How to Cope up with Impact of Digital Transformation in Today’s World - a Micro & Small Business Guide

How to Cope up with Impact of Digital Transformation in Today’s World - a Micro & Small Business Guide

Digital transformation is the process of redefining the entire business strategy by adopting the latest and emerging digital technology in driving the business through strategic plans and organizational change to augment the revenue and provide substantial value.

According to research, digital transformation is estimated to create up to P5 trillion in annual economic value for the Philippines, a report commissioned by Google Philippines showed. Mr. Thompson said the Philippines is facing obstacles in achieving digital transformation such as low digital adoption, lack of awareness, gaps in access, digital skills gap, and complex regulations.

“Only 26% of micro, small, and medium enterprises (MSMEs) were aware of digitalization programs offered. Meanwhile, 32% of households in the National Capital Region (NCR) had access to the internet, but only 5% (had access) in rural regions such as the Bicol province,” he said. He said the Philippines should enhance digital skills training and education; accelerate digital adoption and innovation; and promote digital trade opportunities.

Whether small businesses were ready for digital transformation or not, the pandemic forced many businesses to give it a try. Only a tiny percentage of small businesses are in the advanced stages of digital transformation. Maturity in digitalization plays a huge role in growth for small businesses. If the projections pan out, small businesses that digitize their operations will be on an unprecedented upward growth path for the near future.

From the small business perspective, the pandemic brought new limitations that forced them to sink or swim. For one thing, small businesses are seeing a major increase in online traffic. As a result, they’ve needed to downsize in-person sales and service and scale up using cloud tools and technology. The clear way to do that is to invest in digital solutions that transform workflows to meet today’s needs and likely, those of the future.

Here are 10 Tips to know on how to accelerate digital transformation to help us cope

1. Create a Digital Transformation Road Map

2. Set Up a Strategic Call Center Environment

3. Leverage Automation and AI

4. Explore Adding Digital Tools

5. Hire the Best Talent

6. Research Cloud-Based Phone Systems

7. Follow Industry Trends and Technologies

8. Start Small

9. Combine High Tech with High Touch 10. Set Up a Comprehensive Knowledge Base

Companies that are hesitant to embrace digitization may struggle with sustainability as competitors take the lead. Simply put, it’s a matter of survival in today’s marketplace. The pandemic and other changes within the market make it necessary for small and mid-size businesses (SMBs) to accelerate digital transformation.

To wrap things up, the pandemic hits so unexpectedly that we are forced to innovate and adapt to the changes brought by COVID-19 to continue to survive. Technology is changing the way business is done. So, we must gain insights into the impact of technology and prepare to move into the future with Digital Transformation.

Reference:

: https://www.bworldonline.com/digital-transformation-to-create-p5-trillion-in-annual-economic-value-for-phl-google-report/

https://aircall.io/blog/best-practices/why-small-businesses-need-to-accelerate-their-digital-transformation/

JLS MEB Consultancy - Design Studio (c) 2021