The pandemic not only accelerated tech adoption, but also revealed the role of digital engagement in determining a business’s success. In 2023, digitally transformed enterprises are predicted to account for USD 53.3 trillion, which is more than half of the global GDP (Gross Domestic Product)- a clear indication of the rising digital supremacy in the global economy. This shows if an organization is not digitally engaged, it is simply losing out on its future interms of revenue growth.
Digital engagement enables a business to improve its customer experience, efficiency, and scalability. It also empowers the organization to drive growth and success by replacing legacy systems and leaders in an agile manner.
Here are some of the many reasons why your business should be digitally engaged:
Broadening business horizon: With digital support, a business can reach a wider audience. With the right technology, businesses can track the buying pattern, market updates, and seasonal demands in any region without the limitations of geographical boundaries, language, or resources.
Enhancing operational efficiency: Deploying digitally powered tools and techniques can save precious man hours spent on performing a task manually. Utilizing data analytics tools helps in collecting, tracking, and analyzing data with a speed and accuracy that cannot be matched through manual processes.
Gaining a competitive edge: When a business is digitally engaged, it benefits from notifications about the recent technological advancements in that domain. This helps business stay abreast of technological developments, and deploy advanced products and services, gaining a competitive edge over other players in the market.
Improving customer engagement: Digital platforms powered by artificial intelligence and machine learning act as a hub where customers can file complaints, raise queries, and get clarifications about a product. According to a survey, 56% of shoppers prefer interacting with a brand through instant messages rather than calling customer care. Thus, digital
platforms enable businesses to build trust and credibility and enhance customer experience. Customers, too, are happy to come back for repeat purchases. A win-win for both parties.
Delivering custom experiences: Businesses can leverage AI and data analytics tools to analyze customer data collected and stored on digital platforms. This helps businesses create tailor-made product or service offerings to improve customer satisfaction.
Consider the example of Banco Santander, the multinational financial services firm that minimized the impact of the pandemic on its operations and improved customer satisfaction through digital engagement.
Despite the global disruptions, Santander launched a new customer-facing, AI-powered virtual banking agent, Sandrine, in September 2020. This digital agent had the potential to handle thousands of customer queries about the bank’s products and services every week. Sandrine passed the queries to human agents only if they were beyond its scope.
Consequently, the bank’s app userbase increased 4x. Banco Santander was recognized as the Best bank for digital services in Spain in 2020.
Building resiliency: Digitally engaged organizations quickly adapt to the changing landscape. For instance, migrating to the cloud makes a business agile enough to scale up or down depending on market and customer requirements.
A Rebate management solution for equitable growth
The traditional rebate management solution involves maintaining rebate programs in excel sheets. However, as the ecosystem evolves to address market needs, updating programs, tracking performance, and maintaining records seem exhaustive. The question now is: Is there a single AI-enabled rebate management solution that can help businesses avail all of the above-mentioned benefits while handling the operations involved in hundreds of rebate programs?
Today’s digitally driven rebate ecosystem demands a solution that is agile, scalable, and capable of offering equitable growth to distributors, suppliers, and group members. This is where Tredence comes in!
Tredence offers Rebate.ai, an AI-powered, cloud-native, intelligent rebate management solution. Rebate.ai is unlike traditional rebate solutions that mask growth opportunities for one stakeholder, indirectly favoring the other.
The intelligent rebate management solution:
- Offers improved visibility of rebate programs and products
- Leverages data to facilitate better deal negotiations
- Reduces ambiguity associated with rebate processes and
- Helps in establishing seamless trade partner relationships
In addition, our turn-key rebate management solution offers decision-making intelligence, missed opportunity identification, an electronic rebate creation process, smart insights and alerts, and workflow automation.
Are you an early adopter or a leapfrogger?
In order to lead the market, a business must be an early adopter of technology. If not, a business should be a leapfrogger to catch up with the leader.
But who are leapfroggers? These are the businesses that break their previous performance barriers and grow 4x faster than laggards, Accenture states.
To be a leapfrogger, the primary necessity for the organization is to stay digitally engaged. The following attributes help a leapfrogger organization boost scalability and accelerate growth.
Essentially, a leapfrogger organization:
- Migrates to the cloud to make its operations more agile and scalable
- Favors technology as it enables it to spend less on maintenance and more on innovation
- Collaborates through advanced tools and strategies
- Builds capabilities to create value for stakeholders
- Uses advanced tools to extend its customer outreach
- Stays open to adaptations and transformations
- Leverages partner expertise to ensure seamless interactions
These attributes help place the leapfroggers in striking distance of established Leaders.
Do you want to be a leapfrogger in the rebate landscape?
Transfer rebates into revenue
Utilizing Tredence’s cloud-based, data-driven rebate management solution can make your business future ready.
Curious to know more? Schedule a demo with our experts to understand how our revolutionary rebate management solution can help you drive business growth and accelerate revenue.