The global economy is undergoing a digital transformation, and it’s continually growing. Digital technologies are driving transformative change that improves the business landscape by producing new business models to create opportunities and accelerate product innovation for a more prosperous future, especially among small and medium enterprises (SMEs).
SMEs play a vital role in global economic development, particularly in developing countries. They represent about 90% businesses and more than 50% of employment worldwide. SMEs are the backbone of the Malaysian economy, making up more than 90% of total business establishments, contributing to 37.4% of the Malaysia GDP in 2021.
As the digital economy weaves itself into our lives, it is essential that our local SMEs have the strategies and capabilities to seize growth opportunities in a complete digital environment. Your business can utilize this frontier to reach more potential customers, enhance your customer experience, and empower you to make data-driven business decisions.
To many SMEs, digitalization is merely building their online presence e.g. a beautiful website or promoting their page on social media platforms to reach their customers, which is not enough anymore to bring real value and create competitive advantage to your business.
To be truly digitalized, it is about the transformation of these key areas: customer experiences, business models, processes and go-to-market strategies by digital technologies. SMEs must develop a digital-first strategy that aligns these key areas with your business strategy to support your digital business transformation journey. In a nutshell, it’s the process of tapping into the digital economy.
In conclusion, digital transformation is the application of digital technologies to:
According to a Gartner study, 79% of corporate strategists claim to be digitalizing their businesses to create new revenue streams. Digital transformation is no more a good-to-have application for businesses. It’s a must-have, or else the company will be pushed out of the business.
To remain relevant, business owners should develop and communicate a digital-first mindset for the digital economy while at the same time remaining agile and ready to shift gears as the market changes. This requires a willingness to take risks, and the investment of resources: funding, people, and technology.
If you have thought about digitalization for your business, we hope today’s article will help you with this. We also realize that the transformation process requires careful attention, so we offer our expert services to adopt this approach as smoothly as possible.
If you need one, drop us a line, and let’s collaborate.