Digital transformation isn’t just a buzzword; it has become a core concept for most business models. Going much beyond the data centers, now organizations are investing more in digitizing their operations to achieve business resilience. And service-focused businesses are not behind. As the world’s economy has modernized, it’s now dominated by service-centric enterprises; thus, the need for digital solutions for services businesses to achieve technological integration in their current business model has also become a necessity.
The key characteristic of service-based businesses is that their offerings and their products are direct results of people working on specific tasks, often directly attributable to a customer ask. This poses specific challenges for services businesses—from managing work that its employees do to ensuring that the myriad interactions with customers. Thus there are specific digital interventions that are quite relevant for such services businesses. What kind of digital solutions for services businesses can make them more efficient, productive, and profitable?
Following are a few digital solutions that different kinds of services businesses need –
For example, a construction or project services-based industry will benefit greatly from implementing project and portfolio management applications; and all industries would need analytics for better decision making and customer engagement solutions such as CRM and ERP for delivering a better experience and enhancing productivity.
As a service organization, to embark on the digital transformation journey, you need at least one of these solutions –
1. Project and portfolio management for work productivity:
With the rapid transformation seen in the service industries, clients’ expectations have also been raised to seek high-quality service at a lower price. Project portfolio management helps organizations prioritize and streamline their projects, which improves productivity, and allows employees to utilize their skills and company resources more efficiently, leading to high-quality service at low prices.
2. Analytics for better insights into the critical operations:
Data and analytics are revolutionizing the way of making business-related decisions. Numerous studies have shown that data-driven organizations not just make better business decisions but also allow them to achieve high operational efficiency, improved customer satisfaction, and robust revenue.
According to a study from McKinsey Global Institute, data-driven companies are 23x more likely to acquire customers, 6x more likely to retain customers, and 19 times more profitable.
Still, many managers often rely on rules of thumb or fundamental data analysis to make decisions that typically involve complex tradeoffs. However, today’s leaders believe in applying advanced analytics techniques to make better-informed decisions for more optimized results.
3. Customer relationship management for multiplying the sales:
Nowadays, the majority of customers are linked and empowered by digital tools. They are connected with the digital world everywhere, from the workplace to home. As a result, they expect businesses to be more flexible to cater to their needs and wants with just one click.
Customer relationship management solutions deliver high-value and better customer engagement by leveraging technology to understand customer insights effectively and engage more with them, resulting in improved customer service, more customer satisfaction, and increased customer retention, which leads to enhanced overall sales.
Final thoughts:
Technology will continue to evolve, causing many changes in business operations, so organizations need to step forward with the technology; they need to accept these changes and utilize them. And using the above digital transformation solutions offers a plethora of benefits, not just for service-centric industries but for every small to enterprise-level business.
We’ll elaborate on the above topics in our upcoming series of blogs. So to get detailed information about how PPM, business analytics, and CRM are changing the way of doing business, stay tuned with us!
