Why Are Some Small & Medium Enterprises Averse to The Idea of Digitization?

The impact of the internet on businesses needs no explanation. It has opened up new horizons for businesses thus, enabling them to reach out to countless prospective online customers across the globe. However, many small businesses shy away from digitization due to various misapprehensions.

Here are few myths that are preventing some small and midsize businesses from going digital:

1. Digitization is a fad that will soon fade out.

2. Digitization is a costly affair that suits big brands.

3. Small companies do not require undergoing digitization.

4. Digitization is quite convoluted; we need a simplified process.

5. We are short of resources.

6. We do not cater to young tech-savvy customers.

These are some of the myths that are standing as obstacles in the path of digital transformation, thus, preventing few enterprises from realizing the potential of digitization in creating long-lasting business value.

Facts about Digitization:

1. Digitization is certainly not a fad and holds all the aces in the present time.

2. Digitization is not as expensive as you think; in fact, it is cost-effective.

3. Digitization is not meant to be implemented only by the big brands; small and midsize companies are equally reaping the benefits of going global by means of digitization.

4. Small companies need to digitize themselves as much as the giant industry players. The internet is rampant with stories of how small businesses have been transforming themselves via digitization.

5. Digitization is a simple and innovative way to streamline any business– big or small. It saves your time as well as money.

6. Digitization is not meant for catering only to the younger generation of customers. The bug of digitization has bitten the young and the old alike.

The ever-increasing popularity of smartphones in every nook and corner of the world is motivating more and more businesses to go digital. Cloud-based technology, real-time mobility, data analytics, Internet of Things (IoT) and social media platforms are helping small and midsize enterprises significantly to digitize their businesses. Thus, considering the current global scenario, it is not sensible to pay no heed to the power of digital transformation as it has kindled many positive developments by bringing incredible business opportunities to countless small and midsize businesses.

How Digitization Helps Small/ Midsize Companies?

1. It increases the opportunities of boosting the number of potential customers in digital space.

2. Offers flawless user experience to prospective customers worldwide.

3. Helps businesses sustain a long-lasting relationship with global customers by developing an emotional connection.

4. Helps businesses cater to customers’ needs by providing a comprehensive picture of the target market with the help of data analytics.

Way Forward: Don’t get left behind

The 21st-century consumers expect every small and big business to provide them with a seamless digital experience, and failure to meet the expectations of the consumers can spell disaster for businesses. Digitization offers multiple benefits to businesses– from new marketing opportunities to greater productivity and efficiency, besides enabling you to eliminate the unwanted and cumbersome business processes. Thus, it is imperative for small and medium businesses to break out of their comfort zone by leaping into the digital era.

Digital Transformation – Digitalization: High Tech or Human Touch?

There is a fact that is quite understood and realized among leaders in the majority of the main industries around the world and this is: How the digital technology is disrupting all the models we know so far.

Digitalization happens to be at the moment the main source of tremendous transformations in different aspects of our lives. Digitalization is the new connectivity for citizens, policy makers, societies and governments. It presents unlimited chances to the creation of more value to businesses, although if not undertaken carefully, it also represents risk.

Much has been discussed and analyzed, very specifically the economic or societal implications of the digitalization phenomenon, questions are rising and contest widening, while important questions are just appearing while the process of the digital transformation is taking place.

However, throughout all this processes, I want to point out as an urgent matter and the most important factor in all this boom: Who is the operator behind a machine? To whom are companies targeting their augmented or virtual reality gadgets? Who is behind all this digital transformation show? Is what some economists from the EU business school name: the unitary cost of production, say, the human being, say, you and me.

Some great personalities around the world from various cultures, I am talking about supermen who undertook time to scrutinize our inner and outer nature. Those great philosophers agree that the present mankind’s evolutionary state is that of the mere intellect, nothing else nothing much. Intellect has enabled us to go beyond the unexpected in the material world. It has enabled us to progress in many fields of thoughts from the materialistic point of view, say, what our senses experiment as a stimulation that comes from the outside: object and subject. However, paradoxical as it seems we are perpetuating our dependence to devices and decreases the natural abilities we have been born with, making us in many cases mentally lazy and acting like slaves of those devices. Otherwise, can anyone explain if they know how are thoughts are formed or how can we undergo profound changes in our deep personality and have an integrated life? Statistics show a very bad projection in this so far.

Exponential growth which defines most of the scenarios we are actually living can help us understand all this material phenomenon. Universal laws from a physical point of view limit our senses and way of existing. Exponential growth therefore releases unlimited possibilities in graphics, virtual realities, holographic realities or astral realities. When a computer’s speed continuously increases its rate the more fantastic or even science fiction like computers or devices comes up. Processor chips- “Computer’s main component is called the Central Processing Unit, or CPU for short. The CPU is a very small piece of silicon and is often referred to as the silicon chip or the processor chip. This tiny little piece is the brain of the computer, equivalent to the engine of a car”-double in speed every eighteen months according to Moore’s Law, the rule of thumb in the technology industry. Therefore, computers as we know, up to 2025 will tend to be more than 70 times faster than it is now in 2016. Photonics (“the branch of technology concerned with the properties and transmission of photons, for example in fibre optics”), says the more data coming out of fiber-optic cables, faster connectivity, this increase at more than double rates every nine months.

