It’s 2019 and Digital Transformation isn’t a Fad but a Necessity. Here’s why.
In a world where the digital frontier is used to disrupt traditional business practices, then going through a digital transformation is no longer a buzzword. It is a necessity at this point.
But what exactly is “Digital Transformation”? It means having an accessible online presence so people get to know who you are and what you sale at their fingertips. It means the ability to automate and simplify tasks to reduce time and labour. It means the ability to interact, communicate, store and recall information with the least resistance.
In its purest form, it is the ability to leverage evolving technologies to your advantage. According to an MCMC study in 2017, 76.9% of Malaysians are connected to the internet, with an overwhelming 89.4% of connected Malaysians being mobile-oriented, showing how much being on the go is important for Malaysians. Still unconvinced of this revolution? Here are 4 reasons why digital transformation is a necessity for your businesses.
To Be Where Your Customers Are
In days of businesses past, it’s always about location, location, location. Today, it is all about presence, presence, presence. Your customers would rather have ease of access, above all else. If they can’t talk to you on their phones, and you can’t fulfil their needs now, they will go elsewhere.
Even a good reputation won’t save you from the powers of convenience. Toys R Us, once the biggest toy retailer filed for bankruptcy after sustaining losses from low sales. Despite its name, many rather go on Amazon because it’s easy. When Toys R Us delivered the bad news, many were shocked. But nostalgia and positive image alone isn’t good enough to get people to go out of their way to support beloved businesses.
The ease of access doesn’t just restrict itself to e-commerce. From the same MCMC study above, 77.2% of internet users look for health information over the internet. This is despite going for consultation would mean getting a physical examination. Further showing how much ease can change even our most basic behaviour.
If you’re not present or accessible, then they won’t talk to your business. They won’t buy what you have to offer, and by then, your competitor gains a customer while you lose yours.
But let’s assume that you still have your loyal customer base. Having an extensive online presence means being able to expand beyond where you have physical branches. This means your customer base will be bigger than it already is rather than have a potential rival reaching them first. The current generation is also growing up with constantly connected devices. This means their first instinct is to approach you online first, even if they could easily travel to a physical place. For them, ease of access is embedded in their culture.
To Know To Provide What People Want
People say that customers are king, but how do you satisfy the king, when you have no idea of the king’s desires? According to the Kleiner Perkins Internet Trends Report for 2018, Spotify’s user interface personalization based on data on personal listening data, increased daily user engagements by a whopping 44%.
Going digital means having the information of what your customers want. With data analytics, you will have quick access to your demographics. Meaning who they are, where they’re from, what they are willing to spend or have spent, or any information you could collect from them when browsing your sites.
If they aren’t happy about a certain service, you will have the aggregate data on why people aren’t happy. If there are specific changes that people want, they could now tell you, and you could fix it rather than go through an unnecessary process of trial and error. When you know why people are unhappy, you’ll be able to figure out what could make them happy.
To Make Everyone’s Job Easier
In the past, working would mean following rigid schedules. It would mean having to be physically present all the time or to work in silos, expecting information would somehow translate correctly without individuals present. 51% of workers would change jobs if another company would give flexible hours while 35% would if given the opportunity to work at home. With rates as such, leveraging on technology to give flexibility would mean an easier time for everyone, and greater talent retention for companies.
When your tasks can be automated, you could move on to improve experiences instead. With the growth of AI or even basic scripting of payrolls, you’ll be able to focus on your products. The focus can be on company strategy, rather than spending too much time on operations. When all interactions and company information is online, working becomes more flexible. This means being more accommodating to the specific needs of workers. Greater accommodation leads to happier workers, greater retention rates, and greater access to talent.
Imagine departments understanding each other. Imagine focus on growth, rather than the menial. Imagine greater autonomy over how you work.
To Be Part of Malaysia’s Digital Revolution
The Malaysian government sees the potential of digital transformation and according to the Malaysian Budget 2019; they’re willing to spend money on it. RM3 billion has been set aside for the Industry Digitalization Transformation Fund and RM210 million has been set for the Readiness Assessment Programme. They know that when other countries go digital, automate tasks, and expand their online presence, we as a nation will be at a disadvantage. The government wants us to be the disrupter, rather than the disrupted.
Question is, are you on board with the plan? With the willingness of the government to spend more to help younger companies to transition or even embrace the digital frontier at the genesis of their business plan, where do you stand? Are you going to stay stagnant and let your rivals outpace you? If they’re adopting these strategies, then so should you to stay ahead of the curve.
Interested to be part of the digital revolution? Visit our calendar for our upcoming courses or tell us what your organization needs and we’ll customize the necessary training. Contact our iTrain course consultants at +603-2733 0337 or email email@example.com.