The Rise of the Digital Economy in this Pandemic
11 August, 2021 by
The Rise of the Digital Economy in this Pandemic

The pandemic has taught everyone one too many lessons, and in the line of business, it has shown the world the true importance of a Digital Transformation for Business Operations. It can be said without a doubt, that it is an essential service required by any and every business company today. In this time, meeting in-person is nearly impossible, thereby forcing several companies to go online and conduct meetings through online portals like zoom, MS Teams, Google Meet, and more. Repeated Shutdowns and change in circuit breaker phases over the past years have made working physically every day in the office, quite uncertain. Virtual is the new Real, and holds the key to a great many business meetings for this near future.

This great focus on Digital Transformation Models for Businesses was long overdue. Though there were several regions and companies that started doing their business digitally before the pandemic, this wave for the ‘need’ of having a digital transformation, is very recent. This pandemic and the need that it created for having the means to work from any location, have brought out and made Digital Transformation the epicenter of Business Development Processes. This shift in the focus has shifted the paradigm of people spending their money, with now more and more people spending, rather investing, in ‘taking their businesses online’.

Analog business, unlike analog watches, do not function with the same speed in today’s world. There exists still a great number of companies that have yet to start their digital transformation and still run their business on the analog method. These months have alerted companies that even the health of their healthiest employees is an uncertainty, and that it is time that all businesses be protected against this uncertainty. It is inevitable that the future of running a business lies with going online, and gives all business the imminent opportunity to do so. 

The Business Houses that went digital before the onset of the pandemic, not only survived, but turned out a profit in times when companies had to fight for just standing upright. The success in this department lies with the fact that such businesses could still easily conduct their operations with ease and without the confines of the pandemic. They faced quite a less of number of competitors and did not have to take risks with their safety and the safety of their co-workers. 

Others, if not all, have recently started investing in this regard. These companies aren’t that far behind on success as well. They are getting newer, advanced, and adapted systems that further allow them to run a larger set of operations of their businesses online. Some companies have started working better than the ones who had their digital transformation done before the pandemic. It is clear that, in this race to success, they are not that behind as well.

What is the Digital Advantage?

A Digital Transformation offers companies a much greater resiliency in time of adversity and compulsions forced by lockdowns

Efficiency Advantage

A Digital Way of running a business allows companies to be more efficient with real time updated data, all time availability of staff, and better health of employees. Automated processes in such cases, pave the way for an accelerated speed of getting tasks done. 

Productivity Advantage

With their employees and management already having the power to set up and start work remotely from anywhere, they could focus more using productivity tools to maximize work and create a better company environment. 

Security Advantage

Having a safe on premise or secure cloud space for storing, sharing, editing, and working on files offers more security to the company. It gives them the advantage of not having to protect smaller storage and large computer devices from cyber and other threats. 

Customer Advantage

Companies are able to offer better customer experiences through mined and analyzed data, giving them the perk of being more connected to their customers. 

Agility Advantage

Data once entered and analyzed offers them a better chance of knowing their most likely future requirements, make faster decisions, and offer better experiences. They are adapted to the needs of time, with their flexibility to be able to run their business anywhere anytime. 

The New Reliance

The Covid Pandemic has put everyone into the confines of their four walls, forcing them to go into isolation and working from there. It has greatly increased everyone’s dependency on online means to conduct operations. Social Distancing is the only current tried and proven method to reduce the spread of the virus. Anything, any operation or meeting, that lies on the foundation of a physical meeting, has to now be amended to an online version. 

In this pandemic ridden world, the digital transformation models are helping us out in a great way:

a. Remote Work: Before the onset of this pandemic period, only about 30% of the working population worked through an online means of work. The remaining 70% either had to work on site or were working on site. The change in times have called for a change in these working patterns asking them to start working online. This has been very hard to digest for several businesses. But on the brighter side, this forced work from home culture, which is currently the backbone of the economy, has led to people working together better with a better collaboration on several tasks. It has allowed the production of sophisticated work, created using better collaboration tools. 

b. Omnichannel Commerce: Many businesses have now looked towards online eCommerce channels to meet their business’ daily needs. A large number of physical stores have now shut down, and digital-physical integration is important, now more than ever. Today, everything from groceries to clothes to jewelry is available online. Consumers can shop online, see reviews before buying, and leave reviews as well. They can further compare it with other company prices, look for the required features, and choose efficiently, most of which was not possible before the digital age. 

c. Digital Content Consumption: Content, in terms of movies, shows, and other entertainment, is now being streamed and consumed online through websites and portals like Netflix, Hotstart, and Prime. People have been satisfying their needs for entertainment in home through here. Meanwhile, filming units, studios, and actors have been quite preponing their productions either early to grasp the audience streaming online or postponing to meet the theatre needs for when they do open. 

d. Platformication: Almost all types of businesses today offer services online. Fitness Institutes have started conducting their classes online, almost all institutional units teaching from preprimary school up until universities are conducting classes online. While it is a great possibility that several businesses will revert back to their original approach once the crisis takes a note of disappearance, it is expected that most businesses will hire a hybrid approach in working and conducting their operational activities. 

e. Digital Health Solutions: Much like other businesses, healthcare is one where the physical presence was necessary. But the pandemic has forced them to work online to protect the patients as well as the doctors. Remote diagnosis, medication, and consultation give the doctors a chance to increase efficiency, work from locations, and maintain a little safety in these times. 3D Printing, in Singapore and around, has been playing a great role in providing PPE and other supplies in this time of shortage, and has been a great help in aiding to the needs of the pandemic. Tracing applications and other tracking software have been used to decrease the spread of the virus, but it still holds several privacy issues in countries like the States. 

The Case of Digital Transformation in Crisis 

With the great many less that the pandemic has taught us, there are several trends and realities which are here to stay for the long term. Digital Transformation Models for businesses, though are a big investment, but also are viable for long term cost reductions, increasing productivity, and reaching growth targets without the confines of the pandemic. A good business transformation model makes sure that all the essential services are taken care of and maintained in the company while also reducing costs. Current levels of business performance must be sustained and in such a way that any and every change in the environment requires the company to only make certain alterations for their survival. It is an adapt to survive race to the finish. 

On that note, it is worth mentioning that Digital Transformation Model Systems should not be expensive to such an extent that they are not affordable to a large group of businesses. Done the right way, these models can prove to be very useful in terms of investment as well as increasing production. There are models which allow companies to slowly invest as it kinks up their productivity and hence allows them to eventually convert all their operations to a digital level. Further, these models are here to save companies money in the long term by increasing teamwork, collaboration, allowing remote work, and more. 

It is noteworthy here that these changes are not always by choice; companies sometimes have to adapt to survive in scenarios where it is necessary. Keeping up with technology and times is an essential feature of currently withstanding businesses. 

Lastly, as per research and, well, recent observations, the Covid 19 pandemic is here to stay, and it is time we not only accept it, but mend our ways to it. 

Do you have plans to adopt digital transformation?

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The Rise of the Digital Economy in this Pandemic
ODES 11 August, 2021
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