Back in 2016, digital health funding and adoption started gaining strong momentum. That year, Startup Health’s Moonshot initiative kickstarted its 25-year mission to improve global wellness through technology. Digital health funding reached over $8 billion invested across 500+ companies, according to CB Insights, with 4 deals seeing over $400 million each.

This growth has skyrocketed even further in recent times. In 2021 alone, global digital health funding reached a record $29.1 billion across 873 deals, up 135% from 2020, according to CB Insights. Virtual care saw enormous surges – total U.S. telehealth visits grew over 38% to nearly 54 million in 2021.

Artificial intelligence is also transforming healthcare, predicted to grow the AI health market size to over $47 billion by 2027 from $6.2 billion in 2021. Areas like imaging analysis, drug discovery, precision medicine, and clinical decision support are being revolutionized.

Wearables and mobile technologies continue booming as well. The global digital health market size is projected to reach $509.8 billion by 2026, growing at a 27.6% CAGR from 2021 to 2026.

It’s clear digital innovation has revamped healthcare from niche trend to mainstream force in both B2C and B2B spheres. Emerging areas around virtual reality, decentralzied trials, and predictive analytics promise to deepen this revolution for years to come.

What is Digital Health?

Digital health refers to the application of technologies like mobile devices, wearables, sensors and analytics to support healthcare systems and improve clinical outcomes. These tools facilitate remote healthcare services, precision diagnosis and access to medical expertise that promotes better management of chronic illnesses and preventative care.

At its core, digital health aims to leverage digital innovations to make healthcare more convenient, cost-effective, and targeted for both patients and providers. It involves using digital and electronic processes, information systems, and telecommunication technologies to help improve care delivery and minimize costs.

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What is the Importance of Digital Health?

Digital health plays a vital role in transforming the entire healthcare ecosystem by addressing long-standing challenges around accessibility, engagement, costs and personalization. Some key reasons why digital health is so important include:

#1 Improving Access

Virtual care options have helped overcome geographical and socio-economic barriers increasing reach in remote/rural areas. This is critical given ongoing physician shortages worldwide.

#2 Enhancing Engagement & Experience

Patient portals, wearables and reminders via smartphone have made people active participants in their own well-being through better lifestyle management and care coordination.

#3 Lowering Costs

Technologies enabling remote monitoring, telehealth, and AI-driven efficiencies reduce unnecessary procedures and hospitalizations, easing the overburdened traditional care delivery model.

#4 Powering Prevention

Digital therapeutics and chronic disease management tools empower people to take control of pre-existing conditions through digital lifestyle/behavioral interventions.

#5 Personalizing Care

Analytics, real-world evidence and precision medicine help providers develop tailored treatment plans by leveraging a person’s unique health data, clinical profiles and genetic makeup.

#6 Care Continuum Support

From wellness to post-acute care, digital tools provide longitudinal care spanning all healthcare settings and needs through an integrated health record network.

Key Technologies in Digital Healthcare

Some notable technologies currently driving innovation in digital health include:

Telehealth – Remote video/audio consultations and clinical services through online platforms. During COVID, telehealth grew 38% to 54 million visits in the US in 2021.

mHealth – Mobile apps for conditions like diabetes or mental health using sensors. 200 billion+ medical apps downloads so far.

Wearables – Fitness trackers monitoring vitals non-invasively. The market will grow to ~$212B in revenues by 2025.

AI/Machine Learning – Advanced data analytics and algorithm, assisting in drug discovery, genomics, medical imaging analysis and clinical decision support. Global AI healthcare market projected to reach $47B by 2027.

Remote Patient Monitoring (RPM) – Sensors and devices that monitor patients outside clinical settings enabling care from home. RPM market expected to hit $117B globally by 2025.

Digital Therapeutics – Software-based interventions for conditions like ADHD, substance abuse and insomnia clinically validated to effectively treat or manage them. Projected $9B industry by 2025.

Robot-Assisted Surgery – Automated surgical robots providing improved dexterity and precision over open/laparoscopic techniques. Global surgical robotics market to reach $11.4B by 2025.

Blockchain – Decentralized ledger recording transactions in a transparent and verifiable manner, aiding areas like clinical trials, health records and supply chain.

3D Printing – Custom medical devices, prosthetics and implants are manufactured using digital designs and 3D printed layer-by-layer at reduced costs and faster turnaround.

How Do Digital Health Tools Enhance Patient Engagement?

Digital technologies empower consumers to actively participate as equal partners in managing their own health. Some key ways engagement is boosted include:

Trackers and Dashboards: Visualizations of health metrics motivate lifestyle changes and medication/therapy adherence through easy tracking of progress over time.

Personalized Insights: Analytics uncover patterns to deliver actionable recommendations regarding risk factors, nutrition, activity levels, etc. tailored to the individual profile.

Peer Support: Online communities allow patients to seek advice and emotional support from others managing similar conditions.

Access to Info: Educational health resources address questions anytime via apps, wearables and provider portals for informed decision making.

Remote Monitoring: At-home devices paired with doctor supervision help manage chronic diseases efficiently between visits.

Reminders: Digital reminders for medications, appointments keep patients on track proactively for better outcomes.

Benefits of Digital Health

The widespread adoption of digital health provides tangible benefits across the healthcare ecosystem:

Digital Health Benefits For Patients

• Greater access to specialists through telehealth regardless of location
• Personalized care using individual health data
• Ability to manage conditions remotely via monitoring apps and devices
• Convenience through online consultations, prescription renewals
• Empowerment through access to own records and health education

Digital Health Benefits For Physicians

• Streamlined workflows with electronic health records and digital tools
• Access to comprehensive patient histories while on the move
• Faster referrals through remote collaboration software
• Reduction in no-shows via online appointment scheduling
• Insights from aggregated clinical data to improve decision making

Digital Health Benefits For Payers and Providers

• Cost savings from remote care models lowering hospitalizations
• Early detection and prevention through data-driven risk analysis
• Analytics identifying wasteful spending and quality gaps
• Paperwork reduction boosting staff productivity
• Population health management using big data

Real-World Examples of Digital Healthcare Applications

Here are some updated real-world examples of digital healthcare applications:

Telehealth Apps

Pulsenmore – Virtual physical therapy platform using IoT sensors and video to treat musculoskeletal injuries at scale.

