Digital Business; How To Bring Your Business Out Of The Dark Age?

Digital Business

Digital technologies have profoundly changed everything in our lives. From our daily tasks to the way we do business, work, buy and live, digital technologies play an important role in everything. They have altered our society and are even impacting all the business functions and industries, either directly or indirectly.

Digital business today is mainly used in the context of digital transformation. Digital businesses today are largely impacted by digital technologies. These technologies offer new ways to collaborate, connect and conduct your business and build bridges between people and technology.

The ever-evolving digital technologies have also challenged the existing business models. The key driving force behind it is the capacity of innovation that it offers and the increased consumerisation of IT. Digital business is at the stage where you can call it ‘converged’.

It is fully integrated and connected. From the perspective of technology, it goes beyond the famous third platforms, and we are witnessing some amazing evolutions today, including but not limited to the Internet of Things, Cloud Computing, Big Data, Mobile, etc.

Digital business is a business with agile processes and a people-centric view. Digital technology, on the other hand, is used to enable all the players (employees, managers, customers, etc.) to optimize all their business functions and succeed in making their business more profitable and relevant. In short, it creates value for the digital business.

Digital technology helps digital businesses make themselves better and hence more profitable. Digital technology means that the devices can be lighter, faster, versatile and more compact today.

Large amounts of information can be stored remotely or locally and can be moved around virtually almost instantaneously. The term ‘information’ has also expanded to include audio, video and photos and is no longer limited to just numbers and words.

With digital technology, businesses are able to yield the following benefits:

Ability to Open Up New Frontiers, New Business

Digital technology opens up new frontiers for businesses. They are not limited to time and space anymore. Thanks to digital technologies, businesses can now venture into unexplored terrains.

The boundaries of time and space have been eliminated. They can now touch all corners of the globe and get customers from anywhere on the planet. In addition, digital technologies have also helped in improving access to learning opportunities.

With communication advances, you can easily communicate with anyone anywhere in the world. In short, digital technologies and digital transformation have actually changed the business landscape altogether, and in a good way.

Ability to Adopt/Imbibe/Invent New Business Models

With emerging ‘smart’ technologies, digitization, virtualisation and modernisation of IT, businesses today have an improved ability to invent, adopt or imbibe new business models.

They can work on what they think is the best and test all the possibilities before deciding on anything. Business decisions become easy when you know the outcome. This has helped businesses all over the world in adopting new business models.

These new models have improved not only their return on investment, but also the strength and longevity of the relationship with their customers. 

Ability to Adopt to Think Around the Customers

In today’s competitive business world, understanding your customers is more important than ever. If you want to run a successful business, you need to provide a strong customer experience.

Digital businesses today need to invest in digital technologies to make sure they provide their customers with the best possible service. The idea is to think around the customers and plan your digital business accordingly.

With everything digital, businesses can use digital technology and analytics to learn about the buying journey of their customers, as well as the right time and place to engage them.

Organisations today live in a world where a business’s competition is just a click away. Thus, customers expect exceptional customer service from businesses.

If a business fails to impress them, they are not shy in expressing their level of dissatisfaction among their network of friends and even beyond. They are more powerful than ever, and it clearly seems that the power balance between the business and the consumer has shifted.

Most of the organisations these days are configured for the mass market and mass media era. There are some digital elements bolted onto the traditional sales funnel that consumers have to move through in their buying journey.

Digital transformation, on the other hand, takes a step back and examines the journey of the new digital customers. It takes a look at how consumers interact with organisations in real life and online.

All these different things are looked at by the organisations, allowing them to adapt to this new flow with necessary changes that are driven by a digital strategy.

Thanks to digital technology, digital businesses today are able to analyse the user’s traffic paths to find out the web pages and links that are engaging them and the ones that are driving them away.

This helps businesses by providing them insights into what they can do to retain their customers and drive them down the funnel. The customer’s user experience can also be significantly improved through digital analytics.

Bottom Line Improvement

Thanks to digital technologies, digital businesses have been able to improve their bottom line. Their businesses are giving them a better return on investments.

Their profitability is improving while there is a marked decrease in their expenses. Thanks to the ever-evolving digital technology, nothing is impossible now.

Just as digital transformation constantly changes, so does its constituent elements. Most of the digital transformation activities today involve innovative use of digital technologies.

It includes but is not limited to analytics, machine learning, new devices, IoT, etc. In fact, digital transformation has evolved into a data-led change centric medium for businesses, which is working for them currently.

This may change into something different as we continue to get more elaborate and effective technologies in the future.

Investing In Digital

Ask yourself and your team these questions BEFORE you decide to invest in digital:

1. What are we prepared to invest NOW and what rewards should we expect from this over the next 1-5 years?  Where is the payoff point, financially speaking?

2. If we invest $ in one space, what might that save us in time, resources, process and other systems and what does that equate to in a $ sense?

3. What does digitising a part of our business do to our customers? Does it engage or negate them and what is the cost of both scenarios? Over time, how will digitising this part of the business help them do business with us?

Come back to this space for more information on digital business view.

Your Time is Valuable, Let’s Get Digital!

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When running a small to medium sized business, information is power. If you plan on investing in real estate, it can enable you and your team to provide excellent service and make smart decisions.

Real estate is a competitive market, in which even minimal advantages can separate you from the pack.

As someone who wants to travel the world and experience all that life has to offer, I have found that real estate is the perfect opportunity for me. It allows me to grow wealth from anywhere.

I love this business. It would be easy for me to sit back, make money, and call it a life, but that’s not how it works when you love something.

Love means giving, and I want to give back to this industry. I’d like to help teach you how to transform your future using this information.

With my years of experience in the real estate business, I can speak first hand to the importance of IT in creating small business opportunities.

