Digitalization: The way forward to save cost and grab new business

December, 2020

The primary focus of most of the companies in this post covid-19 scenario is to focus on cost optimization and the only that can happen is by investing in automation.

Most of the companies including the SME’s feel that this is the most intriguing time to go for digital transformation as in the past many companies held it back because of operational reasons. But the present crisis and its subsequent impact have forced companies to completely change their digital strategies. The last six to eight months having witnessed maximum digital transformation than in the last ten years.

Some of the digital transformation companies may opt in 2021

5G will be a necessity

As most of the company’s workforce is working remotely, the need for a 5G network to provide reliable connectivity and better bandwidth has become a necessity.

Also, the covid-19 situation has brought all the businesses on the digital platform including schools and medical assistance. The 5G deployments will become a vital part of our lives as one cannot afford to be disconnected from the internet.

Reshaping business strategies

The covid-19 situation has brought more focus on customer development and retention than ever before with organizations concentrating on maximizing their ROI to come out of this pandemic situation.

Enterprises are looking to move beyond the omnichannel experience by connecting their entire value channel from warehouses to online services to stores on a single platform. This will help companies to become more efficient and provide customs with a more holistic shopping experience.

AI Democratized at scale

The covid-19 pandemic has prompted enterprises, governments, and medical setups to opt for a virtual platform such as AI and machine learning as a medium to communicate and control the situation.

AI will grow rapidly in the coming time with computing power continuing to be more affordable and with cloud being able to get access to these computing powers. Companies can easily get access to hardware and software directly or using third party applications. This access will have a proliferation impact overall customers experience from shopping, to eating, to their entertainment choices.

Customer data platforms

Companies are forced to work from remote locations making it important to secure their data and invest in infrastructure to help mention business continuity during this period of uncertainty.

This has also pushed companies to explore data warehousing and analytics platforms required to accelerate data collection across multiple touch points.

Privacy and confidentiality framework

With remote working becoming the new normal, companies are putting strict rules on login methods and are investing in tools to track data accessed by employees. They are also investing in tools that will help to maintain data integrity and further prevent accidental data deletions and easily recovery systems.

- Pavan Mudholkar
Manager - Business Operations & Content Management
Infoholic Research