For businesses that want to remain relevant in the marketplace, staying stationary with processes is not an option. Whether launching a startup or reinventing a long-standing brand, the constant flux of the digital landscape must be considered. Staying on top of emerging trends is crucial for businesses as competition becomes more robust.
Salesforce Einstein is continually breaking molds in the digital realm, but that would not be possible without past advancements paving the way.
Observing milestones in the digital revolution
Once upon a time businesses kept their records in a paper (or analog) system, and the processes of the era (Xerox, faxes and typewriters) accommodated that. While these technologies have reached a mostly obsolete status, they were efficient at the time.
Eventually, emerging technology began to drive the conversion of analog records into electronic files. This process is known as digitization. While digitization is a big initiative for any company to take on, it is a necessary endeavor.
A generalized enhancement of customer service was a natural side-effect of digitization as files became easier to locate, etc. After it took hold, more efficient ways of working began to become clear, paving the way for digitalization.
As an offshoot of the progress already made through digitization, digitalization keeps the momentum going. It describes the development or betterment of business processes through the use of digital technology.
One example of digitization is scanning paper reports into digital files that can be accessed on a computer. Taking that a step further into digitalization could mean using feature-rich programs, such as Xcel, to put the data into a modifiable spreadsheet where it can be easily organized.
Forward-thinking coupled with new technology has served as a launching pad into the next digital phase – digital transformation.
What is digital transformation?
The power of digital is being leveraged by every industry in the 21st century. Because of the way the digital economy has advanced, businesses are able to take a more analytical eye to every operational aspect. In the midst of technology advancements lies a massive opportunity to rethink business models and practices altogether. This is digital transformation.
For example, computing data and trends in real-time has become commonplace through advanced data analytics technology. Through the knowledge gained, new revenue streams can be revealed.
Consider Netflix. The company leveraged digitization by sending compact DVDs to customers via mail. Sending clunky VHS tapes would not have been nearly as practical. As technology advanced, Netflix launched its streaming service where customers could access digital content through a subscription-based model. Next came a string of Netflix original series where the company began producing its own unique content to attract more customers (and compete with traditional cable compaines).
How artificial intelligence is starting to define digital business
Digital evolution is here to stay, and customer acquisition is at the root of it all. After all, the reason people start businesses is to draw spenders in.
The development of artificial intelligence (AI) has opened the door to a future where possibilities seem endless. AI technology enables computers to take on the traits of human brains, giving them the ability to reason, generalize, draw conclusions and learn from mistakes. Because of that, AI has the power to win more customers without the help of humans.
The ability to capture and analyze data is one of the most powerful advantages in the digital revolution, and machine learning has amped up the ability to provide game-changing insights that prompt businesses to adapt. With businesses being able to access more advanced information than would be possible with the help of people alone, the potential for digital transformation is ripe.
Digital marketing apps are also an important piece of the puzzle. Tech giant Salesforce is a digital transformation company that is proving what is possible through AI apps.
Salesforce Einstein AI continues to advance
Salesforce, which is best known for its customer relationship management (CRM) system, is a tech company that seems to never take a break from innovating. As of late, it has placed a strong focus on implementing AI into everything it does. Salesforce named its AI capabilities “Einstein,” and the technology is now laced into all of the companies’ software-as-a-service (SaaS) apps.
A prime example of a Salesforce customer that leveraged Einstein to its maximum potential is Irish-based Ulster Bank. The bank is recorded as the first organization to fully implement the Salesforce Einstein CRM system. Less than a year later, Ulster officials credited its use of the Einstein AI technology for landing them the industry’s highest Net Promoter Score.
Because the system was able to forecast when sales were falling through before the organization saw it coming, teams were able to delve into behind-the-scenes details so they could pinpoint and reverse problems.
Salesforce DMP, or data management platform, is another one of the company’s Einstein-enriched assets. Formerly known as Krux, the product is part of the Salesforce Marketing Cloud. Through Salesforce DMP’s AI technology, businesses are able to understand their customers on a more personalized level. It creates complete data profiles by pulling in information from Salesforce and third-party apps. Ulster Bank officials say the system's 360-degree PDF profiles of each client has been crucial to the bank’s next-level customer service efforts.
Additionally, Salesforce DMP has precise segmentation capabilities that allow for advanced targeting. It also provides insights into which devices customers are using so that messaging can be delivered accordingly. Another advantage is that sophisticated analysis reveals the best time to engage with a person or audience, which makes efforts more strategic.
All of these features make Salesforce DMP – and Einstein in general – particularly beneficial for eCommerce companies. In fact, Salesforce boasts several specific Einstein AI benefits for commerce brands.
Delivering relevant recommendations to customers, customizing product-sorting and adjusting search results based on shopper behavior are among the perks. The system also automates many of the once-manual processes of eCommerce business owners (such as creating new product groupings and optimizing sorting rules). there are several AI tools available for businesses today. Here are a few that are being used to make eCommerce stores smarter.
While there is still much ground to cover, understanding emerging digital trends is helpful for any business. Being familiar with them provides a chance to maximize technology and, in turn, gain more customers.