Topic:

Digital Transformation

Digital Business Driving Trends to Watch in 2022

3 min read

2020 proved to businesses that they can adapt to drastic changes, even at a rapid pace, with the help of digital tools and technology. This pace carried on two years later. While some trends and predictions from 2020 were proven correct, others didn’t come to fruition due to urgent and strategic needs that needed to be met as the pandemic persisted. 

At present, global spending on digital transformation and initiatives is still rising. Statista predicts a jump to an annual 20% jump, making it $1.8 trillion next year. 

Now that 2022 is on full-combust mode, it’s going to be hard not to be able to keep up. So what will the headlines entail this year? What is the most engaging digital business driving trends to watch in 2022? Only time will be able to tell. 

But, for now, here are some of the most interesting digital trends in 2022 that might or might not surprise you. 

Data Fabric Weaves its Way to our Doors

Data fabric architecture is the future of data management and integration. This design concept uses both human and machine capabilities to access data in place or aid in data consolidation in which is most appropriate. 

Data fabric constantly determines and connects data from different applications to find unique, business-relevant relationships in-between available data points. The data points, in return, produce insight that supports “re-engineered decision-making.” Thus providing more value for businesses through immediate data access and comprehension than the traditional data management practices.

This concept provides scalable, flexible, and more tight integration of data sources across platforms and business users. If implemented vigorously, data will now be available everywhere it’s needed, regardless of the location of the data.

Data fabric uses analytics to learn and actively recommend where data should be used and changed, thus reducing up to 70% of data management efforts.

Agile and Flexible Solutions, No longer a Fad

This trend is not new, but agile and flexible solutions will be more prevalent and necessary this year. Agile methodologies have an excellent reputation and are popular among software developers, and IT teams alike. These methodologies began to make strides when COVID forced businesses and companies to acknowledge the importance of responding quickly to extreme changing conditions.

This trend will be more prevalent amongst retail and eCommerce businesses. With a vulnerable industry, investing in flexible, scalable, and agile IT solutions can help them adapt to changing market conditions. 

Customer and Employee Experience Centric Digital Transformation Projects

The pandemic has changed the way we interact with businesses and people. And, honestly, there’s no point in returning things the way there were in 2019. COVID-19 highlighted our need to focus both on customer experience and employee experience. 

Everything has turned virtual, from ordering food, grocery shopping and doctor visits. Customers and their experiences now shifted to digital channels. Companies that deliver better customer experience brought up to 5.7 times more revenue than competing brands with bad customer experiences. 

However, emerging trends now focus on investing in customer experience initiatives. The pandemic has also changed how businesses engage with their workforce. With the work-from-home setup, some companies find it hard to find ways to make employees feel engaged with their work. 

Research has shown that one-third of employees who work from home report feeling engaged in their job. This could pose a problem for businesses as low engagement can significantly impact output and performance. With this trend, companies are expected to increase and intensify investing in adopting modern CRM systems with customer experience, employee onboarding, and data management capabilities.

The Era of Privacy Rules

Tech companies will be in a blaring spotlight. Big tech companies will be regulated, and their privacy rules revisited most significantly. We are all aware that data creates the best experiences. But, somehow, there has been neglect on how data is collected and how often it is gathered. There’s no actual law or policy on how information is monitored from last year – until now. 

With the massive amount of data we voluntarily give to apps, e-commerce, and other social media sites, we have “unconsciously” created a world where tech companies can make the best user experiences. The best-of-breed user experiences will be balanced with more solid and thoughtful data management practices this year. 

This year, organizations that rely on data collection through apps and other third-party apps or organizations will need to expand their data collection policies. This will eventually lead businesses to find a new way to source data and decide on strategies to collect and manage data openly and honestly without hurting or compromising customer experience. It sounds like a bit of a pickle, which won’t be a manageable undertaking. Still, spending and investing time in building an excellent data privacy policy will be critical to your business’ success. 

Hybrid + Multi: Are you Paying Attention?

Cloud is old-school. But a new type of cloud is taking center stage as we speak (we mean, write). Welcome to the era of the hybrid+multi cloud!

2022 will be an exciting year as vendors compete for the perfect public and private clouds mix. As enterprise IT structures become more omnipresent, hybrid leadership will remain a focal point for legacy IT and cloud providers alike. The rise of open-source and popular modalities for hybrid IT architecture will be more prevalent this year.

Experts believe that businesses will be adapting this setup as any workload to any destination remains a requirement for sustaining the complex needs of a business. This trend will be advantageous for companies that use more than one public cloud to solve their technology and business integration challenges. Companies that invest in this space can simplify the process of orchestrating workloads and make their data more accessible and secure, eventually future-proofing their business core.

Wrapping Up

2022 is just getting started. There has been so much focus on data, privacy, AI, and applications, that it has become hard to keep up with what is happening around us. However, future-proofing and streamlining your business is always a priority. Regardless of these upcoming trends, 2022 will be a great and exciting year for tech and business advancement. Let’s just buckle up and see how things play out. 

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How will the Digital Transformation Landscape Look like in 2022

3 min read

The pandemic has revealed vulnerabilities that business leaders had never identified before or processes they might have missed. However, the World has long moved past the shock and disruption of the COVID-19 pandemic. All thanks to business leaders rising to the challenge, with digital capacities playing a critical role in their business’s resilience. 

