Business

5 Ways Businesses Are Affected by Digital Transformation

Digital transformation allows organisations to understand what the customer wants. Top innovative leaders such as Sriharsha Majety (Swiggy), Sanjiv Bajaj (Bajaj Finserv), Sahil Barua (Delhivery), Vijay Shekhar Sharma (Paytm), and others are making digital transformation an intrinsic part of their work culture and business strategy. These top transformational leaders in India are bringing about a digital shift in legacy sectors such as financial services and logistics to augment customer engagement through innovative offerings.

Over six years ago, the visionary leader, Elon Musk had set the tone for his fellow counterparts – adapt or die [1] i.e., digital tools were no longer an option but a mandatory requirement for businesses to reinvent themselves. This mantra has been adopted and is what sets some of the best transformational leaders in India apart from the rest. 

Digital transformation will help businesses deal with the ever-evolving internal and external environment. 

Everyone expects on-demand

Today’s customer is the focal point of each innovation. Customers have tasted a personalised and high-engagement relationship model that comes inherently with digital disruptors, and have the same expectation from traditional organisations. The customer today is spoilt for choice when it comes to how and where they want their services delivered. Businesses need to become more agile and bring about this kind of on-demand customer experience to stay pertinent. Getting the user experience spot-on is of paramount importance. A top transformational leader in India, Sriharsha Majety relies heavily on technology to deliver a personalized experience for Swiggy’s customers.

To help employees be more effective

The pandemic introduced the world to the ‘dispersed workforce’ phenomenon; engaging a workforce that is all over the place is a very consuming task. Employers are finding ways to improve productivity and using digital technology to help employees become more effective both in and out of the office. Remote working can only be successful if built on a strong digital foundation powered by technology that enables seamless working regardless of where the employee is.

Digital transformation creates multiple opportunities for core business functions, such as HR and finance by automating key processes and allowing leaders to concentrate on other business opportunities. A top transformational leader in India, Sanjiv Bajaj follows a three to five-year digital reinvention policy to prevent the company from becoming complacent and keep the employees’ creativity flowing. 

Security is a top business priority

While there is a key focus on making everything seamless for the customer and effortless for the employees by placing data at the edge, the IT leaders are focusing on how to make this data secure. Data compliance, rigorous data accessibility enforcement regulations, and protection from attacks are the key focus areas to ensure stringent security. Those who made it to the list of transformational leaders are the ones who implemented a security strategy that was consistent across all applications, networks, and data. They also ensured the device safety of in-office and out-of-office employees. 

Strengthening business partnerships

To meet the increasing customer demands and industry competition, a network is formed with firms who rely on each other with a common aim- to provide top-notch service delivery levels. There are a host of partnerships that are key to the business and they include suppliers, distributors, consultants, sub-contractors, and more. Managing business partnerships has always been a cumbersome and document-heavy process that hinders efficiency, but technology is changing that. Workflows are becoming more real-time, transparent, streamlined, and accurate, thereby empowering employees to be more productive and effective. 

By developing a digital process in the initial stages and integrating technology in the organisation, companies stay ahead of the curve of this digital transformation. This harvests the required tools to strengthen business partnerships.  

Speedy and better decision making 

Data and analytics, when kept at the core of a digital transformation approach, help businesses capitalize on the immense opportunities unleashed by big data. Leaders who have made it to the top are the visionary leaders who have used technology to convert this plethora of data into valuable business insights to make smart, well-informed, and quick business decisions. How deep these analytical tools are entrenched in business operations will define their business decision-making abilities. Leveraging the internet of things and artificial intelligence will help top innovative leaders tap into the huge potential of data and ensure faster and better decision-making. 

Conclusion

It is impossible to dismiss digital transformation as mere business jargon; it is in fact what can make or break a business. From employee productivity and customer retention to cost-saving and operational excellence, digital transformation plays a key role in keeping businesses afloat. While embracing this transformation can be a challenge, it requires commitment from both the leaders and employees, as it is indispensable in determining the success of a company.

It is quite obvious in today’s world that technology adoption is inevitable. Top innovative leaders of the new world are the ones who have viewed technology as a fundamental business strategy rather than a choice. They have entwined digital transformation into every aspect of their companies. Over the years, legacy industries such as financial services, logistics, FMCG, and others have adopted technology to boost their offerings and remain purposeful to their customers.

Digital transformation can ensure better collaboration between business partners as well as within the company, provide a better customer experience through personalized services and anticipate customer wants, improve employee productivity and foster innovation as well as implement an improved business strategy from accurate data insights; all these effects will help a company thrive.   

Read more:   Why Technology is an Important Part of Business Processes

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