Digitization of MSME Units – the big WHY?

Why to digitize your business? Are there any advantages of doing it?

The system admin at NXTidea says “Only business plans with built-in digitization strategies can only survive past 2023”.

COVID-19 is a wake-up call for many traditional companies who dragged their feet when it came to digital transformation. We are still far from an end to COVID and the economy is not running full steam. Fortunately, all clouds come with a silver lining and in the case of COVID, it has brought in the realization among companies that a COVID-like situation is repeatable and being prepared is the best approach ahead.

Companies may find it tough in going about digital transformation, considering the logistics and the effort involved. However, there are significant, visible benefits for companies which have implemented digital transformation in their premises. Traditional companies get the necessary competitive edge in the market with digital transformation:

There are many b2b digital platforms like NXTidea which provide digital promotion facilities and dynamic listing with AI-powered CRM.

Companies may find it tough in going about digital transformation, considering the logistics and the effort involved. However, there are significant, visible benefits for companies which have implemented digital transformation in their premises. Traditional companies get the necessary competitive edge in the market with digital transformation:

• Data-led Decision Making: A business is always trying to cut on costs and improve revenue, with digital transformation enough data starts becoming available and businesses get transformed with data-led decision making. Data becomes the critical component for framing business strategies. In addition, it augments relevancy, real-time feedback and agility through structured (customer information) and unstructured (social media metrics) data. 
• Transforms Customer Experience: Customers expect ‘solutions’ to their problems through product or service in a timely manner. With digital transformation and the incorporation of the latest in technology, a company serves its customer better through improved sensitivity towards customer concerns through seamless workflow. A company through digital transformation gets the consideration as an authority in the industry and earns the trust and respect of their customers.
• Encourages Collaboration: Communication is one of the primary drivers that improve efficiency in an organization. With incorporation of technology, a company is benefited with the smooth flow of information across departments. A healthy culture of collaboration is seen with the easy availability of critical information across departments.  The organization is turned into a unified workforce with common goals.   
• Improves Skills & Knowledge: By adopting digital transformation a company no longer chooses to remain in the past and faces the future with confidence. With the technology landscape changing fast and with emerging technologies becoming relevant with every passing day. Digital transformation compels employees to embrace change to develop their skills and knowledge required for a fast-approaching future. This makes the organization not only competitive but future-ready to take on any business challenge.
• Increased Flexibility & Scalability: One of the major disadvantages of old legacy systems is that it requires manual operation which becomes extremely restrictive in situations where there is a spike in the workload. With digital transformation improved flexibility becomes the norm for the functioning of the organization. Modern software is often easier to integrate with various parts of a business, this makes the workflow more automatically streamlined without the need for manual intervention making scalability a visible reality.

Credit – MSMEx

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