COVID-19 was only the latest in a series of episodes that demonstrated just how many risks and changes our society, leaders, and organizations must contend with within the present and the future. While leaders are not equipped to control the pace of change dictated by external events, they have the tools to develop their organizations’ capacity to operate through disruption effectively, defend against external threats, and take advantage of new opportunities. 

Digital-able enterprises are proving that it is possible to thrive amidst any disruption. A 2021 Deloitte Digital Transformation executive survey has shown that digitally matured companies are more resilient and better at navigating through rapid changes – which significantly affects their financial performance. [1]. In the survey, Deloitte found that digitally mature organizations are also much more likely to approach digital transformation strategically and place digital transformation at the center of their strategy. [2]

So, what is the secret of these organizations? Simple, keeping up with the digital transformation landscape and adapting to technologies aligned with their company’s goals and processes.

How will the Digital Transformation Landscape Look like in 2022? 

Across the globe, companies have been in a non-stop digital transformation since the start of 2020. Business processes were reconstructed, paper-dependency was halted, and employees promptly shifted to working from home. 2020 was a year of change; 2021 has been a year of implementation. Now, 2021 is ending, time to look forward to 2022. 

So how will the digital transformation look like in 2022? Saphyte has gathered some of the most prominent answers from experts to see the digital landscape next year, and we can say that it’s a mix of surprise and excitement. Here’s what we’ve discovered. 

The World will Continue to Shift to Digital Economy

With the mandated lockdowns, social distancing, and quarantines, businesses have to do contactless and social distancing transactions and interactions. Those who have adapted to digital transformation early now have a better position to weather the economic storm. 

By 2022, early digitization adapters should well be on their way. The survivors now have accumulated precious lessons in their belt. They are pulling aces like a pro. 

Data Consolidation is Key

For 2021, data is easily accessible, but it’s also increasingly chaotic. With so many various tools running across departments and teams, it’s no surprise that organizations and their teams are becoming overwhelmed with data. 

Experts are predicting that there’s no structure to the flow of data or one centralized data depository. Thus, teams are unable to see the complete picture. If this type of structure continues, this can lead to dangerous data silos that can poorly impact productivity, innovation, and accuracy. 

NCR Group Product Manager, Aaron Oplinger, recommends that organizations find a way to consolidate data in 2022 better. He believes that organizations instilling a single source of truth can work effectively and efficiently, ensuring clean and error-free data. 

Keeping Digital Front Doors Open

It’s 2022, and customers expect your business to be digital. At present, consumers run into concerns when trying to engage with your business online, and they’re likely to bolt and never return. During the pandemic, most consumers have swiftly adopted a digital-first lifestyle that requires companies to keep up.

Consumers are no longer willing to use paper processes, outdated communications, longer touchpoints, and complicated systems. What they want are: 

Paperless onboarding 

Rapid communication 

Online payments 

Digital bookings 

Single-channel interactions 

The only way to achieve a better customer experience is by adopting a digital strategy and prioritizing creating a digital front door for their business. This will allow enterprises to have more customers and plenty of upselling opportunities. 

Companies will have Massive Process Overhaul

Digital transformation cannot fix a broken process unless not addressed at its core.

If basic building blocks of your business’s system, process, or workflow are flawed in their foundation, digitizing or automating the process won’t help. This scenario has been a pretty constant issue coming off of 2020 because organizations had to deploy digital tools and solutions without much preparation rapidly – 2021 is no better. 

But for 2022, Geshri Gunasekera, VP of Education Cloud Industry Solutions at Salesforce, is now encouraging organizations to use 2022 as a gateway for reimagining how you get work done. To do this, companies have to overhaul, identify bleeding areas in their business, and change processes, if needed.  

Multi-Cloud or Connected Cloud Solutions

Cloud services are continuously booming, and the number of organizations that will adopt will only increase from here on. The increase of adapters could mean several things. One of them is that the cloud will undergo more rigorous scrutiny. Due to the scrutiny of the users, businesses will soon realize the limitation of either full public or full private cloud adoption.

As a result, businesses will realize that they don’t want to rely on a single cloud provider overly. Hence experts predict that there will be an increase in the number of users who will dive into multi-cloud. Businesses will run their company workloads in an environment consisting of a combination of public and private cloud. 

Conclusion

2022 is going to be an interesting and exciting year for business leaders and their teams. So how do you think the digital transformation landscape will affect your business next year? We would love to hear your ideas and personal predictions. 

Resources:

[1] https://www2.deloitte.com/us/en/insights/topics/digital-transformation/digital-acceleration-in-a-changing-world.html/#endnote-3

[2] https://www2.deloitte.com/content/dam/insights/articles/7199_Digital-maturity-study-2021/figures/7199_Figure1.jpg

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5 Reasons Why Managing Customer Experiences is Important in the Digital Age

3 min read

“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”

-Warren Buffet

Managing customer experience has become a priority in the digital age. With the emergence of new and innovative digital technologies, customer behavior has been continuously reshaped, making it harder for companies to predict and proactively respond to customer needs and demands. 

