How’s business doing in this pandemic situation?? If not digital form of marketing, selling, communicating and organizing then how would business have been operating in this situation where whole world is under great tension. So it is very much necessary for businesses to move from physical to Digital form of operating business. If we will not move with the world and not accept digitalization then would not survive competitive market and world.
Why many companies which were once the only company following monopoly does not exist?? Because they decided not to have changes in the product and keep on going with older strategies. So for any business to flourish it is necessary to move with technological advancements
- Digital Transformation is necessary to survive in the competitive markets:
Many companies including Nokia have diminished, collapsed and fallen because of their decision of not moving with the world and markets and continue selling products without updates. This is not criticism readers, this is the reality. Not investing wealth on technology will not be acceptable in future world. As analysis says that 80% of corporate firms are active on social media platforms.
2. Indian Youths (70% population is below 30 years age) are more digital oriented:
If we see the future of company then we should understand that Future CEOs, Managers will be today’s youth who are more oriented towards social media publicity and digitalization. Investing in Digital Transformation will be necessary there as demand of consumers especially students depends on whether the company is selling online or not?
3. Consumers’ Demand:
We all would agree that most of the consumers check reviews and ratings online for a particular product to be purchased. If consumers feel that a particular company is not there on google or yahoo then they would probably feel that a company is not developed to satisfy their needs.
4. Easy to connect consumers nationally and internationally:
Investing in Digital transformation would merely mean that we are reaching to audience all over the world. Even sometimes it is not possible to reach audience at remote places which is possible through digitalization. Digital marketing have increased the sale of products of small firms by almost 20%.
5. Easy interaction and communication:
Definitely interacting with the consumers with be easier, explaining them would be easier. Smoother communication can be possible from company and consumers both the side. There would not be any fights or bargaining among consumers which is quite satisfactory.
6. Contributing some part to economy of Nation:
If more companies will turn towards digital transformation then it would be helpful for nation as living standard will slowly and gradually increase along with which the economy will flourish and develop. As we can see that during pandemic times only IT sector can help economy to grow again to normal.
7. Increase in Skills Among people of Nation:
As it would be necessary in future to know and have computing skills to get high paid jobs along with other facilities, students will focus more on increasing their digital skills rather than being books oriented.
8. Increase in Profits because of reduction in costs for companies:
As most of the business activity would be done in online form and mode it would lessen the cost of physical offices and spaces along with cut costs over papers and stationery materials.
9. Reduction in Bargaining:
As there will be online ordering and delivery of goods and services, consumers would not gain any chance to enter into bargaining and would get product at home at competitive prices without going and travelling in search of cheaper product.
10. High profits with low investments:
As most of the business activity would be done in online form and mode it would lessen the cost of physical offices and spaces along with cut costs over papers etc. WRITTEN BY BANSI MADLANI