Babylon Health – On-demand chat-based clinics providing AI-powered symptom checking and medical advice via mobile apps.

Wearables

Apple Heart Study – Large-scale study using Apple Watches to identify atrial fibrillation in partnership with Stanford Medicine.

Whoop – Fitness tracker worn by professional athletes analyzing strain, recovery and sleep to optimize performance and reduce injury risk.

mHealth Apps

Omada Health – Digital therapeutics program leveraging connected tools and coaches to prevent diabetes and address prediabetes.

Noom – Behavior change application combining cognitive behavioral therapy, nutrition guidance and community support for weight management.

Analytics Platforms Examples

Anthropic – PBC – AI-based contextual assistance platform helping clinicians find relevant information from medical literature to aid decision making at the point of care.

Suki – Voice-enabled AI assistant automating documentation tasks like note writing from listening to physician-patient conversations.

Precision Medicine Examples

Color – At-home DNA testingservice paired with apptracking lifestyle factors and genetic risks to detect conditionsearly and personalizetreatment.

Foundation Medicine – Genomic profiling of tumor samples to identify targeted therapies and clinical trial eligibility for cancer patients.

Challenges and Solutions For A Startup Launching Into Digital Healthcare

1. Data Security and Privacy

Implementing robust data encryption, secure infrastructure, and compliance with privacy regulations ensure patient data confidentiality.

2. Interoperability

Developing standardized protocols and health information exchange systems enable seamless data sharing and interoperability among different healthcare systems.

3. Digital Divide

Addressing disparities in technology access, digital literacy, and connectivity is crucial to ensure equitable access to digital health solutions.

Telehealth and the Global Impact

Telehealth has become increasingly vital globally, transforming how healthcare is delivered. Even before the pandemic, the telehealth market was growing rapidly due to its ability to expand access and lower costs. However, COVID-19 dramatically accelerated its uptake, increasing everything from basic video visits to remote patient monitoring.

According to recent estimates, the global telehealth market size surpassed $185 billion in 2022 and is projected to exceed $625 billion by 2028 as accessibility remains a core driver of growth. During the peak of the pandemic in 2020, an estimated 250 million people utilized telehealth services compared to just 11 million in 2019. Over 40% of U.S. consumers now report being comfortable with virtual visits.

Telehealth removes geographic barriers that have historically limited medical resources. It allows connecting patients in isolated areas with specialists hundreds of miles away. For example, telestroke networks help facilitate timely treatment for those in rural stroke belts. Developing nations are also leveraging telehealth to distribute care more equitably.

India’s eSanjeevani national telemedicine platform now supports over 300,000 patients daily across 30 states. Similarly, Mexico launched a program to connect clinics via telehealth in areas with doctor shortages. Sub-Saharan Africa is another promising frontier, with cell phone-based services rising to address challenges like infectious diseases and maternal care.

Looking ahead, hybrid models integrating virtual and in-person options are expected to continue expanding access globally. Ongoing tech innovations around AR/VR, AI assistants and 5G/edge computing also hold potential to further telehealth’s impact, particularly for underserved communities lacking infrastructure and specialists. The pandemic fueled a paradigm shift cementing telehealth as essential worldwide.

Regulatory Landscape and Standards in Digital Health

Regulatory landscape and standards in digital health are crucial for ensuring patient safety, data protection, and the responsible use of technology. Key areas of focus include data protection and privacy, medical device regulations, telemedicine licensure, cybersecurity, data interoperability, and ethical considerations. Harmonization efforts are underway to establish global frameworks and facilitate the safe and effective use of digital health technologies. Adhering to these regulations is essential for healthcare organizations, technology developers, and healthcare professionals to navigate the complex regulatory landscape and deliver high-quality digital health solutions.

What is the Future Development Outlook for Digital Health?

The future of digital health holds immense potential. Advancements in AI, machine learning, genomics, and data analytics will further revolutionize healthcare delivery, enabling precision medicine, personalized interventions, and predictive analytics for disease prevention. Integration of digital health solutions into routine care practices and collaboration among stakeholders are key to unlocking the full potential of digital health.

The future will see healthcare costs slashed, as a diagnosis will be available at fingertips, an increase in the ease and speed of communication between doctors and patients and a significant rise in the well being of societies. Digital healthcare is undergoing a revolution like never before and will soon be the biggest game-changer.

To begin, what is a subscription-based business model and how does it work? A subscription business model is a recurring revenue model in which customers pay a weekly, monthly, or yearly fee in exchange for products or services, in your business’s case, this may look like a digital product or service such as a membership to an app. Customers can renew their subscription after a certain period of time. For a digital business, this model offers an opportunity to leverage customer relationships to create a steady stream of income.

Both the consumer and the business benefit from a subscription-based business model. Customers have the convenience of automatically repurchasing a product or service that they know they’re going to need in the future. Companies can enjoy the perks of retaining customers for future sales rather than needing to re-engage them on a more frequent basis. This also secures monthly recurring revenue (MRR), which may be the deciding factor in staying afloat during difficult business cycles.

If you’re looking to join the subscription economy, one of the most important things you need to do is make sure you’re technologically prepared for it. With technology constantly evolving and consumer preferences being ever-changing, what at first glance seems like a simple business model now requires a checklist of technologies necessary to grow your online business. As experts in web design and development, software development, mobile app development, and e-commerce development, we’re sharing our top tips on the must-have tech essentials for a successful subscription-based digital platform.

High Site Speed.