When the customer expectations are unmet, customers begin to question the credibility of the business they regularly interact with and turn to competitors for better service. 

To avoid this, businesses must understand the important factors that comprise customer experiences and manage them. They can do this by mapping the customer journey, identifying gaps across the different stages of the customer journey, and optimizing the journey to enhance the customer experience.

From complete strangers, customers can become your brand representatives who will actively advocate for the use of your products and services.

Why Managing Customer Experience is Crucial

Managing customer experience is crucial and relevant in the digital age. Among the reasons are the following:

1. Because customers are different now than they used to be

Earlier businesses operated purely on a brick-and-mortar model that engage with their customers and earned sales and profits. 

But this model has been disrupted by digital innovators that contributed to the birth of the digital age. Nowadays, businesses are offering and delivering online services. 

This has shaped and reshaped consumer behavior. With fast internet connectivity and availability, customers now want complete product information at their fingertips as they go about their daily lives. 

They’re also caring less about which channel they use to communicate— they can browse business websites through their PCs, make purchases on mobile devices, or even check your products in-store and make purchases online.

Because of new consumer behavior and emerging technologies, customer expectations are changing. They now hold businesses at higher standards when it comes to their online and offline shopping experiences. 

Moreover, the wide availability of information and quick access to competitors’ channels have also made them now more demanding in terms of quality service. They can make quick comparisons, provide public feedback, and influence other consumers’ purchase decisions which empowers them to make demands from businesses.

This is why consumer experience is crucial in the digital age. A bad experience can leave a bad taste in the mouth of customers and negatively affect your business reputation.

2. Because businesses can easily lose leads along the way

The availability of multiple channels also makes it difficult for businesses to track where their leads are coming from and what types of customers they have. 

This lack of customer information makes it easy for businesses to lose them along the way. To sustain customers’ interests, businesses need to send relevant and useful information to each customer. But this seem impossible without knowing the customer first.

3. Because future customers may avoid your business upon hearing about bad reviews

As mentioned above, the wide access of information and connectivity between users makes it easy for consumers to influence each others’ purchase decisions.

When a customer leaves a bad review due to a bad experience with your business, it may deter others from purchasing too.

4. Because customers’ entire purchase decision may rest on customer experience

This is a business nightmare. All the stages in the pipeline may go smoothly— from the acquisition of the lead and to the first contact with the sales team— but a little inconvenience or, for example, a lack of integration of payment solutions on your website can make a customer decide not to push through with the purchase.

A customer’s entire purchase decision may rest on the entire experience, which is why it’s crucial in the digital age.

5. Because customers may become brand advocates due to quality experience

But when a customer’s experience is smooth, it may be the first thing that comes into their mind when hearing about your brand.

It may lead to loyalty. And loyalty can make customers become brand advocates— recommending your brand to others whenever a need arises.

How CRM Helps Improve Customer Experience

A CRM can let companies track millions of consumers and address gaps in service instantaneously. They also make the communication process between the customer and the business smoother and more efficient.

With a CRM, busineses can provide customer feedback loops, quickly interact with customers at each stage of the pipeline and discover bottlenecks and key issues along the customer journey. 

Along the way, they can discover the customer’s state of mind at each touch point, develop a better understanding of each customer’s needs and expectations, and drive improvements to deliver the best customer experience.

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How Digital Ecosystems Have Redefined Corporate Landscapes

3 min read

Digital ecosystems are a set of tools that software providers offer to businesses. These sets of tools can communicate with each other and can be accessed from a single interface. This lets users perform tasks fast and without having to switch platforms.

As digitalization continues to grow in the business world, digital ecosystems are quickly reshaping the way businesses work. 

From capturing leads to closing deals, businesses that work with software providers have proven to have an edge over those that rely on traditional work processes. They have been seen as fast, reliable, and can give better services than companies that refuse to adopt technology.

In fact, companies that orchestrated digitally connected ecosystems were reported to have a revenue growth approximately 27% higher than the average for their industries. Their profit margins were also 20% above the average for their industries.

Redefining the US Health Industry

In the US, the adoption of digital health tech by companies like Pfizer, Moderna, and Johnson & Johnson resulted in the rapid discovery of drugs to combat new COVID-19 strains (using artificial intelligence). Moreover, the positive consumer response to digital ecosystems has led companies to adopt them fast. 

In August 2020, telehealth adoption rates by American adults increased to 36% (from the pre-pandemic rate of 11%). This indicates the willingness of the consumer market to engage businesses through their online channels as these benefit them too. 

Online channels such as telehealth are highly accessible and safe— unlike going to clinics or hospitals for a physical examination, especially when their illness doesn’t require serious medical attention.

There are also factors that fuel the adoption of digital ecosystems in the healthcare industry such as lower costs, accessibility for customers, and the renewed focus on positive patient outcomes.

Transforming the Consumer Goods Sector

Some companies make decisions based on estimates. Others on data. And those that lean towards the latter often see themselves in favorable positions.

One of these companies is The Honest Company, a consumer goods company that sells beauty and baby products. It’s a company founded by actress Jessica Alba and was valued at nearly $1 billion as of October 2017. And when it comes to company growth, to Alba, it’s all about data. 

