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Turn The Digitization Key And Enter The Future Of Business After COVID-19
As the Manufacturing industry is facing continuous pressure with production and revenues, digitization will become the greatest step to tackle challenges and focus on technological innovation.
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Due to COVID-19 pandemic, people’s normal life has been totally disrupted. Their priorities have changed from normal to beyond. As their needs change with the ups and downs of the pandemic, companies should focus on their customer expectations and prepare to thrive in the future.
Accelerating their Digitization process can help companies to deliver products and services quickly with seamless customer experience.
How can Digitization impact the future growth of a company?
Digitization is the process of converting text, sound, or pictures into a form that can be processed by computer. By embracing digitization, companies can develop effective business models and reinvent their operations in ways that were not possible before.
As the current pandemic situation is deeply unsettling, companies are facing challenges with their business continuity plans. Responding timely is the key to tackle new situations. End-to-end digital processes and technical infrastructure can safeguard productivity and ensure business continuity during and post disastrous situations.
The COVID-19 has become a new learning curve for every sector to redefine the past, present, and future. It has created lessons on how to sustain a business by minimizing disruptions to achieve goals. Business leaders must bridge the knowledge gap between concentrating on sustainable development and hitting tremendous profits.
1. Sustainable Strategy for Short Term Impacted Sectors
In this strategy, companies should educate their teams to maintain the current level of development until the new normalcy begins. This strengthens the business operations, provides deep insights to rebuild reality, accelerate the use of new technology for a better future.
The Health care industry is skyrocketing through online pharmacy sales and using digital technology (TeleHealth). Adopting full digitization in their systems can help healthcare organizations to create a robust infrastructure by focusing on patient’s needs. They can also offer assistance with routine medical tasks and provide online services to retain the patient’s attention and drive value.
As the mode of entertainment has shifted from radios to smart Televisions & mobile phones, digitization will cover all the needs of media and communications sectors by creating a unified hub through interactive data communication. It makes a sweeping change by providing user-driven content to find the pulse of the audience and enhance their experience.
2. Incremental Change Strategy for Deep & Short Term Impacted Sectors
As the COVID-19 pandemic has placed a bitter toll on organizations, digitization acts as a catalyst to increase productivity and optimize the business. This process is however complex, but it is likely to rebuild the overall business. This type of incremental change strategy is made by bringing small improvements to the current business process that shows the likelihood of success lies ahead. This change usually occurs through a series of small steps.
Although this pandemic has affected the banking sector too, it has accelerated the whole industry to change into digitization quickly. It has brought convenience to the people by using digital banking for their transactions.
Digitization provides great impact on the Insurance industry. From interactions with customers to underwriting and claims management, it offers better engagement rather than wasting time behind paperwork.
As the Manufacturing industry is facing continuous pressure with production and revenues, digitization will become the greatest step to tackle challenges and focus on technological innovation. Digitally smart manufacturers can gain competitive advantage by leveraging emerging technologies such as digital twinning, 3D printers, etc.
Some of the key benefits of this strategy are:
- Digitalized services with extended support of minimum employees at the workplace
- Ease-of-use by simplifying the process with seamless security systems
- A well-thought plan to face any dynamic situation now as well as in the future
- Ability to handle complex situations and welcome the change
This type of strategy brings a positive streak on sectors where customers bring your organization at the forefront of any revolution.
3. Significant Change Strategy for Deep & Long Term Impacted Sectors
As the number of cases of COVID-19 is spiking up, the focus of companies should be limiting the effect on employees and supporting customers by responding to them effectively. Thus, looking at the sustainable business options and digitizing is crucial.
As retail is one of the most affected sectors, there has been a huge decline in consumer demand that calls for an immediate change strategy to tackle the crisis.
Retailers can positively bring back their brand by activating digitization that not only delivers product on time but also provides consistent user experiences. Gaining these insights will open new opportunities and discovering customer preferences.
To facilitate enhancing or adapting B2C Ecommerce, Moving to SaaS ERP and CRM helps companies to reestablish and ensure sustenance.
Gartner has predicted a rise of 3.6% globally in tech retail spending, which might amount to $218.5 billion by 2021 across the world.
Some of the features that digitization provide to drive customer loyalty and boost customer retention:
- Deliver virtual products using VR and Augmented Reality
- Polishing your online platform and adopting cloud computing for a seamless workflow.
- Provide additional discounts and coupons to retain customer attention and satisfaction.
In conclusion, the pandemic crisis is significantly accelerating the shift to a digital platform that redefines the overall business landscape. As digital technology works by combining large amounts of data, companies implementing digitization strategies can build smart machines capable of performing innovative tasks and help them to be prepared for the future.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.