Technological advancements have led to substantial transformations in conventional business operations. Particularly with the onset of COVID-19, large and small businesses have realized the importance of digitalization and the efficient incorporation of modern technologies. As a result, developing and implementing tech-savvy business strategies has become paramount for growth and sustainability in corporations today.
In fact, Asia has been one of the frontrunners in the race for digitalization, particularly during and after the COVID-19 pandemic. For instance, four of the top 10 countries with the highest growth rates in eCommerce retail belong to Asia, with three of them featuring the leading five. Nations like Singapore, with 87%, and Malaysia, with 83%, have significant smartphone penetrations. Singapore also has the second highest social media penetration at 79% of the total population, making it a substantial market.
However, over the years, managers not just in these countries but globally have been confronted by challenging scenarios concerning implementing efficient technologies. From training employees to accept tech-based systems to overhauling traditional mechanisms in light of evolving business landscapes, the diversity of these tasks has varied considerably. The magnitude of friction in each challenge can fluctuate based on several factors. These include the size of the workforce, the tendency to accept change, and the orientation of the overall industry.
Importance of implementing tech-savvy strategies
The world today is a hyper-connected global village. The internet, on its own, has condensed physical distances enabling swift delivery of information over long distances within seconds. Suites like Microsoft 365 Singapore allow complex data to be sorted, analyzed, and presented to stakeholders in a digestible form within minutes. In these fast-paced times, conventional methods are unable to cope.
Moreover, the COVID-19 pandemic shed light on critical realities, including the inadequacy of solely physical operations to sustain major crises. Resultantly, digital ecosystems have rapidly made their way into the operational structures of organizations working on future-focused business models. Experts tout this transformation as the only way to sustain the basic fabric of modern entities during unprecedented times.
According to a survey by Forbes, 87% of companies are sure that digital will disrupt their industry. Still, only 44% of these companies believe that their respective preparations are complete for a transformation of this magnitude. Also, just 7% of the firms surveyed had fully implemented their digital transformation leaving an immense gap in the present market.
With an understanding of the significance behind developing tech-savvy business strategies, here are a few ways in which modern organizations can create lasting change for both internal and external stakeholders.
1. Identifying major soft spots should be the first step
Identifying the source of the problem is always the first step toward finding a solution. In the case of developing tech-savvy business strategies, firms have to thoroughly investigate their existing frameworks. There are chinks in even the best of armors. Before the work of actually developing strategies can begin, it is crucial to ascertain the pain points that require improvement or rectification.
Procedural inefficiencies within an organization can fall back on a number of factors. These include outdated or inflexible ICT infrastructures, a workforce that hampers the acceptability of change within current systems, and extensive reliance on manual operations. These are trigger factors that competitors today can easily cash in on, rapidly maneuvering their way into the market. Robust strength in the market requires immediate actions, therefore.
2. Prioritizing challenges provides a solid foundation to build upon
Once you identify major loopholes, the next step in line is to place them in order of importance. As market dynamics evolve, some concerns have become more pressing than others. For instance, digitizing core business systems today is taking precedence for many leading firms. What follows is the training, and in some cases, recruiting fresh talent that can understand as well as manage modern infrastructures. Consult with recruiting companies that can help you with the hard decisions. Boardsi can provide executives with paid board positions and companies with top talent. They use their private network to find ideal matches that benefit both the executives and companies they work with.
Managers need to address queries like which of their processes need automation. Within this, they must ascertain which operational capabilities require a revamp before others. The earlier process of identifying soft spots can come in handy here. Pick out the departments where conventional systems are impacting productivity the most. Ensure to place these divisions at the top of the list of where changes are to be made.
3. Overhaul internal communications and overall business dynamics to streamline implementation
An essential part of developing tech-savvy business strategies is to focus on efficient communication. Creating clear guidelines and then forwarding these to key players both within and outside the organization is crucial. If a business wants to overhaul its current systems, the team inside the firm has to be on board with the changes that are underway. Similarly, suppliers and other external stakeholders must also be aware of these developments.
An estimated 84% of digitization and tech-oriented business strategies fail partly because of a lack of proper communication. Transforming current practices is a major change, and unless all the relevant players accept the revamped ecosystems, there are significant hindrances in the probability of success. The responsibility falls on managers to deliver clear messages in this regard to their team and other relevant individuals for the changes that lie ahead.
4. Preferring quality over quantity is key to success
The world today is going through an information revolution. Businesses are past the times when quantity held value over quality. Investing heavily in digital systems without focusing on the overall quality of the systems can take a downturn for the company. As a result, when it comes to developing efficient, tech-savvy strategies, the onus falls on delivering quality solutions within predetermined budgets. A proficient way forward in this regard is to prioritize creating quality-based strategies.
Sustainability for modern businesses relies heavily on incorporating the latest technologies into prevalent strategies. However, these frameworks must be built on certain fundamentals which are oriented toward progress and development. For a business to succeed today, it requires efficient inculcation of technological advancements into the basic fabric of the organization.