Digitization in business: how to adopt this transformational change
SMEs in India play an important role in the country's GDP, hence SMEs need to align their businesses towards digitization to be relevant and maximize their business outcomes.
When the first mobile phone was launched in 1994 in India and when I started using a mobile phone in 1998, I never thought that this device would someday become an enabler and make everything available at our fingertips. This transformational journey from a mobile phone to a smartphone has literally changed our lifestyle. How it has brought about a dramatic change in our way of doing business, educating, interacting, and engaging with people.
Today, Artificial Intelligence (AI) is making its way on the road and is about to bring about a major transformation in every aspect of our life and the way we do business. Hence, in order to survive we need to accept and adapt this reality and get started to bring about that transformational change in the way we are leading our life and the way we are doing business today.
“It is easier said than done”
While it is very easy to talk about digital transformation in business, in reality, it is not easy for businesses, especially SMEs to get started immediately even though it is important. So, how should one approach this change? This is so evident from our recent experience with the pandemic covid-19. The Majority of the SMEs struggle to operate and many have to forcefully shutdown their business operation as no one was prepared for the situation. It took some time to understand the situation and has triggered entrepreneurs and traditional business owners to think and act digitally that have helped make a comeback. Digital transformation in business comes at a cost in order to integrate technologies, digital tools and, applications and it is sometimes a major challenge for small and medium businesses.
“If it is to be done, then how to go about it?”
It is a good thought point to get started. It is advised to create a phase wise action plan to adapt digitization that does not disturb your ongoing business operations. The first and foremost change that a business owner needs to act is a change in mindset. Accept and acknowledge the reality, businesses now need to adapt to digital transformation to make businesses function and operate efficiently, creating an opportunity for greater market reach and expansion.
“Digitization in business demands cultural transformation”
In order to leverage and ripe benefits from digital transformation, business owners first need to focus on making the change in their business culture. It is about changing the mindset of the employees, business partners, and other key business management & operations stakeholders on how they must now function and operate in this digitally driven world.
Cultural change doesn't happen overnight, It has its own framework that helps businesses to drive this cultural transformation businesses now need to align themselves to digitization. To drive this cultural transformation business needs a disciplined approach, it must be practiced so that it helps the business stakeholders equipped for this change. This cultural transformation will then help you create a digitally enabled work culture and hence a business can then maximize the outcome of digitization efforts.
Please feel free to reach us, we are a business consulting firm specializing in managing B2B SME businesses. Our sole objective is to help Indian SMEs to build and expand their business by guiding and hand-holding them on business operations, culture transformation, leadership management, customer experience, and marketing strategies.
Contact us at: Hiral@creativefactor.in