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Digital Transformation Digital Transformation in Industries

The Digital Transformation in Utilities Sector

Digital transformation in utilities. How does it look like today? Are they keeping up with the efforts some sectors are doing?

A lot of sectors today are doing some kind of digital transformation or Dx. May it be in finance, healthcare, retail, or whatnot.

But the utility sector is one of those late for the Dx party. Why so?

Let us dig deeper into this article.

Digital Transformation in Utilities

What it means to do a Dx in utility is by adopting new ways of working. And making sure any changes they make are in line with their business goals.

Also, some of the common goals are to have:

  • better customer experience
  • better customer relations
  • new business models
  • better operations

But as said, the utility sector is slow to the Dx party. Why so?

Digital Transformation Challenges

One of the challenges for Dx in utility is companies making changes too fast. And that is most true for power and gas providers.

In the last five years, these companies invested millions of dollars for:

  • data scientist
  • mobile developers

The money they used on this can instead go to building more plants or other projects. But in the end, they only see a very low return even after the large budget.

Thus, making a point that Dx is not only about going digital by adopting new digital tools. What they need to think of, then, should be how to use digital tools to better their processes.

But not all in the sector face this problem. Some succeeded in their efforts by not rushing things up.

Then, another one is regulatory challenges. This is because it is different in each city, state, and region. So, it limits the options for utility providers.

Third, there are challenges with technology. True, this is an ace in Dx. But it can also be a challenge to pick and use the right one. Like smart metering, digital utility tracker, or whatnot.

So, what can the utility sector do to up their game at Dx?

Steps to Take for Utilities

As said, some utility providers rose high with their Dx. So, for those who are still looking for ways to reach the same, they need to keep in mind some points.

First, keep the focus on the core processes. They should not think that new techs can replace their traditional processes.

Instead, they should think of techs as an aid to better these existing processes. And unlock more of its potential.

Then, they need to keep in mind the three key areas of their business:

  • operations
  • customer interactions
  • back office

Further, they need to focus on one area at a time. Doing Dx to a lot of areas at the same time will set them up for failure.

For example, they can first focus on how tech can aid in lessening power outages. Or making the outage restoration faster.

So, if they do this, the utility sector can catch up to faster runners in the Dx race. Let’s see what they can do in the future.

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Digital Transformation Digital Transformation in Industries

Digital Transformation in Healthcare: Key Trends

What are the key trends for digital transformation in healthcare? And what do these mean for healthcare workers and their patients?

Let us take a look at this article to know more.

Digital Transformation in Healthcare

Digital transformation or Dx has a lot of good effects in the sector. It is changing how people get their health and care needs for the better.

We saw the rise of many health techs because of Dx. Thus, helping not only the workers but also the patients.

The main aim of Dx in healthcare is to:

  • simplify physicians’ work
  • better the systems
  • better the patient outcomes
  • lessen human error
  • lower costs

So, what are the trends we are seeing today?

Digital Transformation in Healthcare: Key Trends

On-Demand Healthcare

People today get busier day by day. So, on-demand healthcare means that patients want things:

  • on their preferred time
  • when they are available
  • wherever they want

So, mobile is the answer. Because a lot of patients go to the Internet using their mobile devices. May it be to:

  • look for doctors
  • look for hospitals and medical facilities
  • book medical appointments

Also, doctors can now give on-demand healthcare to patients. This is because we can see a rise in the “gig” industry.

Where an online platform can link doctors and medical facilities. This is so that they match their expertise with the kind of help patients need.

Wearable Medical Devices

The rise of wearable devices is now helping healthcare companies to get health data. And this trend is rising.

This is because people today now want to keep getting updates about their health.

So, companies in the sector are focusing on making these devices. This is so that it is easier for them to check their high-risk patients.

Further, these devices have:

  • Heart rate sensors
  • Exercise trackers
  • Sweat meters
  • Oximeters

Also, these devices can help companies save a lot of money. In the US, it can save them almost a whopping $7 billion a year.

Blockchain e-Health Records

Blockchain got know because of cryptocurrency. But this is not the only place it can be of use.

Blockchain is a digital database of transactions shared in a network of computers. Then, it lets customers exchange info with suppliers in a safe way and there is no need for a third party.