We live in a face-paced world, with impatient consumers. Research shows bounce rates increase as load times go up. Ask yourself, when a customer enters your URL into their browser and presses “enter,” how fast does your website display all of its components? First impressions are important, and subscriptions emphasize consumer relationships. Think about it, how bad does it look if you’re late for a first date? You want to ensure the user’s first perception of your website’s speed is lightning-fast. As website and app developers, we work to ensure quality speed on both iOS and Android platforms. With subscription-based businesses, reliability is key and it all starts with your digital platform’s speed and interface.

Recurring Billing System.

Having a recurring billing system is going to be the key to any subscription and membership business. This is where the merchant automatically charges the customer for whatever goods or services are being sold at a schedule that has been arranged beforehand. A subscription is like a contract between a company and consumer, the customer agrees to pay for a product or service for some time and the business fulfills that offer so long as the customer completes their recurring payments. When the contract is up, the customer has the option to renew or cancel their subscription.​​ A recurring billing system is a payment system that is set up by the subscriber when they give their credit card information so that they can be billed regularly. Payments will continue to be taken until the subscriber cancels the subscription or it expires.

Having this set in stone is a win-win for both the company and its customers. The company enjoys having consistent revenue and customers don’t have to forget about making payments every month. This system provides one of the basic elements for boosting customer retention in subscription and membership businesses.

Order Management System.

Next, you’ll need to have proficient order management and subscription management system in place to ensure that subscribers get specified products and services at different periods. Sometimes, customers get to choose the frequency of their orders while, at other times, products are available 24/7. We recommend choosing a subscription management software option that is flexible, provides a good merchant and shopper experience and has all of the features that meet your individual needs.
For example, with SaaS businesses, the product is available around the clock and all the customer has to do is log in to use it. This technology is useful for membership and subscription businesses that provide services at different periods, per customer. A subscription box company, on the other hand, will have different needs. Handling different customer requirements when it comes to scheduling goods and services can be challenging. However, with an order management system, you can be confident that your customers will get the products and services they want at the precise time that they want them.

Customer Relationship Management Software.

With a recurring revenue model, the consumer company relationship goes much deeper than a one-time buyer. That’s why knowing your customers on a deep level is the best way to be successful. The most effective way to do that is to develop a CRM strategy. CRM stands for customer relationship management. A robust CRM system gives a great boost to the business and improves the conversion of potential customers to long-term clients. CRMs also help businesses stay on top of key performance indicators (KPIs) and track customer engagements. While a big part of their function is to store customer and prospect data, CRMs are much more than electronic filing systems.
Operating streamlined CRM benefits both businesses and customers. Not only do they help organize and manage contacts, but they also keep a detailed account of every customer interaction. This paves the way for more personalized experiences. Today consumers have come to expect personalization, and with the opportunities of technology being endless, eCommerce brands can capitalize on this. BitCot has expertise in developing high-quality Customer Relationship Management on all of the top CRM providers.

Payment Recovery Solutions.

You always need a safety net, that’s where payment recovery software comes in, also known as dunning or dunning software, to manage credit card payment declines. This is how it works: when the solution you’ve used for billing identifies a charge that has been declined on the customer’s account, the software will automatically send a notification to the customer to let him or her know that their card has failed. Many subscriptions believe it’s the most effective option for payment recovery. The software is often sought out because a large part of a subscription and membership-based business involves reducing customer churn. This metric is paramount for subscription and membership businesses, so it makes sense that many entrepreneurs and business owners use dunning software to improve customer retention.

Support Software.

It should be clear by now that we are emphasizing the customer relationship with a technological focus. Having a smart and well-organized support software and having multiple channels where consumers can engage with you is crucial. It should be very easy for your customers to get in touch when they have a problem. If your support process is challenging or absent, your customers will likely turn to the competition. Some questions to ask yourself/your team about your support plan include:

• Is it easy to navigate consumers to the support page on your website or app?
• If consumers engage with you on social media, is there a clear path to support from those channels?
• Will you offer a chatbox?
• Will you have a queuing system?

Your support plan should also include clear expectations for who responds to support requests and how long wait times will be. Communication is key, so if customers will not receive instant support, be sure to make it clear how long it should take until they hear back from the company.

Marketing Automation and Strategic Web Design.

Last but not least, marketing, web design, and app interface are essential for customer retention. Marketing automation includes email marketing and a multitude of other functions to help you market and sell your subscriptions, memberships, etc. Target different members based on repetitive behavior when using your services or goods. Your platform should also be able to keep track of buyer behavior. The appeal of your digital interface is also important for keeping consumers. Is your platform user-friendly? Is it appealing to the eye? We cover all of this ground in our digital transformation services, where we help companies build competitive advantage and achieve market leadership by implementing strategic technology that equips your business for the future. We will work closely with your team to understand its processes and develop a meaningful digital strategy. We will then help you choose the right technology for your organization, one that’s tested, tried, and true.

Like any business endeavor, there are many aspects to consider before launching your subscription-based business. Ensuring that your subscription technology is in the right place will help set you up for success and eliminate the chances for any surprises to pop up later. Remember the key is keeping those customers happy! Fast site speeds, flexible subscription management tools, clear-cut support, and a CRM strategy will all help you accomplish this. If you would like to talk your subscription technology over with an e-commerce expert, you can schedule a free 15-minute consultation here.

The reality is, that we’ve become spoiled consumers. We are accustomed to having the world at our fingertips. Feeling hungry? Order anything from Uber Eats with a few clicks on an app and it’s at your doorstep. Need to know how to do just about anything? Quickly ask Google. Need new shoes for a work event tomorrow? Order it on Amazon and it’s at your doorstep in less than 24 hours. We are spoiled with choice and customization, so much that we’ve come to expect it.