​​“I love facts and data,” Alba told People (magazine). “So whenever there’s a naysayer with a laundry list of why everything shouldn’t happen, I love asking questions. ‘Oh really? Why couldn’t this work?’ And then you collect all the data that you need to come in and hit them over the head with it.”

Data has been essential in pivoting companies for growth, especially when the market is unstable and consumer behavior is unpredictable. 

What digital ecosystems do is allow businesses to streamline the collection of data about their customers. This lets them spot consumer trends and changes in purchasing habits. 

When companies are vigilant enough, they can reshape their business model to take advantage of new opportunities, as well as mitigate the risks emerging from an evolving market.

Empowering startups and small businesses

Successful startups are usually from humble beginnings. With enough determination and luck, many have grown into becoming unicorns that they are today.

But some companies don’t just rely on themselves nor on the vicissitudes of the market. They rely on the old adage “the customer is always right,” that they always make sure to collect customer feedback whenever they can.

Style Theory, ​​a Singapore-based fashion rental subscription platform, has now grown into a multimillion-dollar business because of a not-so-hidden secret— building a minimum viable product (MVP) first, testing, and iterating quickly in response to customer feedback.

The co-founders of Style Theory, Chris Halim and Raena Lim. Photo: CNBC

“The best way to launch anything is always do it simple with minimal scope, get it to market asap, then get customers’ feedback,” said co-founder Raena Lim.

“Based on customers’ feedback, you can then iterate and make it better. I think that’s a much better way to build something that customers will love,” she continued.

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How Businesses Should Prepare for the After-Effects of the Pandemic

2 min read

The global economy is bound to recover after the pandemic. What should businesses do to take advantage of the growth in a post-pandemic world?

The COVID-19 pandemic has affected big companies and SMEs alike. It has created unprecedented levels of uncertainty, and businesses are left to grapple with understanding the new ways of interacting with consumers.

A shift in strategy is needed— businesses ought to find ways how to keep not only customers engaged but also their employees. 

With the complexities the crisis has created, what should businesses consider as part of their growth strategies to keep them not only afloat, but moving forward?

What you should know:

To brace for the market changes post-pandemic, understanding your customers’ needs is key to making an effective business strategy.

Smooth online experiences can make or break a business, during and, especially, after the pandemic.

Speed also gives companies an edge over competitors. And this can only be achieved through investments in technology.

It’s not enough for companies to sympathize with customers during crucial periods of their lives. Companies must demonstrate a higher level of customer understanding through business practices that provide impact to individuals and communities.

How Can Businesses Prepare for a Post-Pandemic Market?

Below are four important ways businesses can brace and adjust for a post-pandemic market:

Understanding the customer’s evolving needs and wants

Creating smoother online experiences for consumers

Investing in speed through technology

Creating value through business empathy

Understanding customers’ evolving needs

This concept is fairly simple. Customers’ needs are bound to change and evolve throughout time. What they need now may not be what they will need in the future, and vice versa.

Understanding customers’ needs is key to making your business strategy work. Without properly determining what customers are going to buy from you (or your competitors), it’s going to be difficult for you to navigate the market. 

To identify customers’ needs, a customer feedback loop is needed (i.e. allowing your customers to give you feedback at every important point of engagement).

You can also do the following techniques to identify customer needs and preferences:

Gather data about your customers (through interviews or surveys)

Mapping the customer journey (where they buy, how they check out the products, etc)

Understand the customer buying process (how the needs arise, what they think about when the needs arise, etc.)

Analyze your competition (what does your competition do to serve the same customer? What makes your competition unique?)

Creating smoother online experiences

Digital customer service interactions are expected to increase by 40% in 2021 (Forrester). That means, with the fear of virus transmissions, customers are going to rely on the internet to get their products and services, compared to going in-store.

The online experience will then dictate whether or not the customer will buy from a business again. Bad websites, slow apps, or online services with issues would discourage customers from using these marketing channels again (and might even result in customer churn).

Creating smooth online experiences is then critical to keeping customers engaged.

Investing in speed through technology

According to a McKinsey survey, investing in speed pays off. Companies that make faster strategic decisions and deploy resources faster were found to outperform others when it comes to profitability, resilience, and growth.

Making fast data-driven decisions is essential to get an edge over the competition. Improving internal and external communication, as well as providing platforms for smoother collaboration will need technologies such as CRMs to get companies quickly running. Automation will also distinguish companies from competitors.

Creating value through business empathy

Being able to assume the position of your customers isn’t just being sympathetic with them. It’s all about providing value to customers by demonstrating that you know what they need at that particular point and you’re willing to go the extra mile to cater to that need.

Empathy in organizations not only creates satisfied customers but also makes happier employees. Connecting with communities, addressing customer questions or complaints quickly, hiring people from a variety of backgrounds, or allowing employees to work from home (WFH) permanently are some of the practices in business that demonstrate empathy.

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The first 3 rules of Digitization in Business

3 min read

Digitization is perhaps one of the hottest buzzwords today. And with the COVID-19 mutations happening all over the world, the demand for digital-first platforms has accelerated. However, with the apparent need and prioritization of digital tools and resources for businesses, many companies are still lagging. 

