The world is going digital, Are you?
Do you wish to be a fast follower of the leading business entity in your niche? If yes, Digital transformation is the first step towards that goal. You move six times faster than traditional businesses by having a digital presence and speed. “At least 40% of all businesses will die in the next 10 years if they don’t figure out how to change their entire company to accommodate new technologies”, said John Chamber, former Executive Chairman of Cisco System. The need for digital transformation is escalating in this twenty-first century. There is no absolute digital transformation possible without digitization.
What pandemic has changed?
Before the pandemic, optimum digitization was an abstract notion but digitization and social tools have become a prerequisite now. A recent study, it states that 70% of respondents from DACH regions expect the coronavirus pandemic to accelerate the pace of the digital transformation. It boosts the workflow irrespective of the place and time. Many companies started realizing these days that the concept of digitization is vital and remains essential for survival. It has made communication faster and opened up new channels for real-time information. When we talk about the industrial sectors, digitization has allowed people to apply new technologies to existing business models to make them function better. It’s the operational efficiency that changes apart from the business model.
As many physical shops are shutting down, consumers are turning to online shopping, even those who had historically been reluctant to do so. In particular, grocery delivery services have been in high demand for a few months. It gives the opportunity to choose their groceries, pay online, and leave feedback all on one platform. Blending the physical and the digital factor is trending now as the physical-digital integration has turned out to be more beneficial and productive. Consumers are shifting to digital content providers to meet entertainment needs. According to data from Statista, 51% of internet users worldwide are watching shows on streaming services due to the coronavirus. Netflix alone saw 16 million new signups for its service in the first three months of 2020. Meanwhile, movie culture is also showing a sudden breakthrough as film studios have been pushing new releases to streaming services early for meeting fruitful revenue. The fitness industry has switched to holding virtual classes both live and pre-recorded. Telemedicine and remote diagnostics are helping patients get medical advice and diagnoses at home so they don’t need to come to the hospital. Almost every school, from elementary schools to graduate programs, has turned to online classes. Large-scale conferences and events are being held virtually even though the New York Stock Exchange has moved entirely to online trading.
We live in a world which is overlapping the physical and digital world with an ultra-fast pace where a digital platform is critical for the survival of a company as it not only gives vitality but also lets an organization work proactively. Studies have shown that digital giants are more composed and self-assured to take advantage of the commercial opportunity than traditional business models. Digital transformation is the act of bringing organizational changes digitally in all possible realms starting from documentation to digital marketing. It empowers the employees with the super valuable tools and methodologies to implement data-driven strategies and ideas.
Why do you need digital transformation?
· Efficiency: Streamlined operations and automated manual processes resulting in greater speed, less waste and more focus on revenue-generating activities.
· Productivity: Enabling employees to work remotely, so the prime focus is on collaboration technology and tools to maximize workforce productivity and sustain company culture.
· Security: Creating more resilience to the spread of cyber threats and breaches in the current environment.
· Customer experience: Track customer data to monitor for shifts in demand and uncover emerging customer needs.
· Agility: Leverage data-driven insight to make decisions and implement them faster. Organizations that embrace digital solutions have greater resilience in the face of adversity which will enable them to recover faster.
Evolving from snail mail to real-time social media or chat boxes digital transformation is not a one-time action, but a continuous process. It brings in new business models and goes deeper, creating new tactics and schemes which will lead to a new and better way of providing value for your customers, doing things faster, easier, and smoother.
