EMBRACING AI AS PART OF DIGITAL STRATEGY
Artificial intelligence (AI) solutions are powerful digital tools that are getting easier to acquire or subscribe to. For many sectors, including retail, food and beverage, and financial services, customer demands have evolved so much. Customers love service providers who provide value-added services. For example, as a regular customer at a restaurant, by having an AI-enabled camera on a digital ordering system, the waiter should already know and predict my likely menu order upon walking in. What is left is to review and confirm my order, speeding up the ordering process.
Online retail sites should be mindful of the time of year and the kind of products that sell very well during those time. This helps determine which particular items require reordering to ensure sufficient stock is available to meet the likely high demand. Providing such value-adding solutions can be useful to boost business revenue and improve customer loyalty to a business. Hence, businesses need to review and understand how they can benefit from the possibilities that AI is able to offer for their businesses.
DIGITAL STRATEGY PILLARS
The above examples and circumstances above emphasizes how digital strategies are not merely about adopting digital solutions and hoping that they will bring the desired benefits. Digital strategies need several key business enablers to perform harmoniously to ensure that they bring the desired outcomes and benefits for the business. These enablers are the people, processes, technology, and documentation.
Adopting digital strategies will only be as good as the knowledge and capabilities of the individuals in the business. A business will not be able to make appropriate reviews and recommendations without having team members with the right skills and knowledge. Content lead should have a good grasp and understanding of how digital solutions can be beneficial in achieving the business’ digital strategy. It is useful for businesses to upgrade and upskill their employees. This ensures they are kept with the current technological developments, especially within their respective sectors.
A machine will not work like clockwork if there is no flow to the steps involved to make it work. Similarly, a business team will not be able to work effectively without clear processes for how the new digital strategies will be carried out. Previous workflow processes may no longer be relevant and need to be reviewed to effectively adapt new digital strategies implemented. Marketing information should be different when done through a social media platform versus preparing pamphlets or flyers.
While technology could already have been utilized in the past, the adoption of some digital strategies may require different technology solutions. Necessary investments will need to be made to ensure that the desired outcomes are achieved.
As much as businesses intend to operate their business as simply as possible and rely on what they can remember and not share with others for fear of information leaks, it is important that some form of documentation be performed. Such practices are critical to ensuring sustainability and business continuity in situations where other people are required to execute digital strategies. It serves as a fundamental source of information to facilitate communication of instructions, the sharing of understanding, and a source for clarification to ensure the business continues to run smoothly.
CONCLUSION
Digital strategies are a critical outcome of strategic planning that could potentially shape the future of mSMEs. The most effective approach for mSMEs to thrive is to seek ways to keep a lean operational team, aligning towards a scalable, sustainable, and profitable business forward. Do not invest in digital solutions without weighing the benefits and how it translates to revenue opportunities or potential cost savings. Make wise baby steps during the initial phases of implementing digital strategies. These ensure that the experience will be one that leads to a desirable outcome for the business.
