is your business ready for digital india?
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Is your Business ready to ride on Digital India’s growth story?
Fundamentals to build a scalable Business with these 4 critical steps
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On 9th November 2016, the Indian stock markets suffered a whooping loss ofINR 6 lakh Cr [1] with two of the biggest news of the day. One of the newswas, of course, about Republican Presidential candidate Donald Trump's winwhich impacted global markets, however, the biggest news for Indians wasthe Prime Minister Narendra Modi's announcement, on 8th November 2016.
The announcement caught Indian citizens unaware leading to unusual dailyroutine for next few days wherein they were queued up in front of ATMs,Banks and Post-Offices. These short-term issues were obvious with thesudden demonetization of INR 500 & INR 1000 currency notes, yet, it was byand large welcomed by the citizens for long-term economic growth &stability prospects.
Nonetheless, this announcement has got some transformational impact onIndian SMEs that is dealing with monetary issues on all fronts. Moreover, inthe light of some major political leadership change on global level, it is safeto say that we can expect more strong decisions soon to accelerate Indianeconomic and developmental growth.
-istributed across the country, the element of suddenness and surprise wasmaintained. This was done to clean out the system from black money and,move towards making India’s economy cashless and digital.
Henceforth, in such scenario of big transformations, it is the most importantidea for any organization, especially from SME sector, to focus ondigitisation. Digitisation of organizational processes is must and aninevitable aspect for business growth in digital economy era. Even with ateam of 50-60 employees, the business owner and senior managementcannot readily track the day-to-day business updates without havingeffective technology in place.
Although, the companies are free to choose the timeline (want to start nowor in next 2-3 years’ time) for this transformation, the early movers willsurely have the advantage as they can refine their business processes in afaster and more efficient manner to align themselves with the challenges ofthe digital economy.
Moreover, the digital economy will also mean that the businesses which
In fact, there are some clear indications in thisregard from Mr. Modi’s speech[2], delivered onJapan visit and India’s Finance minister, Mr. ArunJaitley’s interview[3] with the state-owned TVchannel, Doordarshan.
As Mr. Jaitley highlighted that the extremesecrecy was maintained from the time thedecision was made till it was executed in the formof the public announcement. Despite the fact thathuge amount of currency was being printed and d-
Indian Businesses (Source – Wikipedia)
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have transformed themselves digitally will have more businessopportunities, in comparison to, their competition. This will happen becausetheir prospective clients would have moved on to digitized businessprocesses.
Thus, the digitisation of processes is very important for businesses for thereasons given below:
1) Empower businesses for the world driven by Technology.
2) Empower business owners as well as people working in theirorganizations, to focus on the core of their business and businessgrowth rather than worrying about the things at periphery such asdocument management, task tracking or data security.
The good part is that this can be easily enforced through a series of 4 steps.These steps are part of the Cycle of Digital Transformation and Growth.When these steps are followed in the given order in any SME organization,the organization transforms and gets enabled to achieve faster growth withbetter efficiency.
Implementing effective Unified Communication
Solutions
Deploy robust Information & Application
Security, Backup and Recovery Solutions
Making and implementing the
Adoption & Development Plan
Automation of Business Processes using tools like Planner & other advanced
tools
Business Growth in SME sector (Source – Linkedin)
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The steps have been elaborated to underline the business contexts that theyaim to transform so that the business is prepared for cashless, digital India.
1. Implementing effective Unified Communication Solutions
Context: Many businesses are using email solutions from localvendors and have not evolved with the possibilities. As a result, theinformation flow gap and inability to see real time status onactivities exists between different stakeholders like businessowners, managers, employees and customers. Until technology iseffective in removing these basic information gaps, theorganization has not been truly introduced to the possibilities ofbusiness growth with technology. Furthermore, it becomes moreimportant in current times because smartphones have becomeprevalent at all levels. Additionally, there is an unprecedentedincrease in internet speed, even on the mobile phones. Therefore,the need to be able to access organizational information (files,emails etc.) anytime, anywhere has become altogether morerelevant than ever before.