So, healthcare is now making use of this for e-health records (EHR). This is because it needs a safe space so that cybercriminals cannot state vital info.

EHR is very crucial because it is an electronic medical chart with a patient’s:

  • medical history
  • diagnoses
  • treatment plans
  • test result
  • more health records
  • home address
  • past workplace
  • credit card numbers

Virtual Reality

The time has come for virtual reality (VR) to enter the medical scene. VR now changes the way to treat patients.

VR is now used to help patients with chronic pain for example. Not only does it treat pain, but it can also help in:

  • anxiety
  • stroke
  • post-traumatic stress disorder

Also, VR now helps doctors to hone their skills or plan tough surgeries.

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Digital Transformation Digital Transformation in Industries

What is Digital Transformation in Banking?

What is digital transformation in banking? And what does it mean for both the banks of today and their clients?

Digital transformation or Dx is now doing big changes to the finance sector. And banking is not one to be behind.

Read on to know more.

Digital Transformation in Banking

Banks today are riding the train of Dx by using new techs and services. 

Thus, Dx in banking means doing changes to offer online and digital services. Also, there is a lot of back-office changes along the way.

Some examples are:

  • Blockchain technology
  • Using AI
  • Collecting, managing, and analysis of customer data
  • Rise of online banking and mobile banking

Also, aside from the Dx of traditional banks, there is the rise of digital banks. Offering all services in-app.

So, what areas in banking do Dx help better?

Customer Journey in Banking

All banks today now have their website. And most of them now have a mobile app with online services in it.

Thus, making everything easier for customers. From sending money, making deposits, or paying bills.

Also, it lets banks to give a more personalized service to their customers. And making their customer journey easier.

This is better than what it is before. With clients having to go from one department to another to get the product or service they need.

Today, clients can have an easier and faster digital customer journey. This is by using only one online platform to get the products and services they need.

For example, a customer can now click on an ad and sign up for an account. Then get tutorials on how to use the app and use it to deposit money and pay bills within seconds.

So, what helps in this effort?

Digitalization, Big Data, and AI

Banks today keep more data more than ever. And the more digital service they offer, the more data they get.

These data can aid banks to get to know their customers more. Then use that data to better their services and automate solutions.

So, this is where digitalization and big data aids in a bank’s Dx. They play a big part in all areas of the bank. Especially sales and marketing.

With this, big data can let banks use customer info to make targeted campaigns. Then, make offers to keep their new customers.

Then, analytics can help in knowing when clients need a loan. Or when they are getting ready to leave.

Also, AI and chatbots can help better the customer service. Helping customers 24/7 with any of their concerns.

Digital Transformation in Banking Today

There are many areas of Dx in banking today. Also, there are a lot of services popping up online, like:

  • Online banking
  • Mobile banking
  • Digital banking

But what is most vital is how banks are fast in adapting to any changes. Those who are the first ones to adapt get more customers than late players.

So, let us see what the future holds for the bank of today. What will Dx drive them to do in the coming years?

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Digital Transformation Digital Transformation in Industries

Finance Digital Transformation: An Overview

What is the scene of the finance digital transformation today? And how is it changing the way we do finance in this modern world?

To know more, let us dig deeper into this article.

Finance Digital Transformation

Digital transformation or Dx is making changes to all kinds of sectors today. And it is changing each department of a company.

Of course, Dx has also arrived in the finance sector. Which is vital with the rise of customer wants and demands. Stricter regulations are also put in place.

So, to keep up with these, everyone in the finance needs to make sure they do Dx. The good thing is, a lot of them are already on their way to make vital changes.

Today, we can already see big finance innovations like:

  • online banking
  • mobile banking
  • digital banking
  • budgeting apps
  • insurance apps
  • e-wallet apps

Also, some of these banking apps let users:

  • pay bills
  • make deposits
  • send money
  • have virtual cards
  • alerted of unusual activities

Further, some insurance companies made apps that let customers do:

  • claims-filing
  • fitness guides
  • microinsurance policies
  • budget money
  • track driver habits

Additionally, there are robo-advisors by some investment firms. It aims to aid clients in making smarter money decisions.

So, what are some other ways Dx is helping the finance sector to better?

AI and Smart Automation

All those listed above got the help of AI and smart automation. These two can help in making a better and more personalized service to clients.

