Five Ways Technology Is Impacting Old Legacy Brands

S Gurdeep Singh is a natural leader, committed to driving growth and change. After graduating from Government College Ludhiana in 1985, he soon joined the family transport business. Early on, he realized the need for a professional logistics service that operated with uncompromising standards and precision, and in 1990 he founded Jujhar Constructions & Travels Pvt. ltd.

With changing customer behavior, companies are constantly under pressure to deliver high quality products and unparalleled services. New era technologies are paving the way to meet people’s expectations and needs, while companies are constantly transforming in order to gain a competitive advantage in the markets. The latest buzzword in business is digital transformation, and the majority of brands are embracing it to support their growth and development.

However, it was previously daunting for traditional brands to consider technological transformation as a strategy due to their previous successes in the offline realm with vast network and manual control. But now they have understood that the need of the hour is to have a digital presence as their customers are strongly present on digital platforms. Therefore, old traditional brands are following in the footsteps of new-age startups and readily adopting innovative technologies to stay ahead.

Technology adds value to traditional brands

According to a survey conducted by McKinsey & Company, having a “forward-thinking” approach to a business not only improves existing revenue, but also adds new revenue streams due to exposure to an open market. Keeping up with technology trends allows companies to stay ahead of the competition while adding value in terms of flexibility, accessibility, understanding potential customers, innovation and agility. The products are created according to the requirements of the markets and the costs are formulated in a feasible way for the consumers and the company, which makes it a win-win situation.

A data-driven approach to making analytical decisions

Data has become the sole foundation of many businesses, and traditional brands are making the best use of it by adopting data analytics tools to better understand the impact of their business in the market. Having data at their disposal has allowed them to make smarter and more data-driven and results-driven decisions. Strategies can be simulated to gain insight into customer behavior and immediately design appropriate changes to improve the product journey.

Better internal and external communication with virtual tools

In today’s fast-paced environment, effective communication is essential for every business. The adverse effects of the pandemic have driven all businesses to go online. Business meetings are now held online and ERP (Enterprise Resource Planning) has effectively connected every employee in an organization.

Messages are automated in a personalized way to communicate with customers. AI chatbots are available to handle customer requests. Additionally, deeper intelligence helps gather valuable data and use it to improve the customer experience.

Streamlined operations and increased productivity with the cloud

Over the past two years, remote working has been enhanced for business continuity and to facilitate the activation of cloud-based servers. While everything came to a standstill when the pandemic soared, it gave old legacy brands a good idea to embrace digitalization in order to keep their businesses going. Companies have therefore ensured that their employees have the right infrastructure and hardware to support remote working, video conferencing and project management. It also allowed for alignment between different departments, and made it easier for companies to monitor processes, giving a better overview of what’s going on in the business.

Growth and expansion with a digital presence

It used to be that businesses were driven by word of mouth and print ads, but over time digital media has overtaken the market and become an integral part of society as well as brands. Having a digital presence is not just a substitute but a necessity for every brand today. This has helped companies reach the market better by proactively standing at the forefront to let customers know they exist in the market with their products. Using technologies such as augmented reality and virtual reality can help brands improve customer engagement and acquisition. When customers get the ubiquitous presence of brands through multiple platforms, they prefer to purchase their products and services, which ultimately increases sales and profits for businesses.

All things Considered

Digital transformation is driving business growth and success in today’s era. The technology not only speeds up multiple operations, but also helps manage labor efficiently. For traditional businesses, this can help increase efficiency and productivity while reducing costs and effort. Technology also helps track business progress, streamline operations, maintain data flow, and optimize employee data. With all the advantages of new-age technology, traditional businesses are transforming into technology-driven organizations and accelerating their development and growth.

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