Transformational Step 1: With the effective implementation ofUnified Communication Solution, the business will have faster,seamless and secure information flow in place. This will ensurethat the required information is reaching the intended recipient inminimum time with the option of asynchronous (e.g., email) andsynchronous (e.g., instant messaging) communication. This alsoenables organizations to get the work done faster than gettingentangled in the chains of emails. In simple words, the UnifiedCommunication Solutions will give the opportunity to theorganization to move beyond email and bring greater focus oncollaboration in the workplace.
2. Deploy robust Information & Application Security, Backup andRecovery Solutions
Context: Firstly, it is a very important aspect for any organization inthe digital economy era, especially, for an organization thatrespects regulation and compliance. When an organization ensuresthe security of its data, it ensures that information is not passedinto wrong hands leading to misuse against any individual ororganization. Secondly, despite having best of the anti-virus andanti-malware solutions, there might be some unexpected eventslike a fire break-out, physical damage or the event such as beinglost/stolen. These incidents can cause major data loss leading to
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huge business setback. Therefore, it is very important to plan forthe responses against such things, in detail, beforehand. The fasterreturn-time a business has, the quicker it will bounce back, to itswork and business commitments, from any such unpleasantincident.
Transformational Step 2: Firstly, doing an inspection and securityaudit to identify the security loopholes. After that, the appropriatesecurity solutions should be implemented. Secondly, it is importantto Implement a good, effective, quick and reliable data backup aswell as a data recovery solution which allows the business toquickly access the urgently required documents from anywhere,anytime. Such solutions cannot be reliably delivered by just thehardware solutions such as pendrive and portable hard drive. Suchsolutions will enable the business to rapidly recover from a mishapby letting the organization work as usual without bringing a hugebusiness loss or any other negative impact like loss of reputation.
3. Making and implementing the Adoption & Development Plan
Context: Many a times, organizations invest in best of thetechnologies but, miss out on the focus on efficient usage andconsumption of purchased technologies. This leads to additionalinvestments in similar technologies for features which employeesare unaware with respect to the already purchasedtechnologies. Although, it may appear common sense but, it is notthat simple. The reason is that the technology is into a fast-pacedmode due to rapid innovations and integrations based on earliertechnologies. Thus, it becomes a task for any person to either fulfilltheir job responsibilities or just upgrade their skillset for betterusage of technology to do their job in a better way. For example,the task of an accountant is to manage accounts instead oflearning excel and then do advanced analysis toforecast future possibilities.
Transformational Step 3: Empower your workforce to makemaximum out of your business technology investments which inreturn will help you to increase your business growth. This will bepossible only when a contextual, best-suited Adoption &Development plan is made, based-on the input of the senior teammembers.
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4. Automation of Business Processes using tools like Planner & otheradvanced tools
Context: Currently, some very simple business processes likepersonal task management, deadline management is dependenton individual capacity or organization's knowledge transfermechanisms. However, such simple tasks which rely on experienceor organizing skills of individuals increase the risk factors anduncertainty for the business.
Transformational Step 4: Identifying and optimizing the low-skill,redundant and, recurring tasks as well as processes. After theoptimization of the tasks and processes has been completed, thesuitable technology tools can be employed to bring automation inthe business processes. Such an automation can play a huge role inaccelerating the business growth.
Conclusion
It might be possible that you have already completed some of these steps,but, for putting your business on a sustainable growth path, it is ofparamount importance that your organization completes all the steps of thecycle of digital transformation and growth. Additionally, you will be able tohave peace of mind while focusing on your business core to securely runyour business.
Reach out to us at cloud.foetron.com for more insights into implementingthis 4-step cycle to ensure better business growth.
Manufacturing Industry in India
Source – Newspaper article
Source – Odisha Government Website
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References
[1] “Trump tornado, Modi's clampdown wipe Rs 6 lakh cr off stocks within 15minutes”,http://economictimes.indiatimes.com/articleshow/55326111.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
[2]“PM Modi Hints At More Action To Unearth Black Money”,http://profit.ndtv.com/news/economy/article-pm-modi-hints-at-more-action-to-unearth-black-money-1624635
[3]“War against Black Money: Exclusive Interview of Finance Minister ArunJaitley (English)”, https://www.youtube.com/watch?v=hnRMWQ0kGnc
