What is Digitization?
The process of translating texts, pictures, sounds or any kind of data into a language that will be processed by a computer is called digitisation. Simply put, it is when you save the numbers from your phonebook to your mobile contact list. It is much more easily accessible, can be shared without much of a hassle and is the Future of Business in a world post Covid-19. It converts information from an analogue database into binary code.
The Pandemic and its consequences on Future of business
Social distancing has acted as a massive setback for businesses this pandemic and yet, as responsible citizens, one must abide to its rules. Majority of the production and dealings are conducted in a face-to-face setting. The culture of waking up in the morning shows up to work and working with your co-workers has been thwarted. Companies that are not technologically advanced have gotten the short-end of the stick in this situation and tech savvy companies that had digitised itself beforehand, have been able to stay afloat on its boat. It certainly experienced its personal share of hardships pertaining to the business but it hasn’t sunk.
For businesses that have not embraced digitisation, things have not looked up for them in a while now. With the absolute lack of contact and unprocessed information and date, the pandemic has resulted in extreme losses for some, bankruptcy, job displacements and widespread unemployment. Thus, time is running out and businesses need to get digitised immediately in order to stay in the race.
Staying afloat in times of extremity
The telecommunications department has been aiding businesses phenomenally since “work from home” became a widespread thing throughout the world. Every meeting has taken place over voice or video calls, every file transferred through the internet and all has been documented and processed over computers. This has also proven that it is actually quite possible to work from home and cutting down on transportation has increased efficiency and saved money. This might just become a norm or just a more common practice even in a world where a mask is not a mandatory part of our clothing necessities anymore. This pandemic has highlighted upon how fragile our economy and welfare system is. A reduction in the constant money generation has turned everything upside down. From the fastest growing economy in the world, we have taken a U-turn with a negative GDP and a recession. For a country like India however, this cannot be fixed overnight. Rural places were not digitised, are not digitised and it is not very likely for them to get digitised anytime soon unless private sectors, governments, the people and their respective businesses collaborate to build a digital infrastructure. A system that can sustain itself in times of severity as this one must be created. Certain technological companies are willing to help preserve jobs, support the healthcare industry and digitise businesses.
Digital’s edge over analogue.
The place digital trumps analogue by the biggest margin is in the area of speed and efficiency. Things that previously would have required long, tedious hours can be done at lightning fast speed with the help of machines. One could argue with this by claiming that machines replacing people would result in higher, more widespread unemployment. However, with newer facets of technology available, it will create more jobs that pertain to that technology. For example, when computers were launched in the market, it was believed that people will get displaced from their jobs but instead, it created new jobs that deal with computers. People have always adjusted themselves as per the situations.
Digitised companies and its employees are better adapted to work through adversaries and severe situations. Technology and its boons also tend to have drawbacks such as cyber threats that can jeopardize business. As the future of business is digital, these companies will be proficient with handling those tech-induced issues.
They are well-versed with knowing their customers because of the usage of data in order to analyse consumer behavior. Instead of having to manually interact with groups of consumers (something improbable as long as Covid-19 keeps being a menace) in order to understand their needs, digitised companies can break down the digital footprints of its customer base and act accordingly.
In this new world, there is a higher demand for content that is available online. Online shopping has taken over the act of going to malls, Netflix over theatres and food delivering apps over restaurants. Even in a post-pandemic world, it is highly unlikely that the demand for the content and commodities available at the touch of our fingers is going to decrease. Newer businesses must adjust itself accordingly in order to complement this newer lifestyle adopted by the society as a whole.
There will be a rise in e-learning, colleges and universities might have online undergraduate and graduate programs for foreign students, there will be an increase in online trading. Cooking, fitness and art industries have already generated a strong following online. Live music streaming is likely to become more prevalent in the near future.Classes for a plethora of industries are already on online platforms.
Financially, it is more sustainable for companies to get digitised even though the expenses incurred in the short run might be steeper. Business can be more sustainable despite monetary adversaries when it is digital due to higher efficiency. If the work of every employee relies on a digital force, they can work from practically anywhere with network in any situation since they do not have to rely on an analogue system that is incapable of functioning in a extreme nationwide or global situation.
Automation increases workflow via their rapid rate of investment analysis. This helps businesses understand which of its facets are actually providing consumer satisfaction and where it is lagging behind. It can reallocate its resources accordingly as per the analysis and maximize efficiency. There is also widespread reduction of waste.
Conclusion
With the necessity to acquire a digital business model after Covid-19, businesses need to adopt this system in order to sustain itself in the market. A step forward needs to be taken technologically in order to harness it in its ultimate prowess and maximize productivity. The Future of Business is digital.