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We have come a long way. There was a time when you had to wait in line for hours in order to pay your electricity bills. Today, you do that with a simple click of your PC’s mouse or mobile device button. Online businesses have evolved a lot in terms of promotion and service. There is no doubt about the fact that coming years will see a surge in entrepreneurship backed by advanced technological advancements that will pave the way for increased industrial development. Technology has brought us benefits that create convenience for everyday business dealings. However, we cannot escape the risks associated with those benefits. This article looks at the risks and benefits of digital transformation to help you understand how far we have come and how we can utilize the benefits to cancel the effect of risks.
The benefits of digital business transformation
- Increased connectedness: The most prominent advantage of digital transformation is the connectedness; in the 60's, no one could imagine that a business could be conducted online without the use of any physical resources. Today, Internet of Things has made it possible for humans to connect virtually from anywhere around the globe in order to conduct business. This is a new age of networking for businesses that will continue to improve over the coming years.
- Enhanced customer service: Online marketing strategies and techniques have made it possible for business owners to deliver unprecedented customer service that was not possible 2 decades ago.
- Business longevity: Enhance customer service always leads to customer loyalty and better customer experience that leads to business longevity. The digital transformation has allowed business owners to increase the value of their businesses by providing better customer service. The following image shows the myriad benefits of digital transformation.
The risks of digital business transformation
- Increase Fraud risks: You can never have a technological advancement and its convenience without worrying about the substantial risk associated with it; with every new internet advancement there is a threat that makes us vulnerable. One of the biggest risks of digital transformation is undoubtedly the online fraud.
- Consistent Security challenges: The digital transformation has brought increased security challenges that keep technologist on their toes. Digital locks are no longer safe as they used to be, and research predicts that in the coming years we will have a lot more to worry about in terms of digital security.
- Increased workload: In the light of above mentioned two points, it is fair to say that digital transformation has increased the workload of associated professionals. With the increased security risk, technologists have to work harder everyday to eliminate the possibilities of online frauds and identity thefts.
The benefits of digital transformation certainly outweigh the risks; it is impossible that mankind will ever survive without the use of technological gadgets and internet connectivity. We can utilize security measures to make sure our systems to not become a victim of illegal online activity that may ruin our reputation to cause a substantial damage. Combat the digital transformation risks with increased online security that can be garnered from security applications and neap the rewards of the myriad benefits.