The year 2020 has shown businesses why it is important to be prepared for any scenario. The pandemic brought about big changes in not only operations but also the mentality of business leaders. With the year 2020 in its final quarter, here’s a look at why leaders should have a preplanned digital transformation strategy for 2021.
COVID-19 Pandemic
Let’s address the elephant in the room! Yes, this pandemic has probably provided the biggest learning curve this generation’s leaders have probably seen. The challenge of first shutting down operations, then reopening with safety, and finally ensuring the health of the business and the people involved is not affected. Physical restrictions have not been able to restrict communication, thanks to the use of technology. Video calls and conferences have become the new norm in this work-from-home era! Platforms like Zoom, Netflix, and Disney+ saw millions of new users in a matter of months. Yet, MNCs have reported that employees have actually been more productive during the lockdown, working from home. Trends suggest this is going to be the way forward.
Operating Digitally
All these changes mean businesses need to have a digital environment in place that provides all stakeholders with the infrastructure they need to manage processes and optimize workflows. Right from building an online store for sales and partnering up with a logistics service provider for shipping and returns to implementing cloud-based ERPs for workflow management and buying project management tools to meet KPIs, businesses aim at leaving no stone unturned to maximize productivity and monitor operations in real-time.
Data
With the increased use of all digital processes, it is obvious that there is a huge spike in the exchange of existing data and the generation of new data. Managing this data is absolutely critical for any business. If interpreted correctly, it can give leaders an insight into the vitals of their business. Collecting, storing, monitoring, and analyzing this data is of utmost importance in the years to come. Also, making sure this data is secure is key for the organization. With the digitization of businesses, the world becomes a small place, and trade takes place globally. Manually managing all this data is next to impossible and will lead to business losses.
Artificial Intelligence
With the Internet of Things and Industry 4.0 being the buzzwords in 2020, AI-based technology is the next big thing in the business world. Everything from televisions and phones to washing machines and even cars is now termed smart due to their capabilities. All this involves large volumes of data. Observing trends is what big players look to do, and data is a new currency. Managing all this data requires an appropriate infrastructure. Integrating systems with the help of various enterprise-level solutions is critical to any business’s growth.
ARE YOU LOOKING FOR A DIGITAL TRANSFORMATION STRATEGY?
Captivix is a leader in digital transformation. We are committed to providing solutions for businesses that help them improve productivity, lower costs, and scale profitability. Partnering up with businesses from around the world, we have helped over 100 companies design and implement their Digital Transformation strategies.
