Digital transformation has been a phrase heard in every company boardroom since the start of the COVID-19 pandemic in 2019. The intentions have been solid - to improve business operations to better serve the needs of newly digitized customers.
Yet, the problem tends not to lie with the willingness to change - but crucially, the issue is seen in the delivery of these efforts. Whether you are an established enterprise or a budding digitally native brand (DNB), the perfect digital transformation journey is not one that can be made overnight.
What’s the solution? The answer lies in realizing the power of partnerships. Rather than brick-and-mortar stores navigating the rocky road to eCommerce alone or legacy financial brands attempting to accelerate their digitization plans, they can instead join forces with established digital partners whose expertise and prowess can guide them smoothly over the finish line.
The power of partnerships
The ability to digitally future-proof at scale can be complex even for technology leaders - but for those who are not digitally native, it’s an even bigger task and often fraught with failure.
Forbes reminds us that ‘working in silos is frequently cited as an obstacle to digital success’ and that a collaborative working environment will always prevail. After all, two heads are better than one.
Never has this been truer than in the case of digital transformation. No matter the industry, for businesses wanting to digitize their services and find new ways to deliver their products to eager customers, knowing where to start can be a minefield.
Is it more important to focus on the digital shop front or on having a good user experience? Or should they instead be looking at compelling calls to action or multi-buy discounts? And, when it comes to shipping products to the consumers, how can they ensure products will arrive safely and efficiently?
The 2021 Digital Vortex report details a disconnect between embracing digital strategies and deploying them - which is precisely where digital partners come into play.
Filling in blind spots
Instead of working singularly, companies can look to partner with digital solution providers, combining forces to essentially fill in their gaps of knowledge.
That same Digital Vortex report concludes that 87% of digital transformation programs fail to meet their objectives and 61% of those admitted to having a fragmented strategy for deployment. For businesses to overcome the digital hurdles, they must combine forces with technological leaders.
When it comes to solving the issue of unverified address data, there is one complete solution. By implementing Loqate’s Capture and Verify products, companies can access best-in-class data via one easy-to-integrate API.
This way, businesses can take the guesswork out of product delivery as well as data capture, as address lines can be verified at point of entry, making your customer database cleaner and more effective as your customers enter their details, meaning fewer failed deliveries and more effective communications.
Location data: Your new best friend
In this new digital age, location data is one of the vital customer data attributes needed to create and maintain a Golden Customer Record. The most common interaction with a customer is the most basic of data elements: their address. Where they live, what they need and buy, and how they are targeted for advertising by those that want to sell to them starts with their address. It’s this nexus that presents the fundamental challenge of “going digital.”
With increasing reliance on all things digital and a resulting rise in demand for quality online experiences, utilizing accurate location data to understand, engage and connect with the new digital consumer is more critical than ever. Accurate location intelligence via address verification can hold significant benefits to your business strategy and customer journey:
- Create a seamless digital experience – Whether attracting new customers or engaging loyal ones, clean address data can improve your overall data quality, making it easier to reach and serve the right customer anywhere in the world.
- Provide a 360-degree view of customers – With verified data, you can combine and extract insights in real-time from various applications (CRM, social media, call records, etc.) to create a trusted view of each customer and build a personalized experience.
- Build a customer-first reputation – If customers have a bad experience, they won’t hesitate to tell others. By being aware of and delivering on customers’ expectations through reliable data, companies can minimize any risk to their brand and build loyalty.
Loqate’s Address Capture and Verification solutions help businesses reach and connect with their customer bases across all 249 countries and territories, enabling them to deliver the rich digital experiences today’s customers want.
Two brains are better than one
There comes a time in a company’s expansion where it becomes clear that specialists are needed for development. While a founder might temporarily wear all the hats initially, as the business evolves, the need for external minds and ideas becomes clear.
Harvard Business Review cited the two main challenges that infringe the success of digital transformation, one being a divide between digital capabilities to support and later deploy new initiatives to help them to then scale.
At Loqate, we are the address data experts, so you don’t have to be.
Through partnering with Loqate, you can get closer to your goals without the need to overhaul your systems, or even worse - build again from scratch. With a range of products available that are plug-and-play in their nature, upgrading your address intelligence couldn’t be easier.
Our Address Verification software features a global address data parsing, standardizing, formatting, and enhancing solution that fits your back-office system requirements and delivers the most complete and accurate data available.
These best-in-class global datasets and technology engines enable our customers and partners to significantly enhance the functionality and capability of their own product offerings with our expert teams working with you to understand your requirements and create tailored solutions to fit your needs.
Get in touch with us today to hear more about our Global Partner Program and learn how leveraging our premium global address data and verification solutions can help your business achieve its digital transformation goals