According to technology research and consulting company Gartner, “Digitalization is the use of digital technologies to change a business model and provide new revenue and value-producing opportunities; it is the process of moving to a digital business.” Here, Ferrari Energy explores six ways digital transformation can streamline your business and improve profitability.
Efficiency And Productivity
Reimagining your business in the context of how digital technologies can create or modify your processes, culture, and customer experience is what the digital transformation movement is all about. Businesses across the globe are embracing the latest technologies like cloud services, mobile devices, the internet of things (IoT), big data, and analytics to achieve higher levels of efficiency and productivity. This digitalization improves profitability while making goods and services more affordable.
Digitalization improves efficiency by eliminating routine tasks that humans previously performed. Software and robotics are exponentially faster and more precise than humans. Using digital systems for routine and repetitive tasks will allow your employees to concentrate on more creative and enjoyable jobs.
From capital and labor to supply chain partners and inventory, it is crucial to have the resources your business needs in the right place at the right time to stay competitive. Digitalization will help you achieve superior resource management.
Organizations have widely adopted cloud computing to leverage the efficiencies of digital resource sharing across departments and supply chain partners anywhere in the world. The cloud enables your company to pay for only the infrastructure, computing, and storage resources you need, bringing costs in line with benefits.
Physical resources such as pumps, motors, equipment controls, and nearly anything you can conceive of can be tracked, monitored, and managed using IoT. Applying proper cybersecurity controls, connecting physical devices to your IT infrastructure provides the visibility needed to make continual adjustments and improvements.
Customers are exposed to thousands of marketing messages every day, so your company needs to stand out from the crowd. Digitalization can help you achieve this.
Your marketing department can leverage digitalization to transform how you reach your customers. Consumers and commercial customers get information about the products and services they need online. Social media platforms dish up your ads to potential buyers based on digital profiles developed using big data analytics.
Search engine optimization (SEO) analytics can direct them to your business when someone searches online for a product or service you provide. Laser-focused marketing techniques can connect your sales team to potential customers faster and easier than ever before.
Data analysis can help you make business decisions based on enormous amounts of data. From product development to identifying sales opportunities, data analysis tools can predict trends in your market along with buyer behavior. Some businesses are affected by atmospheric changes, such as rain in their vicinity. Others rely on geopolitical factors to maintain their supply chain. Data analysis can help make critical business decisions in real-time based on nearly any key indicator you depend on to run your business.
Time To Market
The digitalization of your company means that everything from R&D to sales can happen faster than ever before. A new startup always wants to disrupt your industry by providing new products and services more quickly. If your company takes too long to respond to customer demands, you may lose market share.
You can use digitalization to decrease the time it takes your company to learn what your customers want, develop solutions to meet their needs, and deliver them. This model leaves little room for your competition to leverage shifts in demand to win away your customers.
Customers of every kind have come to expect the highest levels of customer service and a smooth buying experience. Whether for your brick-and-mortar retail stores or your e-commerce website, digitalization can guide customers to exactly what they are looking for and help them make a favorable buying decision. Chatbots can answer questions on your website and help customers understand your product or service.
Digitalization is sweeping every type of business around the world. Now is the time to change your business model, provide new revenue and value-producing opportunities by digitalizing your processes, culture, and customer experience.
About Ferrari Energy
Ferrari Energy is a family-owned private oil and gas company focused on mineral and leasehold acquisitions. Founded in Denver, CO, with a focus on educating landowners, Ferrari Energy has consistently served the needs of the landowner community in the basins in which it works. Its operation covers several areas throughout Colorado, Wyoming, Utah, and ND. Ferrari Energy has provided oil and gas leases to over 850 homeowners and held multiple lease signing events to accommodate the residents of Broomfield, Colorado.
Ferrari Energy took its name from its founder, Adam Ferrari. Adam is a native of Chicago and was formally educated in chemical and biomolecular engineering. He completed his degree at the University of Illinois at Urbana Champaign and finished at the top of his class, graduating magna cum laude. As a young professional, Adam worked in the operations and business sides of the energy industry. After gaining ten years of direct industry experience, he took his passion for the energy industry and launched Ferrari Energy.