Digitization Of Businesses: No More A Choice But A Compulsion
Unlike the uncertainties that the COVID 19 pandemic has brought, it is also bringing the Digital Revolution, making it high time for businesses to adapt to Digitization to be profitable and flourish in the longer run.
Digitization of businesses, which didn’t seem normal earlier, will be a new normal now. With the emergence of the pandemic, almost every company in each industry sector has started to move digital, making it nearly an all-new digital world.
Digitization of businesses is no more a strategy that organizations use to combat tough competition but a very way to stay ahead in the competition in the years to come, especially in the post-COVID-19 era.
Bygone are the days when businesses had the choice to adapt to digital to serve the best in their respective domains, which usually managed to put a choice for them to entirely or partially digitize themselves to serve the clients in a digital-centric way.
There were instances where organizations used to get away from going digital shying away from investments into digital technology. And settling for a partial or no digital mode to serve clients to cut costs.
Since the COVID 19 pandemic hit the entire world, the picture seems to shift towards a digital era where almost every business is moving to digital technologies to serve its clients. But these days, organizations invest in digital technologies to survive effectively in the longer run.
Digitization Of Business Practices – The Game Changer
According to a recent SAP Digital Transformation Executive Study, 85% of business leaders report that digital transformation efforts have increased their market share. It is more like a compulsion and not a choice for the organizations to go digital. This is to serve their clients in the short and long run too.
However, Digitization through social media, at times, becomes a vulnerable place for hate speech. And social media bullying, which creates a hostile, toxic environment for conversation among the stakeholders at the social media space.
The digital practices that the world was trying to apply for a long took place slowly and steadily. And bits and pieces have now seen significant and robust growth.
Something which was not usual earlier has started to become an integral part of the new normal in post COVID era across the sectors.
On the one hand, patients are booking online consultations to take care of their well-being more than often than earlier; on the other hand, the massive chunk of patients ’offline data in the form of record books traditionally are now shifting to all new digital records via “EHR’s (Electronic Health Records).
While Banking services, customers buy financial products with just a single click. And access their entire portfolio via web transaction strategy quickly and smoothly adapting to the all-new digital revolution.
Similar is the scenario for almost every business out there trying to adapt to digital practices to combat the challenges that the COVID 19 pandemic presents and adjust to the digital transformation it brings with itself.
A recent study from IDG says that almost 89% of organizations have plans to adopt digital technology as their first business strategy; however, 44% have fully embraced this approach.
Digital Transformation: A Paradigm Shift
Adapting to digital transformation by the organizations is an all-new paradigm shift to attain digital competency amongst the competitors.
The key strategies to achieve this paradigm shift include the following:
Integrating the businesses within the digital framework paves the way for digital transformation.
For instance, deploying a modern ERP environment enables simultaneous integration of cloud services, like machine-learning (ML). This results in cost-effective co-innovation and future scalability.
Effective Business Analytics and Data Science:
Implementing Business Analytics and Data Science to study the data using statistics, algorithms, and technology was done by professionals to make business decisions based on data-driven insights.
Furthermore, the digital transformation of business analytics and data science is only going to make it easier.
Digital Technology Strategy:
Organizations are setting up strategies to implement digital technology to keep up the digital competency with the competitors.
The already digital organizations will undoubtedly have the edge over those that are not. But the scalable implementation of digital technologies will shape the future for organizations in a cost-effective manner.
Risk and Compliance:
While businesses are rapidly adopting digital practices, it also presents new risks. The risks are data theft, data leakages, security breaches, or fraud of sensitive and confidential information.
Organizations have to mitigate these risks and have to comply and adhere to technology laws and regulations.
Digital Customer Experience:
Customers’ experience is of utmost importance for the smooth run of any business.
Hence, exceeding the customers’ experience will be a crucial element in attaining the digital way of companies in the post-COVID pandemic era.
Bridging the Gap – Minimizing Digital with Non-Digital:
Most of the business are skeptical about investing rigorously into digital practices. There is still much uncertainty that makes organizations vulnerable to going entirely digital. This is usually the case with any practice that emerges a market.
Even after knowing the significance of going digital to serve in the long run, especially in the post-pandemic era, digital practices will not be more accessible. Effective awareness among the organizations, mitigating the doubts and confusion about the technology and continuous application of digital practices, will bridge the gap between non-digital and digital.
Going digital is going to be the new normal for organizations to stay competitive in their businesses. It presents a significant opportunity for organizations to leverage to serve their customers in an all-new digital way. This way will help them in the short run and pave the way in the long run. And it also helps them stay ahead in their business.
The challenges that pandemic presents with itself also come up with opportunities. The opportunities of going digital and making the most of it. In conclusion, Digital Transformation helps businesses must serve better in the longer run.