Digitization wasn’t a key priority for most businesses in the past. Still, with the pressing necessity caused by the pandemic, it should be at the top of every business leader’s mind. Digitization, when implemented successfully, can minimize business risks and help better compete with others in your industry. Taking the necessary steps to transcend your business into digitization can help you weather crises – such as a pandemic. 

So how can one company digitally transform its business successfully? Well, there are no hard-fast rules into it. But, having a booster upper can help you start in the right direction. Here are the first three rules of digitization in business. 

Rule #1: Digitization requires establishing internal protocols.

As with any other part of your business, digitization requires sound and thorough planning. It’s one thing to go fully digital. It’s also another thing to fully understand how the transformation can affect your employees and customers. 

In any digitization effort, learning curves and constant commitment to resources are a requirement. And skipping on planning and preparation could overwhelm your initiative and effort to digitize your business processes. 

Alyce L. Scott, San Jose State University professor, explains that digital projects hinge on expensive technology and thorough and practical planning. Determine your goals first, the appropriate technology will follow, and only then can you meet a project’s objectives. Going the other way around can be disastrous for your business. 

Rule #2: Digitization requires tapping the power of the cloud.

With the progress of technology, most of us have used a form of cloud technology. Whether streaming your favorite movies and music online or using cloud-based services in saving files online – you’re tapping into the power of cloud technology. 

This technology can also do many wonders for your business. Ajay Serohi, supply chain and logistics expert and staff product manager at Tesla, stated that cloud technology could enable business leaders and their employees to obtain and update vital information from anywhere in the world – even in the comforts of your own home.

Cloud apps and systems can help your business manage most of your business, from payroll to quotes and invoices to the supply chain, to improve your business’s overall efficiency and operational power. Customer relationship management cloud-based systems can be beneficial for your business, too, since these systems offer a more centralized location of crucial information for your marketing and sales teams. Your team can update data in real-time from various sources, too. Cloud-based platforms give you accurate information for better-informed decision-making and better manage performance.

The main benefit of cloud-based technologies is that they’re scalable and customizable to your business needs. This benefit negates the need to migrate from one technology to another after expanding your borders as a business. 

Rule #3: Digitization requires identifying and leveraging digital partnerships.

When you utilize cloud-based systems, this could also mean that you’re using third-party systems to help facilitate your digitization efforts.

What are third-party apps? 

Third-party apps are software applications made by developers other than the manufacturer of a cloud-based system or its operating system. These apps can vary from payment gateways (Paypal or Skrill) to chatbots to any applications available in the market. You can integrate these apps into a system of your choosing (like a CRM) and use them fully without having to pay more for subscription fees. 

As you go through your planning efforts, you should give specific attention to tasks or processes that benefit the most from automation. Of course, several automation tools and SaaS platforms in the market essentially perform the same functions. The main point is maximizing your budget. 

To make the most of your budget, you must meticulously assess the various tools that could automate desired tasks. Don’t just look at the initial pricing or its popularity. Remember, not all tools are made equal. Consider if a particular system manufacturer offers the ability to scale with your company’s growth. This capability will likely be a better option to handle your needs in the long run. Checking third-party reviews are always a must, too!

Key Takeaway

Digitization is a long process, and the pace of your journey will never be the same as others. To get to where you’re heading, you need rules and directions. 

In your search for a system to kick off your efforts, Saphyte can help you answer some of the frequently asked questions by companies attempting to start their digitization efforts. You can book a call with our digitization experts, help you through your starting point, and walk with you until you can run. 

Call us today or book a free demo. Kick off your digitization journey today and never lag behind your competitors. 

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July Wrapped in a Nutshell

2 min read

The second half of 2021 is well underway and Saphyte is on the roll. July has been interesting and perspective-changing, so far. With plenty of campaigns and educational news, stories, and tips. Did you happen to miss the memo? Don’t worry, Saphyte is here to fill you in with the latest news. 

Here’s what transpired this month.

Seeing Saphyte as more than just a CRM

Did you know that there’s more to a CRM than just customer relationship management? This month we redefined Saphyte from the stereotypical and ordinary CRM. Saphyte’s campaign aims to change the way we view the ordinary to achieve the extraordinary. Changing always starts with the small things from how we view calendars, emails, tickets, and CRMs. Seeing that there is more to these things can eventually change how we work – and how we work defines the effectiveness of our own businesses. Don’t you agree?.

Interesting Reads not to Miss

The latest news, stories, and tips from Saphyte that you ought not to miss.

Avoiding the WRATH of poor customer experiences 

Every business knows that the most crucial aspect of their enterprise is their customers. With the abundance of availability of similar products in the market these days, it’s not an easy feat to stand out – even though it’s not your first rodeo. That is why businesses offer customer service on top of their initial offerings to thrive and be on the customer’s good side. But, how can you eventually avoid the wrath of poor customer service? Saphyte has some interesting tricks. Read more

Combatting daily sales challenges – Yay or Nay

Sales leadership is perhaps one of the most challenging roles inside a business institution – and no one is exempted. Even the most veteran and top-performing sales leaders face obstacles in their selling journey and building buyer relationships. How you respond to these challenges sets you apart – here’s how you can get ahead

Prevent buyer’s remorse – Learn How

One of the major sources of buyer’s remorse is when customer expectations are not managed well. We all dread not to see that day come to fruition, don’t we? Here’s how to avoid your customers falling into the same trap. Read more

Hear (or read) the latest review from our customers

“Some problems such as the absence of centralized storage of data, difficulty in organizing thousands of contracts, missed follow-ups of leads and deals, data not being updated in real-time and double work because of duplicate information, can be permanently handled by Saphyte CRM.”