For example, when clients want to file a claim, insurers can process this faster. This is because some of them have this option in their apps.

Thus, making the customer service in the finance sector even better.

Also, Dx can automate manual and easy tasks that take a lot of time to do. Freeing up more time for employees to focus on harder tasks.

AI is very efficient in doing easy tasks. Like getting invoices faster and spot any problems with payment earlier.

Real-Time Reporting

Companies want the make sure their financial health is stable. While making sure they give what their customers want.

So, this is where real-time reporting is vital. Dx can aid in this by making a united system of records. Then, getting automated data in real-time.

Meaning, companies can now check the latest data with only a few taps.

Further, companies can now use a financial dashboard fit for their needs. This can spot KPIs and metrics that are vital to the company.

Stronger Compliance

Some companies follow GAAP while others follow SAP. Thus, Dx can raise the speed and accuracy of compliance processes. 

And this is vital, especially for growing companies. Because their regulatory compliance risks are rising over time.

So, they need to make a central review process. This can aid them in making sure they follow either GAAP or SAP rules.

Also, making sure they protect confidential financial information.

Thus, making it clear that doing Dx is not vital for everyone in the finance sector. For both the companies and their clients.

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Digital adoption Digital Transformation

Why Do Digital Transformation Training Matters?

We all agree that the success of your company depends on the people. One of the many reasons why digital transformation training matters. Moreover, we will know more below on why digital transformation training is important.

To summarize things, we all need to foster a culture of internal development. Also, continuous learning and embracing new technologies.

Moreover, companies need to encourage collaboration and invest in the right talent.

Here are the benefits of digital transformation training.

Helps To Drive A Digital Culture

The company considers culture to be one of the challenges in digital transformation.

To address this, you need to foster a sustainable company culture. A place where everyone can accept methodologies, mindsets, and processes.

To develop this kind of culture, company-wide transparency and communication are important. Also, collaboration and development are essential.

Offers The Prospect Of Continuous Learning

Change is constant.

Now and then, you can expect rapid changes in the digital world. As a result, employees might not be able to cope up with the growing changes.

This is where training comes to play.

Through training, employees across departments will hone up their skills and learn new proficiencies. As a result, they remain relevant and up to date in a contentious landscape.

Moreover, organizations must foster a culture of knowledge, sharing, and continuous learning.

Most companies lack the platform to train employees.

So, it is important to offer employees access to platforms, technologies, and curriculums that will allow them to upskill. Thus, you’ll set your company apart from the rest.

Attracts New Talent

Yes, digital transformation training attracts employees. Moreover. They want companies that offer continuous learning.

Furthermore, they are looking for a company that offers them more than just a job.

Internal culture, learning, and development opportunities are deal breakers for many prospects. So, make sure you have those.

Millennials, who are rising targets for digital transformation roles, prefer companies with learning platforms.

Moreover, companies that try their development and growth.

Makes Technology Mainstream

Yes, new technologies and platforms are rising at a steady rate.

To grow an energetic workforce, companies must guarantee their staff is aware of new technological drifts.

Moreover, leveraging new platforms and methodologies to your organization results well.

Assists In Nurturing And Discovering Talent

Training has the dynamism to give learning. Also, develop executives innovative ways to benchmark the skills of their employees.

Also, uncover hidden talents that can help to enhance the skill set of the business in its entirety.

You need to create a culture of continuous learning. Also, offer platforms, support, and resources.

As a result, you will have an excellent chance of nurturing existing talent. Also, identifying individual talent you may have otherwise missed.

Drives Innovation

Yes, continuous learning and internal training can help.  To allow a workforce, leading to collaborations between departments and teams.

For example, a customer service team can bring a considerable amount of information to the marketing department. About messaging, personas, and content development.

This kind of acumen can help a business improve its digital marketing effort.

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Digital Transformation Digital Transformation Company

GE Digital Transformation And Failure Reasons

Digital transformation comes with success and failure. Unfortunately, what happened to the GE digital transformation initiatives is the latter. We may be worry if our company experiences the same fate.

To address nervousness, we will discuss common reasons why the digital transformation fails. Also, we will learn the surface of what happened to the GE digital transformation.

GE Digital Transformation Failure

GE is an iconic business with major operations in Aerospace, Transportation, and Power. Also, with strong financial stability.

