According to a survey by Gartner Technology Research and Consulting Company (USA), nearly 9/10 small businesses in the US believe that digital is an important part of their growth strategy.
Similarly, a 2022 McKinsey survey of business leaders found that nine out of 10 senior leaders have undertaken at least one large-scale digital transformation in the past two years. The McKinsey survey found that digital transformations have increased revenue by about 31% and reduced costs by an additional 25% in small businesses. The confidence in increased revenue has even made some business leaders more willing to take risks. A Gartner survey found that 64% of company directors plan to increase their digital transformation risk tolerance by 2024.
First of all, creating and maintaining a professional website for your business has a number of benefits, such as giving potential customers a positive first impression and generating leads through marketing and search engine optimization. Building and maintaining a website does come with some costs. However, there are ways to keep things affordable while still being effective.
The more information a business has about its customers and their target demographics, the more effectively it can engage them. Many companies today collect data directly from their own customers, combine that data with second-party data from another organization, and sometimes combine it with third-party data collected, aggregated, and sold by another company. Pixels or cookies allow businesses to track customer clicks on their website or product links. Tracking transactions can provide valuable data about how users shop.
Analyzing this data can lead to more targeted advertising, personalized service, and more efficient workflows. When a company decides to digitize its operations, it must decide where to store the data: on-premises on servers or by renting data resources from a third-party cloud computing provider. Moving to a cloud-based system can allow businesses to take advantage of advanced software and platform features without having to hire staff to build the system in-house. Artificial intelligence (AI) is the latest technology making waves in the business world. Some experts predict that AI will grow at a compound annual growth rate of 37.3% between 2023 and 2030.
Many businesses have already begun to explore AI, from using AI-powered chatbots like ChatGPT to instant message customers to using synthetic AI to brainstorm new ideas in creative industries like fast fashion. AI can also help make algorithms more accurate through machine learning, automating tasks and freeing up more time for high-level strategy or more skilled work. While some consumers and business leaders may still be wary of AI (for a variety of reasons), the global AI market is forecast to be worth $407 billion by 2027.
HUY QUOC
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