Customers expect their services and experiences to be customized and personal. This creates a huge opportunity for organizations to create value by meeting their needs, but it will require an updated, more flexible execution model and full adoption of technology. As a business, staying on top of technological trends and ensuring the functionality of your technology is crucial for maintaining a competitive edge and delivering a valuable service.

What is Digital Acceleration?

Every company’s digitalization process is unique to its business model, operations, and overall organization. Digital acceleration is a means of ensuring your technological advancements are also serving as tools for business growth and success. In short, digital acceleration is the integration of digital technology that results in accelerated business growth. A successful acceleration identifies a business’s growing pains and then utilizes software and digitization to automate and streamline these processes to make them more efficient. This shift is vital for staying relevant in the digital era and finding long-term success and efficiency.

Digital Transformation vs Digital Acceleration: What’s the Difference?

Here’s a chart highlighting the differences between digital transformation and digital acceleration:

In summary, digital transformation reimagines the business while digital acceleration focuses on responding at pace to external change through incremental innovation. Both require leadership commitment, but have different approaches.

Benefits of Digital Acceleration

#1 Keeping Up with Consumer Demand

Digital acceleration could be your business’s ticket to competitive advantage, long-term success, and brand recognition. Firstly, it can be a key tool for staying on top of consumer demand and trends. Purchasing behavior is constantly changing as technology evolves. The digital age has given consumers access to endless choices and options for anything they want, precisely when they want it. For organizations, that presents a challenge of urgency. Consumers crave rapid results and a positive customer experience.

Digital acceleration makes it possible for organizations to catch up to consumers by increasing the usability of applications for both employees and customers. By working with technology and constantly updating their quality of service, organizations can optimize the customer experience while simultaneously prioritizing digital security.

#2 Improve Company Efficiency

Digital acceleration also helps organizations optimize efficiency and create a more productive work environment. It makes it possible to automate manual processes that can be time-consuming, allowing executives and employees to shift their focus to other business opportunities and strategies. Digital acceleration also supports innovation.

The pandemic showed us how powerful technology is and how it can enable everyday life by enabling remote working and providing access to technology services on demand. All of these digital practices help promote a more productive and flexible environment for employees, which in turn, may directly improve their quality of life. An organization with happy employees is primed for growth and retention.

#3 Reduce Operational Costs

Another benefit of implementing digital acceleration is the reduction of operational costs. Your investment in your company today, both time and monetary, will more than likely produce a positive return. Your company will benefit from long-term cost savings and productivity, directly impacting an organization’s bottom line. Remember, time is money, and any strategic business should carefully consider how they’re spending their time.

Inefficient manual processes are estimated to cost U.S. businesses more than $335 billion per year. (include source) Digitization can replace many of these time-consuming manual processes and remove the risk of human error so that organizations can focus on more profit-generating activities.

#4 Set a Foundation for Growth

Digital acceleration lays the foundation for future growth for your business. Digital acceleration’s most powerful technological solutions are cloud computing, automation, and artificial intelligence, all necessary foundations for future development and growth.

As the world only continues to change, we need to continue to evolve with it. By digitalizing, organizations can incorporate the next wave of cutting-edge digital solutions, navigate economic uncertainties, and readily seize growth opportunities when they arise.

#5 Improve the Customer Experience

The next benefit of digital acceleration is an improved customer experience. Think of all the opportunities digital acceleration provides to deliver more seamless, intuitive experiences for your customers. This spans from email communications to user portals, digital products, and even the cadence in which you reach out to new prospects. Creating a customized process for your consumers improves customer loyalty and consumer engagement.

Another way to differentiate your brand is to demonstrate that you value your customer’s privacy. With digital acceleration, you can give the customers control of how their data is collected and used, and empower them with the autonomy to make decisions around their data.

#6 Use Data to Your Advantage

Finally, digital acceleration makes it easier to make data-driven decisions by simplifying and enhancing data collection. Digital transformation creates a system for gathering the right data and incorporating it fully for business intelligence at a higher level. Data can be the key to unlocking customer insights. By better understanding your customer and their needs, you can create a business strategy that is even more customer-centric. Both structured data (personal customer information) and unstructured data, such as social media metrics, are invaluable insights than can help drive business growth.

Why Is Digital Acceleration so Important?

Digital acceleration is important for several reasons, particularly in today’s fast-paced and highly competitive business landscape. Here are some key reasons why digital acceleration is crucial:

• Seizing market opportunities in a timely manner
• Enhancing operational efficiency and productivity
• Driving innovation and fostering a culture of experimentation
• Meeting evolving customer expectations and improving satisfaction
• Responding effectively to disruptive forces in the market
• Maintaining competitiveness in a fast-paced business landscape
• Future-proofing the organization by building digital capabilities
• Leveraging technology to gain a competitive advantage
• Adapting business models, products, and services to stay relevant
• Capitalizing on digital trends and emerging technologies.

We’re Here to Help!

Organizations across industries enjoy the benefits of digital acceleration. Whether the goal is to modernize legacy processes, accelerate efficient workflows, strengthen security, or increase profitability, digital acceleration is primed to be the biggest opportunity of 2024. Here at BitCot, we love technology. We believe that technology has the power to transform businesses and help them serve with purpose. However, we understand that digital acceleration can be both exciting and overwhelming. As a business owner, you deserve to focus on your “zone of genius,” aka growing your business. Our zone of genius is digitization. With careful planning, prioritization, strategy, and the right mindset, we can help you leverage the power of technology and scale your business for massive growth in 2024.
To learn more about digital acceleration, we’ve built a free guide to help you! Check out Free Guide for more information.

FAQs

Q1: Who uses digital acceleration?

Digital acceleration is used by a wide range of organizations across various industries. It is particularly relevant for businesses that aim to stay competitive in the digital age, improve operational efficiency, enhance customer experiences, and drive innovation. Companies of all sizes, from startups to large enterprises, can benefit from digital acceleration.

Q2: How do I get started with digital acceleration?