Alya Kahwaji, Chief Marketing Officer

Rattan House Furniture

More to Arrive

We still have more surprises and more features to release in the coming weeks. So stay tuned as Saphyte brings you more perspective-changing features that can redefine how you work as a business. Keep your eyes peeled for more!

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13 Stats for Insurance Companies in 2021

3 min read

The insurance industry is one of the most heavily affected industries during the pandemic. Find out how insurance companies are doing with these 13 stats.

Individuals and companies get insurance as protection against losses or damages. There are two primary types of insurance: life and non-life. Life insurance involves a policyholder actively paying premiums to an insurance company. The insurer then pays a lump sum to a designated beneficiary when the policyholder dies. 

Non-life insurance generally involves motor, liability, and property insurance. Generally, compensation or reimbursement claims are filed as a result of loss or damage experienced by a client. 

How did the pandemic affect the insurance industry? What will be its future? Be in the know with these 13 stats.

Net Premiums in the US Industry

Investopedia describes net premiums written as how much the company gets from the sum of premiums it has written, for assuming risk.

1. According to S&P Global Market Intelligence, in 2019, the US insurance industry net premiums written totaled $1.32 trillion, with premiums recorded by property/casualty (P/C) insurers accounting for 48 percent, and premiums by life/annuity insurers accounting for 52 percent. 

2. According to the National Association of Insurance Commissioners, there were 5,965 insurance companies in the US in 2019. This includes companies specializing in property/casualty (2,496 companies), life/annuities (837), health (952), fraternal (82), title (61), risk retention groups (243) and other companies (1,251).

Employment in the US Insurance

The insurance industry remains to have employed a significant number of people, especially during the pandemic when mass layoffs were reported.

3. According to the U.S. Department of Labor, the US insurance industry employed around 2.9 million people in 2020— 1.7 million of those worked for insurance companies, including life and health insurers (962,500 workers), P/C insurers (665,900 workers) and reinsurers (27,300 workers), while the remaining 1.2 million workers were employed by insurance agencies, brokers and other insurance-related enterprises.

4. According to a survey conducted by Deloitte, about 60% reported their companies had seen furloughs and layoffs, with over 50% reporting to have experienced compensation reductions, limitations on raises and bonuses, and promotion freezes.

COVID-19 Pandemic

As a response to the increasing need for healthcare and other loss and damages incurred during the pandemic, the insurance industry increased premiums to cushion the impacts of COVID-19.

5. It is estimated that by June 2020, US insurers and their foundations had donated about $280 million in the fight against COVID-19. U.S. auto insurers have also responded to the pandemic by returning over $14 billion to their customers nationwide.

6. According to Deloitte, 48% of insurance executives agreed that the pandemic “showed how unprepared our business was to weather this economic storm,” while only 25% strongly agreed their carrier had “a clear vision and action plan to maintain operational and financial resilience” during the crisis.

7. Global nonlife premiums were expected to be flat for the entire 2020, with a 1% decline in advanced markets. Despite these challenges, the industry is expected to rebound to 3% growth in 2021, with a potential 7% boost in emerging regions.

8. Deloitte expects a recovery of 3% growth in life insurance premiums for 2021. 

9. It is estimated that life insurers may see 50% more losses on mortgage loans during the pandemic than what they experienced during the Great Recession.

10. According to Statista, average insurance penetration worldwide was around 7.2 percent in 2019, but this is forecast to increase in the next few years, mostly driven by emerging markets.

Accelerated digitization

The pandemic has accelerated digitization strategies across many industries, including insurance companies. Investments were reportedly poured in to spur faster innovation, make way for quicker recovery, and fund for future growth. Unsurprisingly, online direct sales are expected to trend since most customers avoid meeting face-to-face with insurance salespeople during the pandemic.

11. According to a survey conducted by Deloitte, 61% expect to cut costs between 11% and 20% over the next 12-to-18 months. More stringent reductions are expected in the Asia-Pacific region (APAC), especially Australia and Japan— with 35% of respondents expecting cuts over 20% (only 19% expect cuts over 20% in Europe and 11% in North America). 

12. From the surveyed respondents, 40% expect to increase investment in direct online sales. Around 66% of respondents are looking to increase spending on cybersecurity. 

13. Around 74% of respondents also feel that their organization’s success after the pandemic may be hampered by employees’ fear of returning to the office.

Example of digitization

Online direct sales can be supported by digital ecosystems like Saphyte. Using the tool, insurance companies can systematically gather information from leads and clients and directly respond to their needs and personalize future interactions.

Quickly adapt to a post-pandemic world

As an insurance company, it’s important to keep track of the emerging trends in the industry. Be on your feet and accelerate your digital transformation. Get started here.

