How Digital Transformation Can Revolutionize Your Business In 2021

Posted by Stephen Taylor on January 20th, 2021

With the advancement of technology in 2021, businesses are experiencing a global revolution, and the whole credit goes to digitalization. Thanks to digital marketing platforms, businesses are experiencing many changes. The internet and mobile devices have enabled consumers to connect with brands seamlessly.

In 2021 digital technologies are shaping the customer’s experience. They are helping consumers make decisions wisely and in real-time. Brands have gone through drastic changes in recent years to improve business operations and become more customer-centric. They are striving to eliminate the limitations in their services by adopting various advanced technologies and creating hyper-personalized customer experiences. There are several factors such as changing customer dynamics, trends, and demands post-pandemic that made it a necessity for the businesses to bring innovative approaches and adapt to the technologically advanced requirements at a faster rate. 

In 2021 digital transformation framework includes a more comprehensive and effective range of business opportunities. The businesses are rapidly adopting digital transformation strategies to revolutionize business processes by integrating them with advanced technologies. The customer processes are going to become more streamlined and efficient, which will help the industry deliver better results to the customers. The advanced tools will enable the collaboration of various operating models that will be helping the industry in making strategic business decisions.

Here we explore how digital transformation can revolutionize your business in 2021, stating suitable digital transformation examples. 

1. Embrace Mobile Customer Onboarding

Traditionally, customer onboarding has been a highly unstructured and cumbersome process. In 2021 mobile customer onboarding is going to replace traditional onboarding in a big way. Mobile phones have increasingly become part of our daily life. With the penetration rate of smartphones continuing to increase in 2021 breakthrough technology like moLotus will drive mobile onboarding. Many SaaS companies have been developing mobile apps to cater to this demand for mobile onboarding with little or no success. Interestingly, moLotus is the best example of an automated, flexible, cost-effective and scalable onboarding solution, enhancing customer engagement with a smooth end-to-end experience. Brands have embarked on moLotus to digitally transform their entire new customer onboarding process.

2. Digitalize Renewals -  Policies and Contracts

In 2021 the manual, labour-intensive and tedious traditional contract/policy renewal management processes for businesses would become obsolete. Digital transformation of your contract renewal process allows for automation, making it possible for all parties involved to track a contract's renewal. The more complex your contracts are, the more helpful automation becomes. By putting automated contract renewal at the front of your digital transformation, you can emphasize the reporting and fulfilment of contractual obligations. 

Platforms like moLotus have made the contract renewal processes automated. In 2021 moLotus would be allowing businesses to think more strategically, saving time & costs, and enhancing overall customer experience. 

3. Digitalize filing and document submission

The pace of customer conversion in the insurance and banking industry has been glacial. They have been experiencing conversion rates as low as 30% or below due to the manual filling & document submission processes. These processes are extremely painful for consumers, resulting in massive drop-outs. The customer experience is the key differentiator for service businesses especially process-intensive like insurance and banking. Customers expect the same level of customer experience they receive from the digital brands from other industries they engage with each day. 

In 2021, document filing and submission processes would become more digital with technologies like moLotus making it hassle-free; leading to higher conversion at reduced cost & time. Leading banking and insurance brands have embraced it to reap the benefits of better customer engagement with low costs - high revenues.

4. Digitalize Recurring Services and Product Cycles

For businesses, sending reminders for recurring services & product cycles has been a challenge. While addressing the service reminders to the customers, you do not want to confront or sound harsh to them. Digitally transforming the processes is the best and only solution to the challenge. Designing a bulletproof recurring service and product cycle process for customers is something every SaaS company has strived for. However, moLotus has made it truly possible by automating and transforming the recurring services and product cycles like car servicing, air-conditioning, buying coffee, etc. In 2021 more brands will be embracing this transformation resulting in increased revenues and customer engagement. 

5. Replace the Plastic Loyalty Cards

In the past, your customer wallets have been bulging with bulky plastic loyalty cards. Many businesses have been clinging onto the idea that plastic loyalty cards are cheap and easy to set up and maintain, therefore more cost-effective than implementing digital transformation in the loyalty card space. However, this is not the case.

In 2021, there are better ways like mobile apps to replace the excess plastic. However, loyalty card apps have not solved the challenge associated with plastic cards. Mobile Loyalty Card powered by moLotus has transformed the loyalty cards space, replacing the plastic cards. It is convenient to consumers, saves cost, and increases usage with high revenue. It has proved to be a superior alternative to mobile apps.

6. Replace Outbound Calling

Once upon a time, most people contacted customer service by telephone when the smartphones were in their infancy. That world is vanishing. In 2021, digital transformation is fast replacing voice-based contact by shifting to low-cost automated channels such as internet-based self-service knowledge banks, mobile messaging and chatbots. These transformation initiatives lead to lower operational costs coupled with greater efficiency.  

moLotus is an example of an innovative mobile-based customer interaction platform best suited to interact directly with a large customer base. moLotus is loaded with multiple customer response options like SMS, Callback, Click URL, USSD, etc. The spam-free technology quickly delivers automated messages to a huge customer database directly into their inbox on all mobile handsets, irrespective of phone type or model – 2G, 3G, 4G, 5G smartphones, i-phones and feature phones without requiring any app download or data connection. Customers feel a greater connection with the brand & provide a better response which, in turn, helps in the improvement of the conversion rate and that too at low costs.

Conclusion

In 2021 you will see the rapid scaling of digital initiatives across different industries globally. You are lucky to have the opportunity to engage with customers more precisely and effectively to know various queries, prospects, concerns, and requirements that further help you to market your products and services. Breakthrough Digital transformation offered by platforms like moLotus will eliminate traditional technologies' limitations and help businesses be more responsive to the current market trends and demands with agility and speed. The right time to start your digital transformation journey is now!