How Being Digital Can Benefit Big Companies
Digitalisation is a concept that goes synonymous with the future of our world. In this increasingly digital world, each and every company is looking to streamline their process to become digital leaders in their specific space. Digitalisation is a broad term because technology is a very extensive term that encompasses a large variety of things that are constantly evolving.
Some companies are streamlining their processes to convert themselves into digital. The big companies on the other hand are betting on the future of digitalisation. Big companies can benefit greatly from going digital because our reality is now multi-layered and investing in it is the way of the future.
Graana.com is here to highlight why investing in the digital future now can play out very well in the long run for the big companies.
The top companies in the world fight for attention which is a currency that is more valuable than gold these days. In this rapidly changing world, the race for continued relevance against more shortened attention spans is a challenge. The argument can be made that established giants in the space are so big that they should take risks for the betterment of the industry as they can front the costs of radical digitalisation.
JP Morgan recently announced a bold move into the metaverse and was of the opinion that there is no harm in going digital as big companies can venture into unknown territories and create room for smaller companies to explore that space. For example, 20% of facebook’s engineering force, or as they’re called now “meta”, is working on virtual reality.
JP Morgan highlighted in a white paper they wrote insisting that the big companies make a play for these new technologies because there is essentially no downside.
Resiliency is something that was a buzzword used in business, but now with the recent pandemic, it has become more important than ever. The processes of businesses should have built-in redundancies and flexibility to weather different storms. Going digital can help with that. Cloud computing can provide a platform for this flexibility. Companies that had a work from home policy in place before were much more resilient and weathered the uncertainty of the pandemic with ease.
Agility is the ability to quickly respond to changes in strategy, culture, and more. Digitalisation can help increase agility. This can help to quickly capitalise on emerging opportunities and remove threats that might come in the way. There are modern technologies like DevOps that can help recruit top talent from around the world and help with more collaborative work environments.
A business exists to make a profit, and while these new technologies are often exciting and interesting, a business wants to see profits before investing in such a technology. Augmented reality is something that feels like science fiction but with no practical applications in the near future. A lot of companies and experts labelled it as a gimmick rather than an actual feature.
However, with the advent of games like Pokemon Go, it was obvious that the augmented reality space had potential. Pokemon Go recently made a billion dollars which made investors aware of the incredible opportunity that this space has to offer.
Digitally sound companies are always responsive to their customer’s needs. They evolve according to the ever-changing demands of the customers. Companies that can predict the demand of the customers quickly maintain and exploit a competitive advantage over other companies.
They are at The Forefront of Innovation
Companies that invest in digital transformations are at the forefront of digital innovations. These companies often have a headstart on an opportunity that may take others more time to capitalise on. A prime example is the web3 or metaverse. Companies that have invested in this space might not see a benefit immediately, but with the pace at which this particular space is developing, It may not be long before these companies turn huge profits.
Nike invested in the metaverse and sold virtual sneakers for millions of dollars. The idea of the metaverse seemed like fiction, but clearly, there is huge potential that can be harvested by being upfront about innovation.
Innovation brings new niches that can help a business expand its core business. It can diverge beyond it to create a new industry or opportunity. Tech giants usually get the credit when it comes to driving innovation, but a lot of legacy firms are also experimenting with these ideas.
Companies that have embraced the digital revolution have experienced increasingly high revenues in relatively quicker periods of time. Digitalisation offers new niches that help businesses grow in new sectors and help them gain business.
Data-driven analytics can help businesses gain deeper insight into their business and perform heuristic analysis on data to identify patterns. Most businesses gather myriads of data and it goes to waste. A digitised business analyses the data which is the real challenge.
It is absolutely vital to understand how customer data is stored, generated and analysed to gain insights into customer needs. This can help to improve the process further to increase efficiency.
Increased Transparency and Visibility
The digitisation process can help legacy companies improve their processes and have transparency. This can help identify flaws in its process and allow for greater accountability for all parties involved in the process.
Increased visibility ensures that nothing is left in the cracks of the system. This ensures that changes can be made quickly when a wider perspective is available for the top management.
Going digital is now more than just a trend. It has now become a necessity as the world sails towards a new horizon. It is imperative that big companies that want to grow bet big on digital transformation. Investing in new digital technologies ensures relevancy. For more insightful articles visit our blog.