IT can be a powerful tool for your company. When used efficiently and combined with the other aspects of your business, it can help your team make better informed decisions and help you work smarter.

If you are interested in making your business stronger, let’s talk about IT and how adding it to your playbook can help create small business opportunities.

What is IT?

To put it simply, Information Technology is using computers in order to store, study, and manipulate information.

It’s what a business looks at when determining who their customers are, the best way to reach out to them, and what type of product they are wanting.

It is a function that helps to meet your company’s goals.

For real estate investors specifically, it allows us to see what similar houses are selling for, whether or not a particular area has a population growth or decline, the types of customers looking to move to a certain area and more.

In other words, it helps us to make a decision on whether an investment in small business opportunities is a good idea or bad.

A lot of people who are new to the business will find a house that is selling for cheap and decide to dive in. This can be bad without having proper data. There is normally a reason that a house is selling well below market value.

Maybe the neighbourhood has undergone a massive decline.

The house might have severe problems.

Having a proper IT structure in place can help see problems as well as potential. Small business opportunities are reliant upon informed decisions.

These decisions should be driven by facts, no matter how good your gut instinct might be.

IT isn’t the end all be all of making decisions, but it is a tool that can make your team better.

Team Involvement is Important

I would love to tell you that I’ve never made a bad decision, but it would be wrong. We all have “followed our gut” on small business opportunities and regretted it later at some point.

One of the best things about using IT to create small business opportunities is that it can be set up to increase team involvement. Imagine having multiple people that you trust looking at the same data you see.

This can help to ensure that your decisions are made after all information is evaluated. Having multiple sets of eyes on data can lead to multiple perspectives.

Your team might see something that you don’t or vice versa. Data can often be interpreted in many different ways. IT helps make sure that your interpretation can withstand healthy scrutiny, making your decisions smarter.

It also helps your team feel as if they a part of the decision-making process, and that their input is valuable. Small to medium businesses that have team involvement almost always perform better.

If your team feels valued, they will stay longer and will not be afraid to come to you with ideas. IT helps with more than just data. It helps to build a solid foundation for your company.

Your team will only be as good as the data it looks at, however. Luckily for you, I can help you find the information you need about your customers. The best part is that it’s cheap and easy.

Social Media Builds Small Business Opportunities

Just about everyone has a Facebook. Almost every customer that you have had or will have has a profile on their page. This is a very good thing for your business.

According to studies, 71% of people are likely to buy an item or service because of social media referrals. With Facebook being the king of social media, your company almost has to have a Facebook page.

This can help in two ways: First, it makes you look more legitimate. With social media taking over our lives, people or companies without a profile can seem as if they have something to hide.

There is also a natural distrust of businesses. This might seem unfair, but think about it; would you rather give your money to a company or a person?

Being likable is important on social media. People will use companies if they like the people behind it and will stay away from them if they don’t. If you can get customers to like you, half the battle is won.

You can also use these new connections to help with your IT development. By getting positive reviews from people that you work with or that use your service, it will get other people to check your profile out.

If you can get them to go from your profile to your website, you can get them to fill out a small form telling you a little about themselves, and sign up for a newsletter of some sort.

This will enable you to get more information from people and cater your business towards them, creating more small business opportunities.

If you are a real estate investor, this will help you garner small business opportunities in other ways. You will be able to see what houses are on the market, as many people use Facebook to advertise.

You can build relationships with others that are in the business of selling houses to yourself and can advertise that you are always looking for a good investment opportunity.

More importantly, you can build the brand of you.

If someone has a good experience selling you a home, ask them to write something positive for you and tell their friends. Before long, you will have people approaching you about investment opportunities.

small business opportunitiesYour Time is Valuable Too!

If you are like me and want to travel the world or hit the ski slopes instead of sitting at a desk all day, you understand the value of managing your time as well as your money.

This is easier to do than most people realise. The first thing you’ll want to do is set up an electronic based client file. This will put all of the information you need about someone right in the palm of your hand.

Utilise scheduling software so that if you need to be somewhere to see a house, you’ll get a notification on your smartphone instead of having to thumb through an outdated appointment book.

If you link the two, you can have all of the data at your disposal in real time. Instead of having to spend two hours before arriving at a house you might purchase studying, you can pull up the data on your phone then and there.

This will help your negotiation of pricing as well. Instead of letting someone tell you that 150k for a house is a good price in that neighbourhood, you can instantly pull up the data that says it’s too much to pay.

This will often lead to the other party having to negotiate then and there; creating better deals for you.

If you are going to be in a neighbourhood that you normally don’t do business in, you can also use data that you have collected to see whether you should do a quick search for a potential deal.

You can create small business opportunities for yourself no matter where you are, as long as you have the right tools at your disposal.

The best part of properly setting up IT for your business is that it’s not only rather affordable but will almost guarantee you an excellent ROI. It makes your company smarter, quicker, and better able to respond to customers.

The real estate market might seem like it changes daily, but you can always stay ahead of the curve by gathering the data you need and using it effectively.

Small business opportunities don’t create themselves. You have to go out and make them.

You will know beforehand where to look for an investment. You’ll be able to stay ahead of any market bubbles. You’ll be able to think long term instead of settling for what keeps you afloat now.

Get Ready to Work

Of course, it won’t be easy. Nothing worthwhile ever is. IT doesn’t mean that you won’t have to work hard. It means that you will be able to enjoy more reward for your work.

With IT, a solid team, and a strong work ethic, there’s nothing that you can’t accomplish in real estate investing.

If you are willing to do whatever it takes to find and capitalise on small business opportunities, you should read my other blogs or contact me with any questions you may have or comments.

I’m always looking for like-minded people, so always feel welcome to say hello.