The Need for Digital Transformation
While market competition is constantly rising all across the world, businesses are lacking the scope for applying innovative ideas to their infrastructure. As a result, most organizations are adopting the analytic-oriented business strategies to drive improvement and develop insight. This level of globalization and digital business transformation has given way to a vast number of options to consumers. Market leaders of specific industries are trying out new things in their scope of work and introducing new technologically advanced products and services. On the other hand, small and medium business organizations are enjoying the privilege of observing the big companies and learning from their successes.
This competitive spirit in every solution provider has given rise to the requirement of strong customer retention strategy. This need for customer retention calls for an interface that enables customers to talk about the products to the service providers and at the same time send feedbacks. Companies are therefore, working to operate on an almost zero margin between profit and innovation in products in order to maintain a value-based relationship with the customer.
Instead of following the traditional ways of incorporating customer relationship strategies, companies are looking to adopting digital strategy of innovation, which majorly involves software enhancement and information technology. As all companies are moving toward digital industrial revolution also known as Industry 4.0, it has become important to bridge the gap between digital and physical entities of businesses and their customers. ‘Smart Factories’ are now emerging to be the next latest requirement of every business organization.