processes.
- Improved Customer Experiences – With a more streamlined customer experience, you can keep your customers returning for more.
- Enhanced Collaboration – Digital transformation allows for better communication and collaboration among employees, leading to a more productive workplace.
- Greater Scalability – As your business grows, you’ll need technology that can scale with you. A digital transformation will provide just that.
- Cost Savings – Many businesses see cost savings after undergoing a digital transformation due to increased efficiency and automation of tasks.
What is Your Company’s Level of Digital Maturity?
So, what does it take to be a digitally mature company? The answer is not as simple as having a website or being active on social media.
It takes time and investment in the right people, processes, and technology to build the capabilities required for success in today’s digital economy. But if you can make that commitment, position your company to thrive during any time of uncertainty and emerge stronger than ever.
Are you ready to make that commitment? Connect with one of our growth enablement experts who can help guide you on your journey to digital maturity.
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