Using Digital Transformation to Future-proof SMEs: An In-depth Study

According to a recent report published by MarketsandMarkets, the magnitude of digital transformation is set to create a deeper impact. The report suggests that the global digital transformation market size is expected to reach USD 3,144.9 billion by 2030 from USD 695.5 billion in 2023. This highlights a CAGR of 24.1% during the forecast period of 2023 to 2030.

But what do these numbers suggest? What drives these numbers to such exponential heights? Let’s break down the factors behind such estimated growth.

• Emerging Technologies

Here’s how we see the contribution of emerging technologies in the rapid digitization. The proliferation of mobile devices and apps (5.56 billion unique users in April 2023), the penetration of IoT, and advances in AI, deep learning, and data science make the integration of digital transformation more adaptable. Of course, the use of cookies and machine learning to enhance UX and audience targeting wouldn’t have been possible had the smartphone usage and adoption not increased.

• Increased Adoption of Cloud Services

Over 90% of organizations have adopted cloud services because they offer scalability, flexibility, and additional security from data theft. These advantages fuel the adoption of cloud services among businesses from all industries.

• Need for Enhanced CX-driven Approaches

With the increasing use of smart devices, it is important for brands across the globe to streamline their CX across different platforms. This is where cloud services and big data (and eventually data science) have a major contribution. Users’ buying journeys are not unobstructed, irrespective of how many devices they switch to make a single purchase.

Why Should All SMEs Adopt Digital Transformation?

• Digital Transformation Simplifies How You Use Data

Digital transformation (or digitization) isn’t about changing how you do business; it’s about achieving the same targets and goals but with a different (and more effective) process. This is possible due to data being accessible and usable and not trapped in a file cabinet somewhere.

Digitalization enhances customer service by making their data retrievable easily and quickly. Though the basic crux of customer service doesn’t change, the process of handling inquiries, looking up relevant data, and offering a resolution becomes more efficient.

As digital technology evolves, people start generating ideas for using it in new ways, and not just to do the old things faster. These are the first steps to digital transformation.

• Digital Transformation Adds Value to Every Customer Interaction

Technology fuels changes. It is important for brands to constantly upgrade their existing processes to enable better decision-making, game-changing efficiencies, or a better CX with more personalization.

Netflix is a great example here. It started as a mail-order service and disrupted the traditional brick-and-mortar video rental industry. Over the years, technology and innovations made wide-scale streaming video possible, and the OTT platform encashed in this development.

Today, Netflix takes on traditional broadcast and cable television networks and production studios all at once by offering a growing library of video content at competitive prices.

Digitization made it possible for Netflix to stream video content and gain unprecedented insight into customers’ viewing habits and preferences. The brand uses such data to get insights into the design of its UX, individual preferences, etc. With this massive data, the brand has now streamlined its personalization based on individual preferences with near-correct recommendations.

In the same way, e-commerce platforms use the various boons of technologies to enhance how target customers interact with their brand. Purchase recommendations, similar products, browsing history, product retargeting, etc., are all possible with the use of machine learning, cloud data storages, and data science on unstructured big data.

How Paramount Can Help with Digital Transformation

Paramount is one of the industry leaders helping SMEs adopt digital transformation. Our prime focus for the adoption lies with

• Analytics Platform - a custom platform to track progress and extract performance report from various digital assets/handles
• Cybersecurity - developed to ensure secured IT infrastructure, especially for businesses integrating payment gateways
• CMS - to create a custom ecosystem of content management across platforms

Our work in emerging technologies and infrastructure for SMEs comes with years of experience and with the assurance of globally recognized technology partners, including UiPath, HyperLedger, The Linux Foundation, etc.

What you get with our products and services, you ask?

• Efficiency Boost: We help you leverage automation and digital tools to drive operational efficiency, enabling your teams to achieve more with less.
• Customer Centricity: Our digital technologies can help you deliver seamless, personalized customer experiences, fostering customer loyalty and driving growth.
• Insightful Decisions: You can utilize data analytics for superior, fact-based decision-making, optimizing business outcomes and resource allocation.
• Business Agility: Our developments help you foster a culture of innovation with digital transformation, ensuring rapid response to market changes and unlocking new opportunities.
• Continuity and Resilience: With us, you can build a resilient business ready to navigate challenges and maintain operations in an increasingly digital world.

We believe that together we can help you adopt digital transformation and maximize your business output with automation, security, and resource utilization.

Are you ready to take the next step? Set up a free consultation on our website to know more!