To get started with digital acceleration, it is important to assess your current digital maturity and identify areas for improvement. Start by developing a clear digital vision and strategy aligned with your business goals. Evaluate your technology infrastructure, talent capabilities, and processes to identify any gaps. Prioritize initiatives that will have the most significant impact on your organization and develop a roadmap for implementation.

Q3: What can digital acceleration do for me?

Digital acceleration can bring several benefits to your organization. It can help improve operational efficiency, streamline processes, enhance customer experiences, drive innovation, and increase competitiveness. By leveraging digital technologies and adopting agile practices, you can accelerate time-to-market, achieve cost savings, and unlock new growth opportunities.

Q4: How can I accelerate my digital growth?

To accelerate digital growth, it is essential to foster a culture of innovation and agility within your organization. Invest in digital infrastructure and technologies that align with your business objectives. Embrace data-driven decision-making and leverage analytics to gain insights into customer behavior and market trends. Foster cross-functional collaboration, empower your employees with digital skills, and continuously adapt and iterate your digital initiatives.

Q5: What should you keep in mind with digital acceleration?

When embarking on digital acceleration, it is important to keep a few key considerations in mind. Firstly, digital acceleration is an ongoing process, requiring continuous learning and adaptation. Secondly, organizational culture and change management play a crucial role in successful implementation. Thirdly, cybersecurity and data privacy should be prioritized to protect sensitive information. Lastly, keeping up with evolving customer expectations and technological advancements is critical for sustained success.

Q6: How does digital acceleration impact businesses?

Digital acceleration can have a transformative impact on businesses. It enables organizations to respond quickly to market changes, innovate at a faster pace, and deliver more personalized experiences to customers. It can optimize internal processes, reduce operational costs, and improve overall efficiency. Additionally, digital acceleration can help businesses expand their reach, tap into new markets, and stay ahead of competitors in today’s rapidly evolving digital landscape.

Defining digital transformation-what it is and what it isn’t

Digital transformation is an essential concept in the digital age. It involves leveraging digital technology to integrate business operations, improve customer service, and amplify organizational outcomes. Organizations can build better services, processes, products, and platforms.

The goal of digital transformation is to create a digital culture to streamline operations by driving digital innovation and development. However, it’s important to note that it isn’t just about technology – it’s also about creating strong partnerships with suppliers and customers to transcend digital boundaries.

In other words, it’s much more than simply adopting new digital technologies—it’s a holistic approach that seeks to create value for an organization through the innovative use of both digital tools and human resources.

Why businesses need to undergo digital transformation

In the digital age, customer expectations have shifted, and companies need to adapt quickly and efficiently in order to remain competitive and profitable. Businesses are able to access digital technologies such as efficient software and artificial intelligence to streamline operations and drive greater value from their digital initiatives.

Additionally, it can help overcome customer problems through innovative digital solutions, leading to a more responsive customer experience. Overall, it has the potential to create new opportunities for organizations if implemented effectively, making it crucial for any business looking to stay on top in the digital era.

How to go about digital transformation – the steps involved

The first step to accomplishing digital transformation is understanding what it means for your company and what goals you’re hoping to achieve.

After analyzing your current digital landscape and envisioning a successful digital future, you should prioritize and create an implementation plan. This includes identifying IT processes, systems, and data that need to be digitized or transformed in order to bring success to your digital initiatives. You should also make sure you have a team in place to lead the transformation projects, both internally and externally.

Case studies of businesses that have successfully transformed themselves digitally

Advances in digital technology have afforded companies the opportunity to transform their businesses. Numerous case studies of digital transformations showcase how businesses leverage digital tools to modernize various aspects of their organization, such as operations, customer experience, and organizational structure.

Companies like Starbucks, Burberry, and Walmart have all successfully undergone digital transformation journeys that have led to improved processes and higher customer engagement. These examples demonstrate the importance of digital transformation for companies across industries, making it an essential step to reaching operational excellence within the digital economy.

In conclusion, by understanding what it is and isn’t, as well as the steps involved in successfully implementing it, businesses can put themselves on the path to success.

There are many examples of businesses that have done this effectively, so there’s no excuse not to get started on your own digital transformation journey today.

However, the kind of digital transformation your company needs to make is more complicated than simply buying a software package or upgrading hardware.

Digitizing a company’s business comes down to more than a few clicks of a button. Because digitizing a construction company often involves multiple people and departments, it requires the help of your entire team—from project managers and engineers to supervisors and accountants—to make sure that everyone is on the same page when it comes to implementing this change daily work. It also takes time and effort to integrate new tools into your workflow so that all employees can benefit from all the great opportunities digitization can provide.

This post will give you some tips for how you can digitally transform your construction company so that it’s on the cutting edge of change!

• Usage of Big Data and AI

• Big Data and Artificial Intelligence (AI) are altering the construction industry. AI allows you to uncover information about your project that you never thought possible. You can get data from multiple sources and use it to predict potential safety hazards, long-term maintenance, the resale value of houses, and much more. This information may seem like random numbers and text at first, but with AI and Big Data, you can make sense of these numbers and predict what will happen if something goes wrong. The greatest thing about all this data is that it’s completely customizable — if you want specific information more than others, you can choose to focus on that particular data point.

• Automate the Process 

• Our world is becoming progressively more interconnected as technology continues to advance, and one of the easiest ways to keep up as a construction company is by finding smart but inexpensive solutions to make things happen as efficiently as possible. Construction companies can use various technologies that update spreadsheets automatically, schedule jobs using a GPS app on a tablet, generate reports with web-based software, manage their business expense account online, send photos directly from a company phone to a job supervisor through an e-mail or text message and much more.