Unfortunately, the ambition to successfully transform digitally didn’t go out as they thought it would be. However, GE’s failure has caught the attention of many practitioners and IT leaders.

A few years ago, GE plans to embark on a massive digital transformation strategy. Meanwhile, GE Digital will be in charge.

Moreover, GE also has been on record promoting billions of dollars in cost savings attributed to this digital transformation. The decision may have come mainly due to fault tolerance & lower operating costs.

As a result, GE expects to book around $12 billion in revenue in 2020. Far from the total revenue in 2017 when it was nearly $124 billion.

The corporate confusion at GE results in the resignation of Jeff Immelt as CEO. Also, it affects GE digital as well.

Predix

It is GE’s industrial internet platform. However, technical challenges and delays result in a scaling back of ambitions and investment.

John Flannery, the new CEO, called a two-month timeout to fix Predix’s problems.

Afterward, Flannery announces that future sales efforts will be to focus on existing sectors. And, not to go after new industries.

Yes, you need to keep these principles in mind to dodge some of the frequent pitfalls of the road ahead.

Now, we will discuss further reasons why companies fail in digital transformation.

Lack Of Business Focus And Effective Plan

Most companies lack these things when forming digital initiatives. As a result, most digital transformation plans fail.

Moreover, the Digital Platform has to have a solid business focus. Also, that focus needs to be on solving business challenges.

Excitement and hype generated by executives have little meaning. Unless these initiatives are backed up by a solid ROI, it’s not much of a difference.

Furthermore, you need to have specific goals. Also, a digestible, agile, rollout plan for what you want to attack first.

Then, you need to measure your progress. If you fail, you can re-iterate faster.

Lastly, the business ends up failing due to a lack of clear focus and a manageable action plan.

Not Enabling Your Developers

Yes, you may lack innovative business functionality.

Developers lead the digital transformation. Also, the development and adoption of new capabilities around software development and delivery.

When they are productive, they can choose the tools and processes effectively. Thus, it allows them to easily build and ship products.

Not Experimenting Along the Way

Experimentation is important. Also, it is an essential key to DevOps and brings the enterprise closer. 

Moreover, trying new things along the way can help the DT process.

Think of it as a multi-year journey. This means that your IT team needs to adjust the course. Also, choose tools and processes that enable other teams to easily experiment.

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Digital Transformation Digital Transformation Company

Leading Digital Transformation Solution Firms

Not all companies can experience success in the age of digitization. We will list the leading digital transformation solution companies that can help you mesh well with the transition.

Yes, the digital transformation is still an unknown project. As a result, more and more companies see it as dangerous territory.

Yet, here are some of the companies that are leading digital transformation to a new level.

Critical Mass Technologies

CMT is a digital transformation provider that combines the old and the new. For example, integrating traditional healthcare processes with advanced practice management strategies.

Sidis Health, it’s flagship solution, helps make it possible.

Also, the solution helps children with Autism Spectrum Disorder. In clinics in large Applied Behavioral Analysis providers.

As a result, it enables productivity and increases the reach of treatment.

Moreover, Sidis Health allows a leaner environment of service delivery for ABA providers.

They are also producing a one-of-a-kind path to electronic health records. Also, practice management systems. How?

Well, they are changing how clinics staff their organizations. Also, changing the way clinics establish and distribute their standards of practice.

The change comes with a centralized real-time data collection. Furthermore, it ensures that consistency and progress are there. Thus, providing transparency to children and parents.

BPM

The company is one of the most innovative and reputable business partners out there. Its goal is to aid its clients to realize their full potential. How?

Through the BPM-D Framework.

The framework involves the collection of methods, devices, and knowledge assets. As a result, it improves business value. By advancing up process improvements while decreasing the risk of such initiatives.

According to Franz, managing director and Co-CEO of BPM-D, “… BPM-D framework … help clients build a more effective and digitalized BPM discipline … and guide them to the next phase of success”.

Crowd Machine

It prides itself on being one of the industry leaders. Leaders that inspire digital transformation with its unparalleled solutions.

Crowd Machine GO is a no-code cloud-based platform. It enables clients to bring all the data together. Then, it’s ready to analyze, monitor, and use effectively to drive business efficiency. As a result, you will expect profitable returns.

