Project of digital transformation in banking.
Banking has been radically transformed by digital technologies in ways that have greatly benefited many consumers. Not so long ago, the majority of transactions were handled in person by bank tellers. Automated teller machines (ATMs) came along and streamlined the basic transaction process, extending business hours and reducing wait times and dependencies on human employees for cash withdrawals and other popular transactions. Over time, ATM technology has evolved to accommodate cash and check deposits, more secure transactions, and support for multiple accounts, including credit cards and mortgages.
More recently, PCs and mobile devices have given way to online and mobile banking, and cashless payment systems. Consumers now conduct more and more bank business via the web, including paying bills and sending funds directly to friends and family. Mobile banking apps let users take snapshots of paper checks to make remote deposits, and a new wave of payment systems, including PayPal and Apple Pay, let consumers pay for everyday purchases with accounts linked directly to their phones, no cash or plastic card required.
Project of digital transformation in retail.
Retail has also been radically transformed in the digital era. Digital transformation has both impacted the in-store retail experience and ushered in the age of ecommerce.
Digital technologies have improved the retail experience for consumers and proprietors alike, enabling everything from loyalty cards and e-coupons to automated inventory and retail analytics systems. Shoppers who used to clip coupons from newspapers and magazines now just show their phones at checkout to access in-store discounts and deals. When they do this, their purchases are tallied by digital systems that track consumer behavior trends, tie into inventory and purchasing systems, and trigger individualized customer journey events like email and SMS messaging. Additional personalization of the in-store experience can be enabled by digital beacons that link to mobile apps to sense when particular shoppers enter the store. From there, anything from a phone alert to a personal concierge can be deployed to enhance the retail experience.
Retailers are now even experimenting with subscription-style sales using Internet of Things technology. Amazon, for example, has Dash Buttons: IoT-enabled devices with buttons that trigger automated reordering of an item. Branded Dash Buttons are available for a growing number of household goods and other items regularly in need of replenishment. Just click the button when you’re running low and a refill — billed to your Amazon Prime account, naturally — will be dispatched right away, just like that.
Digital transformation creates AI-driven sales techniques.
Artificial intelligence systems can be incredibly helpful in their ability to comb through vast amounts of data in search of useful patterns and other insights. As AI services evolve, they’re studying sales and marketing data not only from the end-consumer standpoint, but also to determine the effectiveness of sales techniques and strategies themselves. In addition to surfacing insights around, say, which demographics are more likely to buy at what times of the year, AI can shed light on which sales strategies have proven most effective over time, or what promotions and product bundles bucked long-term trends to move the revenue needle.
With more and more datasets available from external sources, AI systems can mine marketplace information as well as your own sales history. From there, the systems look for correlations, patterns, and even anomalies to give your teams a competitive edge when going after accounts. Combining AI-driven insights with the tribal knowledge of your teams is perhaps the ultimate realization of digital transformation for sales.Learn More