•  Cloud-Based Construction Software

• Who doesn’t want to work from home? But if you’re in the construction industry, you don’t have the luxury of working from home. Things happen, repairs need to be made, and complaints filed. These things often take an individual to the job site. That is, until now. Cloud-based construction software allows companies to collaborate on projects from anywhere in the world. This software is web-based and can be accessed via any device. This means that no matter where you are in the world, you can communicate with team members, access blueprints, issue work orders, and more. Cloud Migration has taken the world by storm and there’s no sign of its popularity slowing down.

•  Real-Time Collaboration

• The cloud allows companies to share tasks and documents in real-time, and this is a crucial component of digitizing a construction company that must be in place. However, the most important job in digitizing is coordinating with contractors, subcontractors, suppliers, and others worldwide. If you can do this effectively, you can save time and money by “pushing” work to contractors, so they don’t have to wait for your approval before proceeding with their work.

• Blockchain & Smart Contracts

• Blockchains and smart contracts are the new technologies that allow construction companies to digitize effectively. This may sound like a lot of jargon – but it really is just using technology to empower people by sharing transactions in an open network, verifying them automatically, and making sure everyone involved is kept up-to-date about the whole process. Blockchains can be used to track projects, create digital contracts for each project, and automatically pay contractors on time without the need for third-party oversight.

• BIM Technology

• Building Information Modelling (BIM) is the leading technology that has enabled the construction industry to be fully digitized. It’s a relatively new technology that allows you to build 3D models of your building projects, then be used for visualization, modeling, documentation, design, and more. BIM technology can help construction companies make their workflows more effective by integrating all data with project management software.

• VR & AR

• AR/VR software is an application that lets users explore a 3D environment while enjoying the same impressiveness of virtual reality. It allows users to manipulate objects in the digital world, views 3D data in real-time, share real-time video, and much more. Plus, it’s completely immersive, so you can’t tell from the outside what kind of technology is being used on the inside.

• Leverage on Technologies

Use new technologies to integrate with existing systems, eliminating redundancies and automating processes. This will spare you money and time while also helping you accomplish your goals. This means that many construction companies are now integrating new technology into their business processes to keep up with the digital economy’s demands.

Wrapping Up

There are numerous ways that digital transformation can improve your business overall. It’s easy to get overwhelmed with the number of changes online, but it’s also important to know what will work best for you and how you can make the best use of your time. Construction companies can now do this by focusing on their needs rather than the “traditional way.” Instead of feeling like digital transformation is an obligation or another thing on the list, consider it necessary to keep up with competition and succeed in the 21st century.

So, if you are also tired of doing the work manually, don’t hesitate to contact us. We will help you with any problems, and we’ll help digitize your construction company as fast as possible. We at BitCot, develop custom software for construction companies that helps them bring more transparency, efficiency, and customer service to the industry.

Introduction: What is a Digital Transformation?

Every company’s digital transformation is unique to its business model, operations, and overall organization. In general terms, a digital transformation is the integration of digital technology into all areas of a business. A digital transformation identifies areas of a business that are causing growing pains, such as paper-driven processes, excel sheets, or multiple-touch-point systems. Then, it utilizes software and digitization to automate and streamline these processes to make them more efficient. This shift is vital for staying relevant in our digital era and finding long-term success and efficiency.

Does your business need a digital transformation? There are many reasons your business may benefit from a digital transformation. First and foremost, it may be a matter of survival. We have been living through a pandemic for over a year now. By now, we have learned that the key to survival is the ability to adapt to circumstances. An organization’s ability to adapt quickly to supply chain disruptions, time-to-market pressures, and constantly changing customer expectations has become crucial. Other benefits of a digital transformation include enhanced data collection, greater resource management, improved customer insights, improved customer experience, and increased profit, productivity, and agility. Digital transformations are applicable and necessary for any industry, from construction and chiropractors to influencers and restaurants.

Is your business ready for a digital transformation? Today we are going to break down the key to a successful digital transformation that will enable you to continue to grow your business.

Why It’s Vital to Start Implementing a Digital Transformation:

In today’s business world, technology is not a choice. It is fundamental to business practices and efficiency. The ability to implement change quickly through all aspects of your business is key to survival. Technology is interwoven into every aspect of a business, from dealing with managing supply chains, to remote work, work efficiency, and cost management. Therefore, it is vital that every organization that wants to grow, implement digital transformation into its practices.

Firstly, digital transformation can help businesses stay on top of increasing customer demand. Today’s customer is accustomed to having access to everything they need as quickly as possible. The digital age has given consumers access to endless choices and options for anything they want. Consumers crave rapid results and a positive customer experience. Digital transformation makes it possible for organizations to catch up to consumers by increasing the usability of applications for employees or external customers. By working with their IT teams, organizations can not only optimize the customer experience but can also prioritize digital security.

To keep up with consumers, employees need to be efficient. Digital transformation implementation can help create a more positive and productive work environment. Digital transformation makes it possible to automate manual processes, allowing leaders and departments to focus on wider business opportunities. Digital transformation also supports innovation by enabling remote working and providing access to technology services on demand. All of these digital practices help promote a more productive and flexible environment for employees.

Thirdly, digital transformation can help reduce operational costs. While digital transformation may require an investment of both time and money to implement, it will almost certainly provide immediate and long-term cost savings, directly impacting an organization’s bottom line. If time is money, businesses should consider how they’re spending their time. Inefficient manual processes are estimated to cost U.S. businesses more than $335 billion per year. Fortunately, digitization can replace many of these time-consuming manual processes. There is no need to rely on manually-created spreadsheets that take time to assemble and are often subject to human error. Organizations can focus on more profit-generating activities by digitizing.

Finally, digital transformation lays the foundation for future growth. Digital transformation’s most powerful technological solutions are cloud computing, automation, and artificial intelligence. These are necessary foundations for future development and growth. The world will only continue to change, and we have to continue to adapt to those changes. Organizations can more easily incorporate the next wave of cutting-edge digital solutions, navigate economic uncertainties, and be ready to seize opportunities whenever they arise by getting started with digital transformation today.

Get in the Right Mindset!

