BUSINESS GROWTH IN THE DIGITAL ERA

By:
Goutham R B
PSG College of Arts and Science
20BCO613
BCOM(General)
INTRODUCTION
• Digital transformation in business has almost become a requirement
for success.
• Digital transformation is a broad term that encompasses a wide range
of elements that, when combined, define how a company handles
interactions with customers and clients, how it operates internal tools
and manages employee interactions, and, finally, how this new digital
framework is supported technically.
• If done correctly, the transition will eventually lower operational
costs.
Keys For Business Growth in Digital era
• The ability to generate new ideas that better meet customers' needs or
respond to new needs is the primary key to success in the digital era.
Creativity is a must in this situation.
• The second secret is the ability to transform ideas into products or
services that meet the needs of customers. To do so, a combination of
IT and operational management skills, such as offer chain and client
relations management, is required.
• The third critical factor is the ability to maximize shareholder value
(wealth) from the business. The days of businesspeople pricing firms
solely on the basis of actual profit are long gone.
Workforce
• MUST HAVE A DIGITAL LEARDER
• Clear business and digital strategy.
• Sufficient digital capabilities within the talent pool.
• Educate for innovation and agility.›
• Engrain digital in the organizational culture.
• Working environment should be accessible from anywhere at anytime
• A change in organizational structure impacts the entire integrated
business system
Technology
• Cloud technologies
• Data insight and service personalization
• Traditional and predictive analytics›
• Mobility
• Data-driven decision management (DDDM)
Services
• Automate products and services. It helps deliver content to the right
person at the right time.
• Develop an Omni-channel approach.
• Self-paced education of products.
• Efficient buying experience with trusted advisor.
• Provide quick answers and solutions from people who know your
business
 Examples:
• Uber
• Netflix
• Disney + Hotstar
Merits:
• Potential access to global market
• A huge decrease in human errors
• Safe data storage (cloud solutions)
• A decrease in operational costs
• Company-wide data transparency
• Enablement of large-scale data analysis
 Demerits:
• Potentially Lower Profit Margins
• Reduced Physical Interactions
• Negative Reviews