Thitaree Sarmkasat via Alamy Stock The digital age has sounded an urgent wake-up call that traditional industries can no longer ignore: Transform business models and customer experiences or risk becoming obsolete. Experts have estimated that companies still relying heavily on manual processes lose up to 30% of potential revenue due to outdated operations and the failure to meet modern consumer expectations. Whether you lead a manufacturing company, healthcare provider, hospitality business or other traditionally run organization, the time is now to chart an innovative digital roadmap. Leaders must navigate these changes effectively to thrive in the digital age. Let’s explore how they can do so and why digitization is crucial for even the most traditional industries. Urgent Need for Digitizing Traditional Industries A failure to digitize operations poses an existential threat to traditional businesses. As the McKinsey data shows, companies still relying heavily on manual processes take a significant hit to their bottom line. This stems primarily from customer dissatisfaction and the inability to meet the digital-first expectations of modern consumers. Legacy industries like self-storage have felt this urgency acutely. Historically operating via handwritten rental agreements, physical keys, and mandatory in-person visits, self-storage providers are now swiftly embracing technologies […]
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