Digitalisation, or the conversion of end-to-end Business Success processes to digital technologies, is much more advanced than mere conversion of communication and data to a digital format.
Digitalisation has become the key to successful operations in most economies. Most businesses are now harnessing the power of technology to solicit new customers and tap into more markets, make business processes faster, diminish error rates, communicate with customers and stakeholders, maintain accounts and optimize efficiency. Both service and goods-oriented businesses are going digital because of the increasing need to reach out to mobile and internet-using customers in the current age. The Great visionary leaders of the country are leading this digital business transformation and are increasingly leveraging newer technologies.
The buzz around digitalisation
The power of computer-based technologies, the explosion of the internet, smartphones, and virtual platforms dawned upon business owners a couple of decades ago. The process of digital business transformation, at the grassroots level, however, has been slow. The onset of the COVID-19 pandemic has managed to change this, though. With an increased need for remote working, internet-based marketing, sales, and even digital accounting, most businesses are compelled to bring about major changes in the way they work, function, connect and communicate.
Why should you go digital?
One key reason that induces most business owners to go digital is more customers. Almost all B2B and B2C communication, marketing, and sales go through digital platforms in this day and age. When you choose to go digital, the market is huge.
This apart, tangible benefits to the business in terms of increased efficiency, control, and ease of operations is also a huge incentive.
Top benefits of digitalisation
The benefits of digitalisation are numerous. Some of the immediate advantages that you can see include –
- Reduced costs
- Improved efficiency and speed
- Reduction in manual work
- Better financial records and accounting
- Better control on overspending
- Easier reporting and informed decision making
- Seamless flow of communication
- Elimination of redundancies
- Skills enhancement on all levels
Financial services – Case in point
One of the most important areas where we have seen the impact of digitalisation is the world of finance. The banking and financial services industry was quick to digitize but slower in adopting digitalisation. However, the onset of the pandemic has put the entire industry into overdrive. Companies like Bajaj Finserv, which had embarked on a digitalisation drive ahead in time, emerged as the true leaders of the market. Sanjiv Bajaj, one India’s top finance business leaders, leveraged fintech innovations and embarked on a transformation of the business. This has allowed Bajaj Finserv and other institutions to adopt a digital approach to keep going strong even during the slump in the economy. Their ability to reach out to the masses and optimize business efficiency is unparalleled.
Becoming a Digital Business Entrepreneur
To become a truly digital business entrepreneur, you will need to look at the technologies available and leverage them to work to your best advantage. Transformation is only successful when you get your organization on board. Digital changes at every level will also need to be supplemented with skills enhancement and support. A detailed understanding of the business processes in every area needs to be mapped against your digital plan. Integration of digital systems, platforms, and software with existing systems is key to success. . Encouraging a change in the business ecosystem can help you and your organization adapt to the digital process.
The rapid evolution of technology has made digitalisation imperative for survival and success in the current scenario. As one of ‘s best business leaders, it is important that you envision the change and help implement it in your organization, transforming as smoothly as possible. The clarity in communication and the resolve to adapt to the new era of technology-driven business can help with the organization’s onboarding and its stakeholders.
Digitalisation is the adoption of digital technology to power your business processes. Some of today’s best business leaders have successfully undertaken complete digitalisation of their organizations, which has helped them become market leaders, despite the economic slowdown following the onset of the pandemic. The rapid evolution of technology has made the tools available help you become more cost and energy-efficient, cut down on redundancies, communicate more effectively, and make data-backed decisions. Communicating these benefits will help your organization and stakeholders on board with digitalisation.
