Many businesses have accelerated their digital transformation to stay relevant in the market. Worldwide statistics on digital technologies note that more than 80% of businesses use an internet connection, while an average of 68% of companies have some form of web presence like a site or social media page. While there are challenges to the digital setup, companies benefit from greater reach and sales through online platforms. Furthermore, these advantages also enhance the customer experience, which fosters customer loyalty and retention. This article will cover how widespread digital transformation helped industries like casinos, groceries, banking, and healthcare.
Casinos and poker rooms
Almost anyone with a smartphone and internet connection can connect digitally. Going digital allows businesses to continue offering their products and services, making them available to people working in different areas or time zones. Digital transformation was keenly felt in the casino industry. Having long-established online versions of different games, many players were able to compete across virtual tables when the pandemic changed poker forever. Tournaments and big events transitioned quickly online through popular sites like GGPoker and World Series of Poker (WSOP) — as they already facilitated digital satellites that preceded in-person events — allowing people from around the world to compete against one another. Through online services, people still enjoy activities while keeping themselves safe when there are travel restrictions.
Grocery stores and retailers
Through digital transformation, alternative ways of purchasing food and other necessities became possible during the pandemic. Online grocery shopping has exploded in popularity due to the rising need and ease of use. In 2019, 81% of US consumers had never purchased groceries online, but in 2020, 79% of US consumers ordered them online. On top of remote availability, business growth has notably increased with the adoption of artificial intelligence (AI) chatbots and virtual assistants in customer service. Through these AI tools, more businesses can automate customer service interactions and handle queries quickly and effectively without needing a human agent, even beyond usual business hours. Today, many people still avail products and services digitally, which allows online businesses to expand their customer base without needing a physical storefront.
The banking industry has gone all-in on digital transformation, with legacy banks providing customers access to services such as bill payments and account transfers within one mobile application. Some banks have taken things further and moved away from an established physical location. Digital-only banks or neobanks are digitized from front- to back-end, relying on artificial intelligence to automate administrative tasks and data processing. Digital-only banks can even accept personalized money management requests and loan applications — many of which would have required a great deal of paperwork. Fintech and third-party app providers have been the main driving force behind these developments, making them valuable players in digital transformation for businesses.
Businesses adopting digital tools offer greater opportunities for collaboration and communication between customers and employees. The onset of the pandemic helped companies realize that technology can shift from their on-site work to a work-from-home environment and back again without many logistical problems. There are now applications for file sharing, instant messaging, digital signage, and even translators to help workers overcome challenges. In healthcare, communication wasn’t limited to video conferencing software via telemedicine. There were also remote patient monitoring devices that enabled healthcare professionals to track patient health trends. Furthermore, improved medical file access and security enabled personnel to share essential documents digitally while protecting their patient’s privacy. Through digital transformation, businesses can better communicate and support their stakeholders online.
Given these benefits, companies should adopt digital transformation as a business strategy. Through these technologies, they can improve the accessibility of their services and enhance communication among stakeholders, leading to better business outcomes.