Companies across the world are increasingly looking to digital transformation to help them create new revenue streams.
Initiatives range from using artificial intelligence to predict trends to harnessing data to offer personalised recommendations, enabling cross-sell and upsell opportunities. We’ve also seen companies from all industries digitalising products and services to complement their traditional offerings.
Plus, many businesses are simply using technology to help them innovate and deliver a better customer experience. The primary starting point for this has been the cloud.
Extend into the public cloud
The evolution of public cloud computing has allowed many businesses to extend their services and deliver a more satisfactory customer experience.
For example, self-service platforms like ours allow customers to generate their own quotes and compare live prices and stock levels. And, with the Internet of Things (IoT), you can connect all your devices to the internet to eliminate the need for manual monitoring. This leads to predictive maintenance, which helps determine the condition of equipment to predict when to carry out maintenance. Tasks are then only performed when warranted, bringing significant cost savings over routine maintenance.
This is just a tiny fraction of the ways the cloud has impacted businesses worldwide with incremental savings in many areas. But, end-user devices are where real revenue streams start coming in. From field sales to online sales, the right devices will allow your employees to impress potential customers and clients with efficiency, productivity and to-hand resources.
The customisation of ERP and CRM platforms
Companies across the globe now use enterprise resource planning (ERP) and customer relationship management (CRM) solutions. And running these software platforms in the cloud has enabled businesses to increase their market share and profits.
The two main benefits? Being able to give customers what they want while at the same time streamlining internal resources. Metro Bank’s use of Microsoft Dynamic 365 is a good example of this.
Metro Bank provided its employees with immediate access to information via a data-and process-driven Microsoft Dynamics 365 platform. And by combining this with Surface devices, they can now instantly open new accounts for their customers.
‘By getting people to sign on Surface tablets, we took two minutes off the time it takes to open an account with the customer, and 10 minutes off the back-office work. Also, instantly we saved maybe three-quarters of a million pounds in paper, and we now have 15% more time to spend with the customer,’ says Craig Donaldson, Metro Bank CEO.
How to brainstorm ideas
It’s not just software that underpins the way businesses are using technology to generate new revenue opportunities. Hardware plays its part too.
For example, the Microsoft Surface Studio (and Studio 2) has brought state-of-the-art technology into the team collaboration space. The large screen of the Surface Studio provides the perfect high resolution canvas for teams to work together to generate new ideas.
Multiple users can work directly on the screen, which is great for both note-taking, interactive presentations, or for designers to use as a drafting table. It runs on Windows 10 to provide a secure platform that offers real-time video conferencing, audio, and built-in team experiences including Skype for Business and Microsoft Office 365. And, the Dial and Pen are designed to elevate the capacities of the device in an ergonomic way. The result is a combination of the best of Microsoft’s hardware, software, services and apps.
What all these examples show is true digital transformation: technology being utilised in original and innovative ways to create new revenue opportunities.