Moreover, clients can carry together a legacy solution and utilize it to build more innovative solutions for business maturity.

Furthermore, it also permits complete automation and modernization of the overall IT ecosystem. Also, transfers existing applications on the cloud.

As a result, they will have larger visibility of their business processes. Thus, causing an increase in productivity, effectiveness, and customer satisfaction to its clients.

Elemica

It attaches, automates, and presents visibility into supply chains. Rightfully called as the leading Digital Supply Network for Manufacturers

Elemica solutions connect to:

  • end customers
  • thousands of their direct material suppliers
  • logistics service providers
  • leading manufacturers

Because of this visibility, clients can see and ease supply chain dangers.

Gigster

It supports companies to expand their capacity to innovate. How?

Well, Gigster dynamic teams create industry-changing custom software

Furthermore, Gigster grants an innovation management platform that measures the end-to-end delivery process. Also, drives a 360-degree view of risk. These use expert reviews of each project deliverable. Thus, increasing quality.

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Digital adoption Digital Transformation

Digital Transformation Meaning For Customers

The digital transformation meaning to business is defined in every aspect. However, the digital transformation meaning in customer experience will likely have the most significant impact. It’s good news for everyone!

You may experience this kind of advances today. For example, e-commerce shopping, new communication channels, and personalization. All of which aims for consumer’s benefits.

If you’re a company looking for this type of offer, we have a list of ways below on where to start. Also, for customers, this is what the digital transformation can do for you.

Availability Of Information Online

Everything in this day of age is typically connected online. This is what digital transformation can do for you.

Moreover, using online methods eases business processes and accessibility. Also, it’s more convenient for customers to find the information they want.

Furthermore, many online retailers allow customers to access details on all of their past purchases on the company’s website.

For example, if a customer wants to track, cancel, or return an order, they can do so on their own. 

Unlike before, you may need the help of a customer service team. Nowadays, you don’t need to wait for assistance from the person himself/herself.

Embrace Automation

Before, we only know automation as an undeveloped chatbot that responds to basic questions. Today, automation has come a long way.

Automation improves many different parts of the customer experience.

Customers now prefer interacting with computer-based applications rather than human advisors. This is because of the 24/7 availability of applications.

Also, automated applications are faster to engage and they communicate politely. Isn’t it great for consumers?

In the past, the quality of service may be a concern. However, many customers now prefer this kind of approach.

If your company is not yet on this trend, make it happen now. Simple automation on e-mails can help you a lot. Moreover, it’s not just for the customer, but the business as well.

Tailor Content To Individual Users

Customers nowadays prefer personalization and the “my taste” mentality. As a result, more and more companies are adjusting to meet these demands.

Moreover, because of customer data, companies give more relevant offers to each customer.

Shopping in Amazon, for example, there is a section of recommended products. In this way, you will only see featured products that are relevant to your browsing history.

Learn About Your Customers

Well, owners and marketers now have access to more data than ever before.

However, data are only valuable if you know how to maximize it. Moreover, this will you gain insights into your customers and provide improvements for them.

Then, you can use your analysis to enhance your offerings and generate more effective marketing campaigns.

On the other hand, customer data need not be shared with third parties. Yes, consumers know that their data re being collected. However, it’s essential to be transparent about the data you collect.

As a result, it creates trust between you and the customer. For the customer’s benefit, they will enjoy browsing or using your platform with greater efficiency.

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Digital adoption Digital Transformation

Digital Transformation Meaning To Educators

The digital transformation means something to everybody. The digital transformation meaning to educators could not be defined by simply saying that it’s “helpful”. We will discuss why does digital transformation matter to educators?

Before, students just sit in the classroom and learn solely through lectures.

Today, education is more collaborative and demands interaction.

Moreover, teachers are coping up with the drastic changes, especially in education.

The instructing approach includes technology. Because of this, it opens a world of endless possibilities and collaboration.  As a result, digital transformation positively impacts student learning. 

Digital Transformation

Its often define as basic hardware or a software upgrade. But, it’s not just about that.

Digital transformation is a physical and philosophical change. Moreover, it has a design that meets the ever-growing need for students, faculty, and the campus.

As a result, it creates a learning environment where everything connects.

Well, digital transformation is like an ecosystem. This is an ecosystem that combines technology, services, and security.

