How can enterprises leverage Digital transformation in South Africa?
What is digital transformation?In layman's language, digital transformation can be defined as incorporating cutting-edge technologies within an organization to enhance business functions and processes. Artificial intelligence, cloud-based systems, machine learning, etc. are some of the most popular technologies that enterprises prefer these days. These technologies help businesses in simplifying procedures and improve in various functions like customer services, operations, and IT.
But the question here arises is why businesses are trying their best to incorporate digital transformation in their business? On the contrary to smooth-functioning enterprise operations, the increasing growth of technology and available resources have changed customers' needs and demand. Because of having access to various products and services via websites or apps, people have become more selective in their decision.
Using digital transformation, companies can improve their marketing strategies. By incorporating complex data-driven technologies and advanced analytics, marketers can get a deeper knowledge of customer behavior. Hence, they can reform their marketing strategies and enhance customer experience and retention.
Impact of Digital transformation in various sectors of South Africa.
1) Digital transformation in the Financial sector
Same as other business sectors, digital transformation has also brought the financial industry under its umbrella. The financial business in South Africa has witnessed notable growth in the last 20 years. Also, various financial companies have invested a huge amount of capital into the country's market. Investors these days prefer digitized alternatives to banking, advisory & brokerage, investment, financial organizations are on the top of technology-driven industrial revolution.
Investors these days opt for long-term investments like retirement plans or advanced portfolios built around exchange-traded funds, digital wealth advisors are the main drivers of the South African investment management industry. According to a report by Statista, Robo-advisors in South Africa are estimated to grow by 49.9% by 2023 in comparison to 2019. The total amount reached by US$231 million from US$46 million recorder in 2019.
2) Digital transformation in eCommerce:
In order to satisfy the increasing demand for modern technology in online retail and wholesale business, you must integrate omnichannel, multichannel, cloud eCommerce solutions, and marketing tools. Selecting the platform, tech stack, and planning server architecture are some of the most important steps for building an eCommerce platform. Errors occurring at this stage may lead to high development risks like having to change or redevelop the technology at the later stage.
Developing a B2B eCommerce platform includes enhancing your current business workflows and increasing their functionality to match your expansions plans. You can start by analyzing your current business workflow and prioritizing your values.
3) Digital transformation in Insurance sector:
Including the insurance sector, the birth of technology and digital transformation has become a breakthrough in many industries globally. Both the industry and customers are increasingly working hard to shift from traditional paradigms of insurance, and concentrating more on customer-centric, digital solutions that are revolutionized by Industry 4.0.
Worldwide, short-term insurance premiums increased by 3% in 2018, outpacing vital midpoints, to stretch around US$2.4 trillion. North America remained the greatest market in premium value terms, but, premium growth weakened scarcely to 2.7% in 2018.
The South African short-term insurance market, by association, extended by a generous 4.8% in insurance premium volumes, someplace in of 2017 and 2018. All around, the state of the market was adequate in 2018, achieving the highest underwriting and operating income for the past 14 years.
Incorporating latest technology using digital transformation can help companies in saving money, enhances transparency, and boost productivity of their employees. South African businesses need to develop leaders and upskill their workforce if they must successfully advance into the digital age.
For the last two decades, KCS is helping small as well as large enterprises in planning and executing strategies along with investing in the best technologies. Their constant dedication and hard work made them one of the best digital transformation companies in South Africa. A team of aces work closely with their clients and help them in leveraging cutting-edge technologies into their business.
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