All thanks to the rising advent of digital transformation, which has resulted in several benefits such as time savings, reduced human error, and increased safety, thereby helping businesses drive digital transformation with utmost ease.
Like the product industry, the services industry depends more on digitized business practices to run its business and carry out other business-specific functions.
Digital transformation enables the service industry to perform several tasks such as managing the customers, running the online campaigns, setting up subscriptions, and managing the projects to drive efficiency and attain effectiveness.
According to recently conducted research, since the COVID-19 pandemic has emerged, almost 45% of the Services industry has shifted to a completely online model.
In contrast, another 27% are planning to move to complete digitization in phase systems.
Another research suggests that in Europe, more than 50% of the EU (European Union) workforce use ICT in their daily work, with the individual EU Member States reaching rates of as much as 80%.
This massive figure shows the drastic transition that organizations have made to adapt to digital transformation, and it is only going to get better in the upcoming days.

Drivers of Digitization in the Services Industry

As the Services industry leverages digital tools and technologies, it becomes imperative for businesses to drive profits and actionable insights with the adoption of digital practices.

1. Lower barriers to entry

As Services businesses emerge, barriers to their smooth functioning can act as a significant hindrance.
By creating a prime environment for the new entrants offering services are performed more efficiently, digitally, and virtually at a significantly lower cost.

2. Workforce Management

Managing the workforce in the Services industry is not as easy as it seems.
With the rise in digitization in Services and workforce management businesses becoming more digitalized, providing increased transparency, more accurate proposals, faster estimates, and better cost-efficiency.
Having a flexible network of internal and external global talent provides the right resources for diverse projects at the right time and at the right price.

3. Emerging Technologies

Emerging technologies such as AI, IoT, and RPA have come to the forefront of businesses to drive digital transformation.
Service firms improve their employee experiences, transform their business processes, and change service delivery methods.
Artificial intelligence (AI), machine learning (ML), and robotic process automation drive productivity and cut delivery costs.
Developments in the digitized era have led to many other results that help organizations drive innovation in their businesses.

One of the noticeable developments that drive digital transformation in Service industry is zero-touch time tracking solution that capture project time data using AI and highly automated processes to optimize their revenues. Another revolutionary development includes ERP software which streamlines and digitizes several business processes at a single point in time.
“Fox ERP for Service” enables users to run their businesses more efficiently and smoother by making them understand their customers, know their leads, and build a reputation among their various stakeholders.
With “Fox ERP for Service,” users get hosting and support services to overcome several business challenges.
Its unique features allow services businesses to run campaigns and increase customer acquisition, create subscriptions for the services, and reward regular customers with loyalty points.
“Fox ERP for Service” allows users to set maintenance visits and schedules to manage customers’ issues and resolve them.

Conclusion

There is nothing denying that digitization is prevailing in the market, and it won’t be a hyperbole to say that this trend will continue in the post-pandemic world.
Digital has become the new normal. “Fox ERP for Service” helps organizations streamline their business processes and digitize several critical practices that would take more time to get resolved.