It helps bridge the digital gap to build collaborative, interactive, and personalized learning practices.

What Issues Are Driving Digital Transformation?

  • Artificial intelligence
  • Digital integration
  • Affordability
  • Student-centric services
  • Data enablement 
  • IT strategy 
  • Student success 
  • Information security 
  • Campus security 

How Do You Create A Digitally Transformed Campus?

  • Deploy operational efficiencies
  • Deliver state-of-the-art cybersecurity
  • Create a safe campus 
  • Foster successful students 
  • Build a strong IT foundation 

What Do I Need To Do In Order To Digitally Transform?

Of course, digital transformation starts with a strategy. It is really that important.

Moreover, you need to define the strategy clearly. Also, the strategy needs to leverage the opportunities that the new technology presents.

Doing all of this while meeting the objectives of your stakeholders.

The following steps will encourage you to develop a digital transformation strategy for education: 

  • Move towards a single and simple platform. The platform might be on-premises or in the cloud. As long as the ultimate goal of digital transformation is to give a single platform as the foundation of your network and communications infrastructure.
  • Then, roll out new business models. “Freemium” software and on-demand services are cheaper and more flexible. Also, they are simpler to manage than traditional systems. Moreover, it just might be the thing that your campus needs. 
  • Then, deploy analytics to automate. Also, understand and save money.

You need to use real-life and real-time data. This is to drive strategic initiatives that improve performance and roll out upgrades. Also, make infrastructure decisions.

  • Connect everything to support tomorrow’s digital world.

You need to set up strong strategic partnerships. And also build an ecosystem connecting your people, processes, and things.

As a result, you will be able to build a communications network that is a high capacity, secure, and smart.

What Is The Bottom Line?

Yes, digital transformation is producing a world of difference. How? By simply changing the way we think about the digital tools that are used in the classroom.

Moreover, digital tools are driving new levels of collaboration and innovation. Thus, creating a campus of endless learning possibilities.

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Digital Transformation Digital Transformation in Industries

Retail Digital Transformation: Key Drivers

What are the key drivers for retail digital transformation? And how do these make it better for those companies in the field?

Retail is the leader when it comes to digital transformation or Dx. They were the first ones to jump on the train.

This is vital because they need to fill the customer wants and demands. Which is getting higher and higher as time goes by.

So, today, we will see what are the key drivers for the retail Dx.

Read on to know more.

Retail Digital Transformation: Key Drivers

Customer Emotions

Retail today has a very big change compared to what it is before. Brands today deliver products based on customer emotions.

Which is very different from the scene before where customers only get what brands offer.

So, customer emotions play a very big role in retail Dx. Brands now think about what customers will feel by having their product or service.

To do this, they ask things like “why do people buy this item?” Or “Is this vital for survival?” Even if it does not, customers feel emotions. Like warmth, loyalty, giddy, or whatnot, brands will deliver this.

So, this is where Dx help. In giving what customers want. And these customers tend to be loyal to brands that feel close to their hearts.

AI and Machine Learning

AI and machine learning (ML) are key tools to drive Dx in retail. This is vital for brands to form a strong emotional bond with customers.

This is due to AI being able to collect vital customer data from ML techs. Then it sends this data to ML tools to help brands analyze their customer’s buying patterns. As well as behaviors.

Thus, with this in hand, brands can then personalize things for their customers. Like:

  • special offers
  • product recommendations
  • pricing

As a result, customers can feel closer to a brand and drives loyalty from them. Also, ML can aid brands in making promos when some holiday season comes.

Aside from selling, AI can also aid in the brand’s customer service. Customers today want an instant reply to their questions. Or instant help for their concerns.

So, AI-powered chatbots are the answer. It gives the easiest and fastest aid to customers and is a better tool for support tech. Giving help 24/7.

This is a very cheap option for brands than getting a lot of customer service agents. And having them do the manual task of answering easy customer questions.

Unified Commerce

Unified commerce is another key driver for Dx in retail.

This is where customers connect with brands from a lot of channels. May it be from a brand’s website or social media like Facebook or Pinterest.

And it is easier for brands to keep up with this with the help of software systems for unified commerce. Also, this can help brands to know the latest trends.

Thus, saving them the time from looking at each one of their channels. And help them focus on more vital parts of their Dx efforts.