Coronavirus is the ‘Black Swan of 2020’. The virus is as rare as the black swan, hence the alleged comparison. Spreading at an alarming rate, coronavirus has infected more than 38 lakh people worldwide and has claimed over 2 lakh lives across the globe, or even more by the time you read this. The outbreak has caused massive uncertainty regarding trade imports and the business sentiment is severely impacted. On one hand, it is forcing a rapid evolution and reinvention of infrastructure with processes as almost everything shifts online: from food orders to grocery shopping, business meetings to entertainment; on the other hand, the widespread global uncertainty, particularly in terms of the financial markets, and the loss or reduction of thousands of jobs is causing many firms to rethink spending that they might otherwise have planned on technology, infrastructure upgrades and strategic initiatives. With the aim to provide customers with services of their choice and at their convenience, digital transformation is becoming the need of the hour. In order for their survival, companies have no option but to switch to digital platforms & adapt to several creative solutions meeting consumer expectations.
Digital transformation, coupled with superior technology, requires major changes – intersecting technology, business and people, and countless possibilities of other business avenues. It is absolutely essential for every brand & business owner to make a decision in favor of proceeding with digital transformation or technological improvements. This is an apt time to get creative- as many business owners have already been forced to do, enabling remote working or shifting to virtual events & conferences. It won’t be long before this luxury turns into a modern day necessity. There’s definitely a consumer attraction that is fuelling growth in the digital media. Easy to understand content, unlimited access to family and friends via the Internet in addition to education, entertainment and facilities like healthcare and e-commerce are major reasons for the consumer pull. Our government's initiatives & efforts to make India digital via the use of digital payment gateways as well as the efforts of marketers has played a crucial role in enhancing the distribution of their products and services. For instance, Amazon and other similar online players are providing same day delivery to stay at top.
The first step to digitize one’s business is planning. It’s necessary to take in account the factors that will deeply impact your business and its processes to prevent your company from launching a series of ineffective programs and protocols that lead to a negative response from customers and target audiences. Your launch must highlight your advantages, not your weaknesses. Secondly, a critical component of how to digitize is mobile support. The mobile experience offers an easy to use interface that delivers a seamless experience for everyone. In most cases, providers supply a free trial or live demo which enables your team to assess each option.
As many companies are rushing to digitize, the market is becoming competitive quickly. Lastly, incorporate cloud-based technologies. The switch to digitization includes a few cloud-based technologies that provide a centralized location for the management of selected information. For instance, Customer Relationship Management (CRM) program and Knowledge Management System (KMS) Based on your company’s services, you may consider additional cloud-based technologies to complement your offerings to customers.
For the optimal use of technology for a digital transformation, business owners must be at the center of every investment. Companies need to get acquainted with the fact that digitization involves adapting to new digital technologies in the market and existing business functions with the help of various digital initiatives. This will aid in tapping the full potential of the existing resources with an improved performance of the organization. With digitization in place, the Government and RBI have come up with encouraging policies that have led financiers to gain confidence in lending to the SME segment, and hence increasing the stability of the entire supply chain. With the channel finance getting digitized, companies can now automate transactions, track invoice approval and more. Additionally, the data generated through the technology platforms can be analyzed for proactive forecasting and business planning. While short-term survival will always be a priority, in order for brands to thrive in the longer term, it may be necessary to revisit digital transformation plans with a view to potentially bringing forward planned upgrades, upscaling digital infrastructure, or hiring for new skill sets in order to give themselves the best chance of competing in the current ‘new normal’.