Digital Business: What It Is, How It Will Impact Your Small Business

digitalbusinessEnterprises are increasingly hearing about the new “digital business” era, with no idea what this term means. The term simply summarizes what professionals are already hearing about major trends in business today. Businesses who embrace and learn about these technologies are likely to thrive in the new business world.

Cloud Computing

Organizations of all sizes are increasingly embracing cloud hosting as a way of doing business. While big data and digital marketing are top priorities for many businesses, cloud computing is already a large part of the corporate world today. Everything from ERP to accounting is now being conducted through cloud services and gradually businesses are moving infrastructure to the cloud,as well.

Big Data and Analytics

As businesses began employing high-level analytics to gain insight into every aspect of operations, the pressure will be on for those few remaining companies who aren’t using these tools. In a survey conducted by McKinsey, business leaders named big data and analytics as a top priority for the near future. Whether they employ their own data scientists or rely on one of the many analytics service providers that are emerging, it’s imperative that companies have the data necessary to fully understand their customers.

Digital Marketing

Another priority for businesses is marketing in the digital era. The internet had already changed the way businesses reached out to consumers, but social media has created new avenues for interacting with the public. Understanding how this leads to conversions is key to businesses succeeding in digital media.

In the McKinsey survey, professionals reported an emphasis on taking an offensive, strategic approach to their digital efforts rather than a defensive one. However, as more companies see the importance of digital business in today’s work world, the businesses that are left behind will have no choice but to put their own strategies in motion in order to remain competitive.