Five ways technology is affecting older legacy brands

S Gurdeep Singh is a natural leader, committed to driving growth and change. After graduating from Government College Ludhiana in 1985, he joined his family’s transportation business soon after. At a very early stage, he realized the need for a professional logistics service that operates with uncompromising standards and precision, and in 1990 he founded Jujhar Constructions & Travels Pvt. Limited.

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

However, it was previously daunting for legacy brands to consider a technology transformation as a strategy due to their previous successes in the offline domain with a wide network and manual control. But now they have understood that the need of the moment is to have a digital presence since their clients are strongly present on digital platforms. Thus, older legacy brands are following in the footsteps of new-age startups and rapidly adopting innovative technologies to stay ahead of the curve.

Technology is adding value to legacy brands

According to a survey conducted by McKinsey & Company, having an “advanced technology” 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 of potential customers, innovation and agility. The products are created according to the requirements of the markets and the costs are formulated in a way that is feasible for both the consumers and the company, so it is a win-win situation.

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A data-driven approach to making analytical decisions

Data has become the sole foundation of various businesses, and old brands are making the best use of it by adopting data analytics tools to get a better insight into their business impact in the market. Having data at their disposal has made them make smarter, more data-driven decisions that are driven by results. Strategies can be simulated to gain an overview of customer behavior and immediately devise 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 all businesses. The adverse effects of the pandemic have led all companies to go online. Business meetings are now held online, and ERP (Enterprise Resource Planning) has connected all the employees in an organization efficiently.

Messages are automated in a personalized way for communication with customers. AI Chatbots are available to handle customer queries. Additionally, deeper intelligence is helping to collect valuable data and use it to improve the customer experience.

Streamlined operations and increased productivity with the cloud

For the last two years, remote work has been elevated for business continuity and to make it easier for cloud-based servers to be enabled. Since everything was shut down when the pandemic spiked, it gave old legacy brands a good idea to embrace digitization to keep their businesses running. So companies made sure their employees had the right infrastructure and hardware to support remote work, video conferencing, and project management. This also enabled an alignment between various departments and made it easier for companies to monitor processes, thus providing a better overview of what is happening in the business.

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Growth and expansion with digital presence

Previously, business was driven by word of mouth and advertisements in print media, but over time, digital media took control of the market and became an integral part of society as well as brands. Having a digital presence is not just a substitute but a necessity for all brands today. It helped companies gain better market reach by proactively staying ahead of the curve so customers know they exist in the market with their products. Using technology like AR and VR can help brands with better customer engagement and acquisition. When customers get the ubiquitous presence of brands across multiple platforms, they prefer to buy their products and services, ultimately increasing sales and profits for companies.

all things considered

Digital transformation is the driving force behind the growth and success of a business in the current era. The technology not only streamlines various operations, but also helps to efficiently manage the workforce. For legacy businesses, it can help increase efficiency and productivity while reducing cost and effort. The technology also helps track business progress, streamline operations, keep data flowing, and optimize employee data. With all the advantages of new age technology, traditional companies are transforming into technology organizations and elevating their development and growth.

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