With the changing consumer behavior and increasing digitalization, various organizations are looking at ways of optimizing their digital assets to enhance productivity, bring organizational efficiency and increasing personalization to define their digital priorities for competitive advantage. While these trends impact every industry equally, the need for being ahead on the digital quotient is much higher in certain sectors, such as hospitality, retail, and travel, which are more disrupted by the consumer choices as well.
These industries are therefore facing intense competition from digital startups. Other sectors, such as banking and insurance, have the moat of regulations which makes it difficult for new entrants to move ahead or attack them digitally. Having said that, these now understand that they would also have to transform under the influence of consumer behaviors, providing a single face to the client albeit data explosion, leveraging the leaps in technology, legal factors, and efficiency.
With the above factors, aggressive digitalization adoption is a given, the larger question that lingers is, how best to steer the organization to the digital era, in new age technology and the feeling of uncertainty.
When such a feeling exists it is mandatory to redefine the customer journey and adapt to interactive digital platforms to upkeep the business. It is also necessary to ensure the reinforcement of innovative digital capabilities while on digital transformation and enhance an agile method to protect your organization against emerging digital attackers.
The role of a CEO in digital transformation:
As every industry is faced with challenges by bold digital entrants and business models, it is undoubtedly the duty of a CEO and the senior management to bridge the technological gap and help the business stay strong. Digital strategizing and transformation should kick start from the high-level management and boil down to the entire organization. It is therefore mandatory that the CEO along with the senior management venture into these five major areas for the betterment of the organization. They are as follows,
- Ensure to have a mock-up of your digital strategies (always have a backup plan based on your evolving customers’ needs).
- Be ready to disorganize your business before someone else does it (when a threat arises to your business always have a backup plan to face the attackers and keep your business steadfast)
- Add value to your data (Data along with digitalization can work wonders)
- Digitize the heart of your business (Top management should ensure to experiment all digital capabilities or find the right talent which can generate growth digitally)
- Take your business to the broader digital ecosystem (Have your name in the broader spectrum and collaborate with big names in the industry)
Long gone are the days where leaders gave up too soon, leaders these days adapt to agile strategies and learn from their experiences. They attack their own businesses with new technologies, before their disruptors do, and stay tuned in the market.
Manipal’s digital journey with HashedIn:
With the urge to stay digitally sound, Manipal Education has been significantly gaining efficiency and expanding growth in its educational system. With a sense of urgency, they turned to HashedIn Technologies for help. HashedIn Technologies is a new-age product development company and is amongst the fastest growing digital organizations in Asia.
Manipal Education is a leading organization involved in transforming the educational system by providing customized training solutions for industry partners, as well as direct-to-learner specialized Diplomas and Certificate programs in various fields like Information Technology, Finance, and Management. Manipal Education has helped in the management of several high-class institutions and also offers a host of tested and proven education services to enable Universities and Educational Institutions across the world to focus on their core competencies. However, with the era of digital transformation, it was mandatory for them to blend into the same and enhance certain educational services in a more professional digital platform.
HashedIn Technologies didn’t just enhance an avid quality output through new-generation digital technologies but also paved a way to keep intact tangible business values. HashedIn’s technically innovative team implemented a digitally holistic system for Manipal’s overall examination across several locations. Our digital collaboration with Manipal helped them organize their educational framework for the betterment of their organization.
HashedIn’s exceptional work was highlighted by Mr. Subrat Mohanty, Group President – Manipal Education and Medical Group (MEMG). Subrat said, “HashedIn has been a key partner in enabling our ed-tech play. They have serious tech chops that helped take a concept to production really quickly. They are passionate about customer success and they are writing the playbook for a new-age tech services company.”
The potential value of digital innovation is a key differentiator and it is of dire importance to inculcate digitally strong corporate strategies to induce growth and deliver exceptional business results.