By Rajan Gupta, Director of 10x Make it Happen
The accelerated digital transformation during the pandemic era has fuelled explosive business growth across sectors. The age-old practices and norms that once defined these enterprises are being reshaped by the power of digital innovation, demonstrating a cultural shift in the traditional business models. Given the exigency of moving onto a digital transformation journey, businesses of all sizes are eagerly expediting the adoption of digital-led processes, products, and tools.
Digital transformation in the business landscape is not a new phenomenon. it’s a fundamental reimagining of how businesses operate and remain competitive in the fiercely competitive market. It involves leveraging technology to streamline processes, enhance customer experiences, and improve the bottom line. Embracing technological trends, businesses have found the best traditions to shift the ‘old business view’ and emerge as a game-changer in the market.
Enhanced customer engagement
Traditional businesses often relied on in-person interactions and traditional advertising methods. However, in the wake of evolving needs and expectations of tech-savvy customers, businesses are embracing digital transformation to capitalise on new avenues for customer engagement. Take the instance of Ubuy India, a marketplace that introduced a frustration free packaging initiative to reduce eCommerce packaging waste and eliminate the need for excess packaging material which further resulted in accelerated customer engagement.
Data-driven decision making
Data is the lifeblood of digital transformation. Traditional businesses are harnessing the power of data analytics to make informed decisions. For instance, a traditional manufacturing company can monitor machine performance in real-time, predict maintenance needs, and optimise production schedules. Additionally, data analytics also help businesses stay on top of regulatory compliances. Ultimately, this not only reduces costs but also improves business efficiency and product quality. For instance, Zomato leverages the art of personalisation by drawing up data and behavioural patterns to personalise the food ordering experience for customers.
Agile and remote workforce
Digital transformation has redefined the way employees work and balance their work-life. Many traditional businesses have adopted flexible work arrangements, allowing employees to work from anywhere. Businesses leveraging their digital talent strategy align their workforce with business goals better, foster a positive culture and create a sense of purpose and belongingness.
The trend has further been accelerated by the pandemic when businesses had to shift their human resource capital to digital infrastructure. Companies across sectors, including financial institutions, enabled employees to work remotely, ensuring business continuity while offering better work-life balance.
Giant IT companies like Infosys, HCL, Wipro and many others have aggressively invested in building a robust cloud infrastructure to adopt flexible – hybrid work culture for employees and to make them feel productive.
Supply chain optimisation
The integration of digital technologies into supply chain management modernised the entire landscape of logistics. It has made the supply chain management process more efficient, productive, and responsive. Traditional logistics companies are using new-age technologies such as IoT sensors, blockchain, and AI to track and manage shipments in real-time.
Digital makeover of supply chain management improves transparency by tracking the inventory across levels. As a result, this reduces lead times, lowers costs, and increases visibility, thereby benefiting both the businesses and their customers. Taking a step towards streamlining the logistics landscape, Delhivery is using ML algorithms to optimise delivery routes, reduce transit time and improve delivery efficiency.
Personalised marketing
Marketing is another area where digital transformation is making a significant impact. Traditional marketing methods were often broad and generic. Having said that, marketers can gather relevant data that works as a goldmine in enabling more strategic and informed decisions. This encourages businesses to create highly targeted and personalised campaigns for their customers that further helps in fostering loyalty and turning them into brand advocates. For example, India’s beauty brands MamaEarth and Nykaa uses gamification techniques on their website and app to help customers with personalised product recommendations which in turn leads to better purchase decisioning and customer experience.
Way forward: Embracing the digital age
The digital transformation wave is reshaping traditional businesses in ways that were once unimaginable. It’s not a matter of choice but a necessity for staying relevant in today’s competitive market. Traditional businesses that adapt and embrace digital transformation will thrive and remain agile, while those that resist risk will be falling behind.
In this rapidly evolving landscape, the future belongs to those who embrace the opportunities presented by digital transformation. By leveraging technology, data, and innovation, traditional businesses can not only survive but also thrive in the digital age. The incredible potential of digital transformation will continue to be instrumental in reshaping and revitalising traditional business models.
