Transform your business by Going Digital Now
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Go Digital Now has been working for some of the most unexpected clientele during the covid lockdown in India. Educational Institutions, Software companies, and several start-ups have sought their support for digital transformation.
Twenty-three years ago Rajesh, a medical representative at Torrent pharmaceuticals, went personally, meeting doctors, explaining the formulations and the concept behind working of the formulations. Even then the doctors were more interested in the medical technology that would give them an edge in their career rather than the medicine itself. Today, the doctor would not spare a minute in his working hours to listen from Rajesh Khanna, Commercial head, Dr. Reddy’s Lab. Then how did Rajesh climb up the ladder? How could he be a do better be it Torrent, CIPLA, or Dr. Reddy’s?
Earlier, he left the write-up of the formulation, but now he leaves a digital write-up on a digital platform. He encourages the medical practitioners to leave their feedback and enter into a conversation with others on the same platform. This is a win-win situation for Rajesh, as he gets first-hand information on consumer/ customer experience, he gets to be a part of the direct conversation between one customer and another.
Perhaps it gives him many more ideas to innovate in the art of digital communication. He encourages his team to utilize the digital platforms to share scientific communication which provides the convenience of reach, and speed. Post lockdown is a “Phygital” world. Physical connect is maintained with digital outreach.
Digital transformation is a process of simplifying business processes. Its objective is to eliminate if not reduce cost by removing or reducing duplication of work, reducing the scope for errors, improving visibility by the use of digital technologies. It may create new business activities, causing initial uneasiness. It usually covers customer experience and therefore mindful digitalization may cause an inevitable culture change.
Typically, the company’s digital transformation is an innovative experience as it includes:
1. Automating processes
2. Implementing new technologies
3. Driving efficiency and cutting down the costs
4. Improving user experience
5. Changing the company’s culture
Some firms opt for digital transformation while some do not. The most common stated reason for not digitalizing is “cost”, but let us understand that there are several freely available tools that can be used for the purpose, then the next stated reason for not digitalizing is “lack of knowledge on which tool is to be used, and where it should be used”. There comes the role of a consultant. Amazon Marketplace, Airbnb, or Uber, Godigitalnow are some of the digital transaction platforms that enable the exchange of information, funds, goods, or services.
Most big companies either have a digital transformation strategy in place or are working on one. Paper reduction (68%), online training (54%), using data analytics for risk management and sales prediction (39%), and scope for reducing errors are some of the driving forces behind their digital transformations. Other active areas of digital implementation include social media (63%), IT automation (50%) image building, and promotion.
Most of the time firms tend to experience a severe financial crunch that does not always permit digital transformation. This battle of “financial crunch”, has to be first fought in the mind. A winning, cost-effective strategy is born where there is a necessity. A good teamwork strategy cannot go wrong.
Successful applications of Digital Transformation in business:
e- WOM:
There exists a mistrust in marketer-generated communication systems. Consumers today seem to show a greater reliance on electronic word of mouth (e-WOM). Positive word of mouth plays a central role in influencing consumer behavior. In today’s era, consumers share information on various digital platforms like trip advisor.
Promotion through social media:
Business organizations are beginning to recognize the substantial potential of social media for enhancing corporate communications with external stakeholders, including investors, customers, and the general public — all of whom can affect firms’ financial future. Social media applications reach a wide spectrum of external stakeholders, help them express themselves and connect with one another, and engage them in ongoing conversations with the firm.
Information bureaus:
Social networking sites refer to “web-based services that allow individuals to (1) construct a public or semi-public profile within a bounded system, (2) articulate a list of other users with whom they share a connection, and (3) SNSs are unique therein they allow users to simply filter through information in search of the foremost relevant and useful source for their purposes. SNSs provide a unique context for information gathering, as they afford users the ability to screen and judge the characteristics of the information source based on their profile information and other characteristics. Moreover, SNSs play an important role in communication and information consumption behavior, especially for the younger generation
Branding and Image building:
Social networks help in creating a brand and spread information among a large number of potential buyers. In other words, a personalized approach is applied in finding new clients/consumers, creating useful databases for future business, and placing new products/services on the market.
It is important, therefore, to look at the character of consumer engagement within interactive online social settings on a brand’s ability to get equity
Consumer reviews:
Review sites, like Yelp and Walmart.com, improve their shopping processes by including detailed reviewer profiles or direct links to a reviewer’s social networking page. Unfortunately, the impact of reviewer profiles is not well understood in emerging Asian markets.
Categorizing e-Retailers:
First, search goods are the easiest to evaluate, this criterion may be used to categorize e-retailers depending on the goods and services they offer. Goods and services differ according to how easy it is to evaluate their quality before consumption.
Banking:
Active digitalization of the banking sector has led to the fact that they have started to rank Internet banking among the main elements of the digital economy.
Reasons for failure of the digital transformation process:
Digital failure is characterized by digital capitalism and unproductive IT support. A staggering 70% of digital transformations fail. Although most companies and executives skill up and try to evolve with technology, putting it into action may be a different story.
1. Unclear digital transformation goals
2. Lack of expertise
3. Internal resistance
4. Ignoring customer experience
5. Senior management is not dedicated
6. Conducting digitalization too fast
7. Not keeping up with competitors
8. Not understanding the customers’ needs
9. Not changing the internal culture
10. Giving up on quality
Other common mistakes of a firm include (1) Mispricing (2) Failure to develop trust with users and partners, (3) Prematurely dismissing the competition, and (4) Entering too late.
A Digital Transformation Strategy is a plan of action describing how a business must strategically reposition itself in the digital economy. Having a digital transformation strategy doesn’t mean a business will survive and thrive. Not having a digital transformation strategy doesn’t mean a business will be disrupted. Having a bad digital transformation strategy, however, does guarantee a poor outcome.
Doing things the old way, may not always lead to new results. Higher expectations call for change and innovation. We go with a mission first, the rest will Go Digital Now !
