After the hit of Covid-19, many companies were impacted by the circuit breaker measures. This has forced non-essential businesses to shut down and only to be reopened on 12 May, including our favourite comfort drink, bubble tea. However, they’re unable to shut down one mode of business, and it’s online businesses.
This virus has disrupted businesses by posing challenges to employees and workers to operate in a different manner to adopt digital transformation and innovation. It has forced companies to transform their business model or perish from their industry or sector of business.
If you have not shifted your business online, then this should be a wake up call for you and your business. Over 5 million people in Singapore use the internet today, and 87% of Singaporeans searched online for a product or service to buy. With a high 74% rate of purchases online, imagine all the potential sales and customers you are losing if your business is not found online!
Quoting Minister of Trade and Industry, Chan Chun Sing shared, “At this point in time we will need to encourage them to rethink their business model, and we will work with them to see how some of these things can resume in a safe manner.” Other businesses, like those operating in co-working spaces, will need to rethink their business model and innovate to comply with safe distancing measures.
The online business is a multibillion-dollar market that everyone needs to leverage on. Because of this business model brings about the success of Amazon, Alibaba, and other e-commerce big players. The sheer convenience and timeliness of an online business model offers towers over brick and mortar structures entirely.
However, digital transformation is not as simple as shifting your business online. It is a journey of constant transformation and change, and not a destination. Some of the challenges business owners will face transforming their businesses online are cost, time, and manpower.
The factors to shifting your business model online involve your product, people, and process. Your customer experience is as important as your product. Does your business accept cashless payment? Has shifting your business online improved your sales and productivity through SMART technologies? Do you have customers internationally and globally? Are you able to deliver your product seamlessly to your consumers?
“Every company is a software company. You have to start thinking and operating like a digital company. It’s no longer just about procuring one solution and deploying one. It is not about one simple software solution. It’s really you yourself thinking of your own future as a digital company.” Shared by Satya Nadella, CEO of Microsoft.
How to be Digitally Ready?
- Develop digital leaders to drive and lead digital transformation
- Review key systems like customer management, supply chain management
- Evaluate latest technologies like artificial intelligence, automation to optimize processes
As digital transformation takes time, you will have to train your employees to be digitally savvy. Familiar yourself with social media platforms like Facebook, Instagram, LinkedIn, and understand the best platform to market your product to reach out to your target audience.
Forget what you learnt in school. Now is the digital age of transformation 4.0 The attitude of agility to be flexible and adaptive to new skills, new job scopes and learning opportunities will position yourself to be an indispensable teamplayer. You will need the skills to design, lead, and implement digital transformation.
Our online part-time Graduate Diploma focuses on these areas of digital transformation that will help you successfully transform and shift your business online. Covering the areas of Digital Transformation, Artificial Intelligence and Automation, Design Thinking and Innovation, E-Business Strategy and Data Problem Solving, these modules will help you prepare for the digital future.