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Finding New Revenue Streams in Digital Transformation

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Finding New Revenue Streams in Digital Transformation

Written by: Janice Burney | JaniceBurney.com

Why a CIO Cares About Digital Transformation: Finding New Revenue Streams 

As a CIO of a mid to large-sized corporation, you’re probably in the middle of figuring out how to transform the company you work for into a more digital landscape. If you’re not quite there, you’re not necessarily alone. Statistics show, not every organization has taken on a digital transformation. CIO.com notes many of those companies are just beginning their digital transformation journeys.

What’s important is to get started, and then take the time you need to grow. In many cases, companies have some digital technology going, yet still, need to upgrade to newer features like analytics.

Read on to learn more about why transforming to digital involves some radical rethinking to bring new streams of revenue.

What it Means to Digitally Transform

The best reason to upgrade to digital technology is to keep your company in a more competitive frame of mind. With the business world having more competition than ever, you can’t expect to compete using outdated technologies.

It pays to read about the latest digital trends to see what works for others. For instance, using the cloud and mobile devices are the two standards right now. Going beyond, though, you’d want to include The Internet of Things (connecting all your devices to the internet) to eliminate many manual tasks. As Deloitte’s annual tech trends notes, even the emergence of blockchain and API’s are becoming the norm.

Digital technologies that use automation are also the key to removing any manual burdens. They help you and your employees set aside important time for more important things to maintain productivity levels.

As you can see, you can’t pretend it’s still a decade ago if you want to seriously compete in the high-end business world. So what kind of digital upgrades can you take on to help you bring in more revenue?

Using Digital Technology for Financial Gain

While saving time with a digital transformation can help you stay competitive, you’ll want to find ways to generate revenue as fast as possible.

Automation helps with this once again, especially with your marketing efforts. Getting marketing content out to customers or clients via email or social media helps take recipients through a faster sales funnel.

Also important is the use of analytics to make smarter business decisions. When you can look ahead and predict what might happen in the short-term or long-term, you’ll be able to move one step ahead of competitors.

In the case of blockchain, you can set up a network that’s safer for your enterprise’s applications so you retain customers. API’s aid in helping you create content and then automatically publish or make it available to numerous channels.

For IoT, security is still a challenge. Nevertheless, you’ll bring financial advantages to your energy bill by better managing your HVAC system and other appliances.

Related: Seven Ways SEO Has Changed in 2018

What Are the Best Methods For a Digital Transformation?

If you realize the benefits of digital transformation, what about the best methods to get there? It’s not always so simple to just upgrade to digital since cost is often prohibitive.

With limited budgets, the best scenario is to think about outsourcing. The benefits of outsourcing your digital technology are significant when you consider you’ll only pay a flat rate to a provider.

Now you can invest in state-of-the-art technology without having to invest thousands of dollars at a time.

Nevertheless, you may have stigmas about outsourcing you need to remove. Based on these thoughts, you may think you shouldn’t ask for help. Never feel too proud to seek help in acquiring the technologies you need to stay successful.

Creating a New Business Model for New Goals

It helps when the provider of your digital technology is able to help your employees integrate well with each platform. The transition requires a new business model that could take time to implement without a dedicated team by your side.

The key is to give your own team proper training tips, education, and the right data to help them do their jobs better. Once you have everyone on board, you’ll become a powerhouse company that can compete with the level customers demand today.

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