Now that you are determined to implement a digital transformation, it’s time to prepare your mindset for the upcoming changes your business is about to endure. It is essential to enter the process with a clear vision and strategy. Your business is about to experience major growth pains, and how you handle this new stage of growth is extremely important. Be sure to sit down with your team and have a plan set up. Clearly identify the “why” behind every strategy and decision. This planning and preparation will keep you and your team grounded in times of uncertainty.

Do not micromanage your team. Change can be scary and uncertain. When faced with uncertainty, many leaders tend to cling to control and rob their teams of autonomy. This can directly result in reduced employee efficiency. Self-regulating teams with good collaboration and communication skills are key to positive organizational culture. Less micromanaging can also lead to more creativity and innovation.

Lastly, remember to never waste a crisis. While the year 2020, has been filled with unprecedented change and panic, it has allowed businesses to be more open to change and new ideas. When faced with a crisis, don’t forget to think “how can I use this as a positive learning experience for my business?”

The Don’ts of a Digital Transformation.

When trying something new, mistakes are almost always inevitable. However, we can offer you our expertise to help reduce the amount of and gravity of mistakes you make. Let’s break down the major don’ts of a digital transformation.

#1: DON’T adopt technology just for the sake of technology.

What does this mean? Many organizations are just blindly following and adopting new tech just because it’s new and trendy. Think strategically when adopting new technologies. Set specific goals and prepare effective strategies for your digital journey. Estimate your resources and timelines, assess your strengths and weaknesses, and find your starting point. Do not rush into anything and take your time to create a firm strategy to minimize risks and streamline your organization through the digital transformation process.

#2: DON’T think of digital transformation as a “one-time thing.”

You can’t expect to go through a digital transformation in one day, one month, or even a year. It’s a continuous journey that requires constant change and adaptation to new digital technology, consumer trends, transforming your processes, products, and services. Every new technology or innovative strategy you implement will lead to more changes. Every aspect of your business will be impacted in some way, shape, or form. Be prepared for continuous growth.

#3 DON’T neglect data collection.

Data is a powerful resource and successful digital transformation requires data-informed decisions. Use data to your advantage and produce actionable insights and advocate for data-informed decisions in your digital transformation efforts. Moreover, use data as a tool to identify inefficient business processes and to shift business priorities. When entering new markets, design products/services based on data insights. In the age of data and digital practices, data is your best friend.

So, Let’s Get Started!

Starting a digital transformation can be both exciting and overwhelming. With careful planning, prioritization, strategy, and the right mindset, you can leverage the power of technology and scale your business for growth like never before. Software is a powerful tool that can help you automate process management, improve the customer experience, and set your business up for success.

Also, it doesn’t have to be complicated. Here at BitCot, we simplify the digital transformation process so you can do what you do best, grow your business! We will work closely with your team to understand its processes and develop a meaningful digital strategy. We will then help you choose the right technology for your organization, one that’s tested, tried, and true. Additionally, we will set your software systems with the objective of flexibility so your business is equipped for future growth. So, are you ready to start your digital transformation? Click here to get started: https://www.bitcot.com/digital-growth-with-software

We are on it! We’ve pulled together this three-step guide to provide insights, tips, and guidance on what you need for 2019 to be right on track — or even way ahead of the curve.

Resolution #1: Invest in the Table Stakes

Automation, efficiency, quality control, and going digital are key reasons why companies invest in an application. The cost of building and maintaining a website, app, or chatbot can vary depending on the features your app must-have.

Ask yourself, “What features are absolutely necessary for my business to be successful?” Once you have a list of features and a budget in mind, your developer will consult with you on the most beneficial solutions. Developing and maintaining technology is not cheap, and will continue to be an investment for your business as technology is rapidly changing. Best to know your table stakes.

Resolution #2: Stay Up-to-ReDate with Key Success Drivers

Technology has become a necessity for business growth and every business owner knows that staying up-to-date with the latest and greatest is a must to drive success.

A. Basics: Technology baselines for security and reliability

If you are in the beginning stages of planning your web or mobile app, these four elements are fundamental to your business’s success, the must-haves in 2018 that will carry over to 2019

Mobile Responsive – Mobile use continues to be on the rise, making it vital for companies with websites to cater to mobile users. Having a mobile responsive web design ensures that your user experience is optimized for a positive experience on mobile devices, ease of navigation, reading, and functionality.

HTTPS – HTTPS is the secure version of HTTP; an added layer of security protects the integrity of your website and protects the privacy and security of your users. According to Google, HTTPS is the future of the web as it’s a requirement for many new browser features, particularly those required for progressive web apps.

Modern CMS – A Content Management System (CMS) is an application used to create, customize, and manage digital information. As technology continues to boom, it’s important that your CMS is using modern templates and the latest standards to ensure security for your users, customizability, and control.
Search Engine Optimization (SEO)
As the digital market continues to boom and becomes more competitive, SEO is now more important than ever. SEO helps users and search engine robots understand your website, ultimately improving user experience, usability, and search engine rankings.

B. Advanced: Stay current with these tech features

If you just launched your web or mobile app and are planning to improve in 2019, these four elements are for you! Since popular apps have already implemented the majority of these, it’s important to consider the urgency of updating your plan. If your budget allows for these four elements, we highly recommend planning for it.

Native App – Native apps are developed for specific devices (i.e. iPhones and Android) and are beneficial to the reliability and speed of the mobile app. Native apps interact with the device’s features such as camera, GPS, notifications, NFC, microphone, and other built-in applications.

Multi-Channel Messaging Integration – To maximize your communication efforts with your users, implementing multi-channel messaging is important. Configure personalized messages to your users through common channels such as email, mobile push notifications, SMS text messages, and in-app messages.

