Digital economy: Digitizing your services will make you more competitive

Companies that do not implement digital transformation will disappear. Here are the keys to adding, and empowering, your organization within the digital economy.

The digital economy is the production and consumption that takes place through the Internet and its associated technologies. Its progress affects commercial and governmental activities and, of course, all users. 

In this article, we tell you what this new economy is all about, the challenges it represents, and the current state of its development in Latam. If you read to the end, we also tell you how to incorporate your organization successfully into this new economy.

The Digital Economy is the new form of production and consumption that is born thanks to the emergence of the Internet and associated technologies. Where traditional commercial activities and management are replaced by processes through technological devices. 

It is important to highlight that this new economy affects commercial, governmental, and service activities, both public and private. In the case of SMEs, it helps them to free themselves from inefficient processes by automating them, helping them to become more productive and start enjoying the benefits of participating in the formal economy. 

In this sense, the Latin American region faces the future challenge of overcoming the digital divide that limits the inclusion of the whole society in this process.

According to the Development Bank of Latin America’s Andean Development Corporation (CAF), “digitalization, together with innovation and digital training of human capital in companies, can generate very positive impacts on productivity”. Among them is:

• Reduce costs. 
• Improve the traceability of its value chain.
• Accelerate business opportunities by expanding markets.
• Capture new customers.

In addition to these benefits of the digital economy, there is a growing demand from consumers. Consumers are increasingly demanding to make purchases, payments, transactions, and queries through digital channels.

We cannot deny that the pandemic accelerated this process, which today is no longer optional.

By this year, the International Data Corporation (IDC) forecasts that more than half of the global economy will be influenced by digital. This is because most products and services use a digital delivery model or require its augmentation to remain competitive.

In the particular case of Latin America, the three countries with the most prominence in the digital economy are Mexico, Colombia, and Brazil. Which focus their investments in ‘startups’ in the region, which in 2019 was 4.6 billion dollars, according to data from the International Monetary Fund.

As we can see, investment in technology in companies in the region has become imperative.

What makes a service company more competitive in this new economy? The answer is simple: offer current and potential customers more and more digital services.

To achieve this, analog processes must be transformed into digital ones. This in itself represents a huge challenge: centralizing information so that it is available to the right people when they need it.

At Coldview, as early as the late 1960s, we were already offering processing of large document archives. This was a big challenge since all the files were on paper.

Today, we offer solutions that allow digitizing processes such as:

70% of Latam’s tax administrations are in the process of implementing or have implemented electronic invoicing. That is why it is so important to have the right tool to comply with the regulations.

That is why we offer you the Coldview Electronic Invoice solution. We offer organizations the possibility to manage the issuance, reception, cancellation, and validation of the different types of tax receipts in a comprehensive manner and compliance with the tax regulations of the territory.

For example, in Mexico, to respond to the new regulations, we have launched specific solutions such as Complemento Carta Porte or the most recent CFDI 4.0. 

Customer 4.0 is informed and very demanding. They are not only looking to communicate or carry out transactions online, but they also need to do so through the channel they usually use.

This is possible thanks to Coldview CCM, from where you can manage all inbound and outbound communications of your organization in an omnichannel way. This way you can offer your customers notifications to mobile apps, text and WhatsApp messages, emails, social networks, and other specific channels.

Desde esta plataforma puedes:

From this platform you can:

• Implement the automatic sending of invoices and statements.
• Manage subscriptions and customer preferences. 
• Monitor user activity to know their interaction with communications.

Another aspect that is highly valued by users is the possibility of interacting with the organization. To this end, we have provided bi-directional support through Coldview Interactive. It is important to note that this is a platform that has given excellent results in the telecommunications industry.

In the past, invoices, statements, and other documents were printed and sent to the customer’s home. Today, they must be digitized for convenience and to protect the environment.

This presents several challenges:

• Adapt documents to the different communication channels.
• To extract simply from the different sources the necessary information for the creation of the documents.
• To carry out mass mailings.

In response to this need, we created Coldview Compose, a platform that transforms your customers’ experience by providing information in intuitive, simple, and intelligent documents. This is possible thanks to its integrations for:

• Creating documents suitable for each digital channel with Coldview ECM.
• Generate documents for omnichannel distribution with Coldview CCM.
• Form print queues with Coldview DOCS.

Excellence in customer experience is becoming increasingly important. That’s why we have created Coldview Interactive which allows you to transform and improve the way your customers interact with your brand. This is possible thanks to providing them with an omnichannel and innovative experience.

In addition, this solution gives you the possibility of using invoicing as a two-way communication channel with your users to promote cross-selling and upselling.

The difference between perceiving the advance of the digital economy as a problem or an opportunity lies in the technology and professional support you have. That’s why Coldview offers you that and much more. Write us and we will show you how we can help you.