Get started with Saphyte by clicking here.

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5 Ways Business Automation Benefit Sales Teams

2 min read

Business automation is an emerging concept that is slowly transforming the way sales teams operate around the world. Find out how it does this in five ways.

Nurturing leads, prospects, and customers can be a time-consuming process.

But it doesn’t have to be. With business automation, companies can fast-track tasks such as:

Lead generation

Lead conversion

Building customer loyalty

Pipeline management

Sales promotion

But not many companies are familiar with this. Often, they get stuck with old, outdated methods that can be draining to the sales team— and not to mention, costly.

So what are the ways businesses can benefit from business automation? How can this transform sales teams in particular?  Read on to find out.

What are automated sales?

Sales automation is the process of planning and executing a strategy that encourages the increase in sales with the least amount of work possible. Tasks such as those mentioned above— lead generation, lead conversion, and etc. — are streamlined and automated using a software to maximize the productivity of the sales team.

As a result, the sales team won’t have to manually implement boring, repetitive tasks and can instead focus on those that are yet to be automated. This helps finish tasks earlier, allowing companies to achieve sales goals faster.

How do you do business automation?

The easiest way to automate sales tasks is through the use of software. Digital ecosystems and CRMs that can do sales automation often allow sales teams to plan certain workflows and let the software execute them. For example:

Capturing data from leads – Some CRMs can set up your website and landing pages to gather data from leads. For example, when a potential customer visits your website, they can be prompted to fill out a form in exchange for a lead magnet (a document, video, template, information that the website visitor might be interested in, etc.)

Your landing pages can be your lead generation machine

Scoring leads to determine who to prioritize – You can automate your software to score your leads for you. You can set up the rules that would allow the system to determine which leads have the most potential to progress into a closed sale.

Send targeted content to leads and customers – You can also automate your email marketing strategy and let your software send engaging content to new leads, prospects, and even to customers that have stayed with you for a long time.

Schedule calls and meetings – Make your software act like it’s your personal assistant. Some CRMs can remind you automatically of important calls, meetings, and appointments with prospects.

To do all these, of course you have to subscribe to a service of a CRM provider. Some can offer it for free, while other important features can only be availed of in premium.

Check out how you can improve your company workflows with digital ecosystems and CRMs
Benefits of Automation to Sales Teams

Here are five ways business automation benefit sales teams:

It helps them generate more leads and manage them well

More leads can be converted into customers

It reduces sales cycles

It empowers sales teams to be more mobile

It helps reduce employee turnover

It helps them generate more leads and manage them well

Gathering data from leads can be done without manual efforts using automation. All sales teams have to do is leave lead capturing to the software and focus on tasks that are yet to be automated. No more boring, repetitive tasks from now on.

More leads can be converted into customers

With efficiency and speed, more leads can be converted sooner into customers, securing them first before the competition gets them. With enough data, it’s also easier for the sales team to convince them to take the desired action— like making their first purchase.

It reduces sales cycles

With all the tools and data at the sales team’s disposal, sales cycles are drastically reduced as they now know who to focus first and what to do to fulfill the needs of the prospect.

It empowers sales teams to be more mobile

With the cloud-based centralized platform, sales teams can coordinate with each other no matter where they are, around the world— making them more mobile while not losing power and efficiency.

Empower your sales team to coordinate with each other using one centralized platform
It helps reduce employee turnover

Happier employees are more productive and fulfilled, which means less chances of them leaving your company so you won’t have to spend thousands of dollars on training for nothing. Remember, it’s much cheaper to retain an employee than to hire new ones.

Transform your sales team now

Talk to our support team to get started or get a demo for free!

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Changing Gears with Saphyte’s Digital Ecosystem

4 min read

In 2020, the automotive industry was very cyclical and saw a downturn in terms of sales. These cycles are affected by many things and eventually turned out to have an unprecedented dent in sales. UAE alone, saw an almost 30% drop for most major automotives sales. That’s almost a third of any business’s revenue!

What’s changed in 2021?

After 2020, some automotive industries may emerge stronger, but others may be too weak to survive on their own. Despite the bumps and potholes the industry has faced, it has also shown tremendous resilience.

The industry can expect immense pressure to go digital or deliver great customer experiences could become more intense and draining. As the industry braces itself for a brutal year, they can expect things to get really “Darwinian”. The auto industry is expected to realign in ways that could have a great effect on the people who work for vehicle manufacturers.

It is expected that:

Consumer buying behavior will continue to drastically shift

Other COVID-related restrictions will remain for the first half of 2021 at least

Improved customer experience will be critical in 2021

This is why the industry is shifting to digital means to fully ride on the evolution trip post-COVID.

Why is the Automotive Industry Shifting to Digital?

The automotive industry is no stranger to a rapid and disruptive environment, and digital transformation is the next big disruptor. Trends like such as these are expected to rise within the next few years:

Increased pervasive connectivity

Advancing digital technologies

Mobility-as-a-service

Environmental regulations

The automotive industry has no other choice but to capitalize on industry opportunities in the face of digital disruption. Automotive businesses now need to shift from their traditional “disconnected” and “analog” methods to a completely connected and digitized business process.

