Even in a connected city like Singapore, some businesses facing DX challenges have cited digitalization as only a stop-gap measure.
When businesses around the world had to quickly pivot to survive the pandemic, businesses in Singapore were no exception. According to one study of 538 businesses there by GetApp, 76% had been operating via a remote workforce since the start of the pandemic.
Now, as various vaccines are being rolled out to the world, enterprises can start hinging onto new digital opportunities to grow their businesses more competitively, beyond using such tools as a short-term solution for disaster recovery.
For organizations that are using digital tools as a temporary approach to sustain their businesses during the pandemic, chances are that the positive outcome will make such tools a fixture or even spur further digital transformation. For example, even in Singapore, businesses reported that they mainly used digital tools for the purpose of increasing promotions or sales (73%) or to engage in customer dialogs (55%). While these solutions may seem like a straightforward answer to retaining the customer base now, it may not work in the long run as companies compete more aggressively to establish their brand and customer base in a saturated market.
A myopic approach of creating consumer demand based on sales and promotions is not a long-term solution to building customer loyalty and maximizing profits. Here are some strategies to consider for getting a bigger bank for the DX investment buck:
- Companies must start re-thinking how different digital tools can help streamline businesses more efficiently.
By investing in the right business software, companies can stretch out every dollar they spend in a more conscious and effective manner.
- Overcome the common challenge to harness the full extent of advantages that digital tools can offer.
According to one study, some of the biggest problems are shifting internal processes online (80%), familiarizing employees with new software (78%), and maintaining team and cross-team collaboration (76%).
As 79% of business leaders surveyed were having a challenge finding the right software while 77% were struggling with implementing the software. With these considerable concerns in employing digitalization strategies, the most crucial strategy will be to find a suitable software for more seamless implementation into individual business systems.
- Recognize that digital tools have the potential to provide more than just a stand-in remedy for businesses when it is applied correctly and efficiently.
Pivoting with digital transformation has provided businesses of all sizes and across different industries with a myriad of opportunities to gain insights on the best resources available. Business leaders should continuously leverage the digital environment to plan out their investments, maximize operational efficiencies, and stay healthy in the long run.
Notwithstanding infrastructural limitations within certain countries, the principles behind these strategies can apply to many businesses in South-east Asia, because the effects of the pandemic do not discriminate between digital leaders or laggards: “Digitalize or do not digitalize—there is no try.”