Meanwhile as an exercise analysis, changing customer expectations, cultural transformation, outdated regulation, and identifying and accessing the right skills – to name just a few. These challenges need to be addressed by industry and government leaders to unlock the substantial benefits digital offers society and industry. Machines increase efficiency, provides lots of tools to deal with ailments, health problems among others, in the other hand also decreases our intellectual coefficient not allowing to use discernment or analytical abilities, it also disintegrate our personality making us sometimes too much ego or selfie (The Internet of Me) driven making us loose vision of a holistic life view.

After placing a debate above on the real meaning of the human being behind the devices, we want to always emphasize very clearly that technology is useful. Technology is beautiful. Nothing more than that: “The word technology comes from two Greek words, transliterated techne and logos. Techne means art, skill, craft, or the way, manner, or means by which a thing is gained… So, literally, technology means words or discourse about the way things are gained.”

Bearing these premises in mind, quite many recommendations can be given out but as a set information to aid incumbent industry leaders in their efforts to achieve a proper digital transformation this can apply not only in companies but in any groups such as families, students, social organisms, etc.:

Place the human factor above everything and anything. This include a solid ground human resource philosophy in the company.

Have moments of silent, periodical moments of conscious silence (this is far different from sleeping), away from all type of technological devices. Turn them all off while you are into these systematic moments of silent. If in group, the better although is strongly advised to do it individual as individual mental peace brings forth collective peace. It all starts with each one of us! Regularity is advised, hopefully twice a day, 30 mns.

Start practicing meditation twice a day. 30 mns. in the morning, 30 mns. in the afternoon. Meditation create new neurons, increase the brain’s gray matter, widen brain connection. It makes us more intelligent. Intelligence doesn’t mean just having a high IQ. Meditation increases immune function and decreases pain. Meditation decreases inflammation from the cellular aspect. Meditation decrease stress, depression and anxiety.

Training to each one of the members on how to breath properly (a vast majority of people don’t know how to breathe even though they have noses!).

Start training on what you eat. Yes, you are what you eat. The purer the food the more intelligent is our mind. Food goes to the blood. The blood nourishes our brain and overall system.

The creation of a new digital culture consist on involving everybody, shareholders, stakeholders, etc

Start searching and identifying, developing and later on launching new, digital business models.

Setting up successful corporate venturing businesses inside the company is a must.

Every aspect of operations must be re-examined.

Leveraging data and the right digital traction metrics must be part of the new culture. This also includes investments in security.

Build a high-quotient digital workforce

The company that want to thrive into the digital enterprise must go beyond the mere implementation of new technologies just for the sake of it. What gives a digital enterprise that long cherished competitive advantage is its culture, strategy and way of operating, never forgetting that in your new digital business models, always ensure these two things: The employees as unitary costs of production and customers as the center of everything you do. All the lights should spot on them!

Digital Transformation and the Healthcare Industry

In the last few years, healthcare has joined other industries in the quest to deliver better customer experience. This has brought about a fundamental change in the healthcare industry and they have now shifted from volume to value of care of patients. The evolution in the cloud, data and mobile technologies has disrupted the health care industry.

The disruption has forced insurance companies and healthcare providers to move from a health system driven model to a customer oriented model. The behavioural needs of the modern customer has also changed and they now demand both control and choice.

Digital transformation is revolutionizing healthcare. It has helped connect and apply data, communication and technology to engage and redefine customer experiences. Most people have a misconception that digital transformation is about automation of jobs, processes and technology but it is much bigger than that.

Digital transformation requires you to rethink all your business processes. It is all about using data and digital technology by putting the needs of the customer at the centre of the business. If you want to succeed in the transformation, you need to look at the entire ecosystem of the company and determine ways to drive more value to the customer.

Optimize Clinical and Operational Effectiveness

Digital technology has helped improve quality and outcome of healthcare services. Consumers are now able to access and analyse information, so that they are able to make informed choices. Innovative solutions are offered to improve quality of care and efficiency of services. The new technology has helped reduce clinical variations.

Operational Analytics

The operations are streamlined and this helps reduce costs. Clinicians and executives are now able to share information and analyse the structured and unstructured data to make informed choices. Structured (electronic medical records) and unstructured (handwritten case notes) data can be brought together to get insights and uncover actionable intelligence.

Clinical Analytics

The quality and outcome of health services are drastically improved by creation of powerful data models. The healthcare professionals can collaborate and share insights in new ways. The accuracy, completeness and consistency of health information is improved by resolving problems that are caused by bad data.

Medical Data Storage

Innovative and new technologies in the healthcare industry is generating more data than before. Digital technology has enabled healthcare providers to store the data and utilize it in the best possible way. The data can be used to optimize patient care and anticipate the emerging health trends.

Technology has helped create a system of engagement with patients. Physicians will be able to get more information about their patients and this can revolutionize the services that are provided to customers. Health professionals can explore and navigate reports faster.

Digital transformation is an ongoing process that puts customer at the centre of healthcare business. It is important to look beyond technology to drive innovation. If the healthcare industry wants to keep pace with digital disruption, it needs to engage with those that it wants to please, its consumers. Failure to engage with the customer can result in the industry operating behind the times.