What are the Benefits of Digitalization?

The hype about digitalization is real and so are its benefits. Digitalization makes lives easier and makes things more convenient, proving true for the automotive industry as well. Digital technology adoption is in progress in autonomous vehicles, manufacturing, maintenance, marketing, and sales. So, what are the actual benefits of digitalization for the automotive industry?

Gaining more leads for your business

Your customers are now moving past the old methods, and so should you. With the power of digitalization, you can gain more leads in a number of improved ways. There are plenty of digital solution applications or softwares that are available in the market. One of the most well-known digital solutions for lead generation is CRM software.

You can use this type of software to manage customer relationships and build long-lasting business relationships between your company and your customers. The software empowers employees to personalize experiences through meeting the customer’s individual requirements.

 Expand into new marketing channels

Digitalization has opened up many potential growth opportunities for the automotive industry. There are plenty of ways to up your sales and marketing campaigns and lead generation opportunities nowadays.

76% of consumers think companies should understand their expectations and needs.

You can have email marketing, social media campaigns, build landing pages, and even integrate a live chat option on your website. These channels expand your marketing network and allow you to be more flexible and scalable in your marketing efforts. There are plenty of digital tools to help you expand your marketing channels and monitor your campaigns effectively and effortlessly.  

Offer omnichannel experiences in sales and customer care

Shifting to digital also means expanding customer experiences. According to statistics, 44% of companies have already moved to a digital-first approach for customer experience. Digitalization allows your business to further personalize the experience for your customers.

You can integrate your email accounts, social media or other forms of communication on platforms available in the market and use them to communicate with your customers. These channels give your customers the impression that you are readily available whenever they need to inquire or need a response from you.

And the faster you can reply, the happier and more satisfied your customers will be.

Provide post-sales support and monitor customer satisfaction

Analytics and customer intelligence are great assets for your business. It is the pulse of your current operations. Analytics provide you and your sales team actionable insights that can help your business.

However, 99.5% of collected data never gets used or analyzed. That’s too much wasted potential to build value for your business. If you’re part of the crowd that wastes the potential of your customer data, it’s best for you to change gears now. 

Why making the change will benefit your business

The future is no longer digital, our PRESENT is digital. We are in it now and if you’re biding your time, waiting to board the digital ship, there’s a strong chance you’ll be left at sea. Change your gears and boost your business with Saphyte now.

Saphyte is a holistic digital ecosystem that can enhance your collaboration, build better customer relations, and increase the value of your automotive business. Here are some of our best features to look out for.

Centralized Data

In order for your sales team to build a meaningful relationship with your potential customer, they need quality data. Before the actual campaign or conversation begins, sales reps will need all the relevant data about a potential customer at their fingertips.

Saphyte’s Client Management module allows your sales reps to know who the customer is and what sales products they might be interested in based on the previous interactions recorded on the CRM. Having a repository of your data, allows your sales team to find relevant information without having to switch from one platform to the other.

Pipeline Management

According to CSO Insights, 27% of salespersons say that a long sales cycle or process is one of the biggest deterrents to sales effectiveness. You can go around this deterrent by tracking your leads and prospects by using Saphyte’s CRM Sales Pipeline.

Sales pipelines can maximize your sales potential and segment your entire lead database into different classes. With real time data, your sales team can plan effective and efficient strategies to move your leads from one sales stage to the next and notify them whenever a lead moves to the next level.

Sales Intelligence

Making business decisions involves data. That is why Saphyte is built with one of the best Sales Intelligence features. This function is an essential tool that is used to estimate future sales and also to avoid any business pitfalls.

Saphyte’s system is built to intelligently collate all your customer information. This information in return gives you actionable insights and comes up with your next best action to improve your sales process.

Saphyte’s system provides you with accurate and realistic intelligence and forecasting that can help you make intelligent business decisions. With this, you’ll be a step ahead of your customers, and make proactive decisions.

Email Marketing

Saphyte understands that email marketing campaigns can be hectic. That is why there are marketing automation tools built within Saphyte to help you.

You can mobilize and increase your lead conversion with Saphyte’s email marketing feature. Within this feature are tools like design templates, bulk emails, email workflows, drip email feature, email schedulers, and more. These tools are built to minimize unnecessary tasks and maximize your team’s hours to focus on more productive activities and increase your bottom line.

Customizable Dashboard

With Saphyte, you can have access to a customizable dashboard and have information on-the-fly. Its drag-and-drop functionality allows users to move the widgets around. The dashboard gives you and your team an overview of all the information and insights you need regarding your marketing, sales, and support management.

Budget-friendly Payment Scheme

In order for your automotive business or enterprises to grow and be scalable, they have to invest money the right way. Saphyte offers a pay-as-you-go monthly scheme for every subscription plan. No extra charges, no hidden fees, and no set-up fees. On top of that, Saphyte offers 24/7 customer support and support for local businesses in Dubai.

Takeaway

Making your way through the business highway requires you to change gears every now and then. Now is the perfect time to make a shift and go digital. Digital is no longer the future; it is our present.

Take the shift now and rev into gear with Saphyte. You can book a free demo with us, or set a consultation with our digital ecosystem partners, or start your free trial now.

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