Advanced Analytics Using Hotjar & Tag Manager (Google) Hotjar is one of the most powerful tools available that reveals the online behavior and voice of your users. Google Tag Manager (GTM) is a tag management system that sends user interaction data to Google Analytics (GA). Having GTM implemented is important for managing tracking actions on your website such as form submissions, clicks, and scroll depth.

Chatbots – Within the past year, chatbots have become a popular source of business-to-user communication because of the rise of artificial intelligence and virtual communication. Chatbots simulate a real conversation with users and provide information and support, helping reduce costs and resources. Common chatbot tasks include answering basic questions, providing users with payment information, and assisting during online shopping.

C. Cutting Edge: Ahead of the curve and pushing the envelope

The innovative tech giants of 2018 are ahead of the game and have already, or are on track to implement at least one of the following features. If you are thinking of ways to stand out in your industry in 2019, start planning how the following features would make sense for your application.

Predictive Analytics and big data – Big data has become a ubiquitous part of our daily lives. Utilizing data for better decision making and predictive analytics takes the analytics to the next level by predicting user behavior based on statistical models and machine learning. Social media data is already being mined to predict user buying patterns and also highly used in the travel industry.

AI, Machine Learning, Deep Learning – Deep learning is similar to how a human would perceive, think, learn, and conclude. Through deep learning, a machine can process large amounts of data, recognize complex patterns, and provide more detailed insights. Many of us experience apps using deep learning networks in our everyday lives. The Google Translate app uses deep learning to translate images with text in real-time to your choice of 103 languages.

Augmented Reality – Augmented reality (AR) changes the way we shop, interact, learn, and explore. Right now, there is a huge opportunity to create buzz around your AR product and provide your users with something your competitors may just be beginning to consider. AR is projected to increasingly become more popular in the next three years, in industries such as online shopping, manufacturing, education, and travel.

Blockchain – Everyone is buzzing about blockchain technology! Blockchain is the heart of popular cryptocurrencies such as Bitcoin, Ethereium, etc. Blockchain is more than Bitcoin, as it has the potential to create social change globally. (Need to say how). This technology has become increasingly popular in industries that involve cybersecurity, the Internet of Things (IoT), big data, non-profit agencies, record management, identity, healthcare, real estate, and media.

Resolution #3: Keep Ahead of the Curve

Your digital transformation ROI is the compass of your strategy, making it important to map out key metrics such as your business’s goals, developmental and maintenance costs, key performance indicators, and customer lifetime value. User behavior and technology trends will continue to change, and growth strategy must cater to the newest and best technology.

Planning your tech budget can be overwhelming, but keeping ahead of the curve with the latest technology is essential in today’s marketplace. So, what’s next in your digital
transformation journey? Know what you want to invest in and how it can help your customers in 2019.

We are here to help! Find out how BitCot can make your venture successful by calling us at  +1 858-683-3692.

Happy Tech New Year!!

Tags: Android App Developers, iPhone App Developers, Mobile App Developers, Web App Developers, Ruby On Rails Developers

The closest thing I had to superpowers was my instinctive proficiency in math and coding. Early on, I realized I could use my coding and “mathy” skills to build software, but I wanted to use them for good. Just like how He-Man used his powers to help humanity, as a kid, and even today, I am dedicated to using my skills and expertise in software applications to help people live better lives with technology.

As such, I have been following and living the evolution of software. Now things are speeding up, even exploding. The prominence of the Internet and the global free flow of data is resulting in myriad inventions across the world in computer science. No longer is it just a few companies that are building transformational applications. Now the opportunity is in everyone’s hands. And, now, for the first time, we are moving into an era where we will be able to build software that is smart and secure.

In the recent Forbes story about IDC’s Top 10 Predictions For Worldwide IT in 2019, contributor, Louis Columbus, calls the rapid digitization of competitors and industries, “a clock ticking loudly in the heads of every CEO. IDC advises enterprises that if they’re not digitally transforming their companies at an aggressive pace, that by 2022, just over two-thirds of their total addressable markets will be gone.”

In software, as in life, in order to understand where we are going, and be wise and humane in our choices, it is important to look at the past. Historically, the evolution of software development has gone through five phases, or generations:

1. Stone Ages

2. Client/Server

3. Web/Single-tenancy

4. SaaS

5. ABaaS (the future!)

In the last 40 years, hardware and software programming languages have evolved substantially which led to an amazing cycle of mobile app development. The prominence of the Internet is, of course, a key factor for the free flow of data globally resulting in myriad inventions across the world in computer science.

In the evolution cycle, we are still in the infancy of AI’s revolution. Artificial Intelligence is adding cognitive capabilities such as problem-solving and self-learning and will have a deeper impact in every industry and walk of life. While we are not technologically where the imagination and vision of fiction movies in AI have taken us, we have made tremendous progress from when Jon McCarthy’s originally coined the term “artificial intelligence” in 1955.

At the core of all software applications, security and privacy of data have always been crucial, and Blockchain, though originally started as a distributed ledger for cryptocurrencies, has since found usage in a vast number of security applications. Adoption of Blockchain in next-generation software applications is key to establishing trust and confidence through security standards that are consistent.

So, what is ABaaS? The future!

In the near future, the need for applications to be both intelligent and secure will solve the software company’s most common problem.

ABaaS, or Artificial Intelligence and Blockchain as a service, is the next evolutionary step for software applications as security and cognitive capabilities are becoming synonymous with user expectations and confidence in an application. These services would help application development services companies incorporate AI without having to build them from the ground up. At the core, these services will allow development companies to utilize customer data and engage with the ABaaS providers to build predictive and secure applications.

ABaaS is the future and it will not discriminate against different peoples based on race or color and will help us figure out complex problems such as weather, world hunger, as well as diagnose and cure diseases.

I founded BitCot to put my ideas and talents into action, to create software for the greater good, and to be a leader in our digital transformation, bit by bit. At BitCot, we are thrilled to have hit a milestone of building 300 applications and are excited about what’s to come.

Now, about that superhero thing…

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