Digital transformation is expected to be a huge driver to the growth of organisations across Asia in the future. A study by Workday, a global leader in enterprise technology for finance and human resources, has found that Malaysian companies are leading in Asia Pacific, with 58% of C-Level executives seeing measurable returns with digital transformation initiatives
The rise of Malaysia as a digital driver the region can, in part, be attributed to the government’s announcements of its commitments to digitisation in 2019 in its efforts to drive the Malaysian digital economy forward; it is projected to contribute 21% of its GDP by 2022.
The 2020 Budget announcement highlights the government’s intent on boosting the capabilities of local organisations through strengthening digital content and embracing digitisation. While this is essential in ensuring their successful transition towards digital transformation, organisations also need to understand the importance of moving away from traditional platforms in favour of a digital model.
Harmonising Processes Across Departments
Digital transformation differs from one business to the next. As such, it can be difficult to assign a one-size-fits-all definition. However, it is generally accepted that digital transformation is an integration of digital technology into all areas of the business, resulting in fundamental changes to operations and how value is delivered to customers.
A key result in digital transformation is its ability to shift tasks from being siloed, department-specific, and manually done to streamlined, universally accessible, and strategically automated through the use of data. Consequently, this digital shift will see organisations create large volumes of data that when harnessed correctly, could be used to deliver actionable insights for the business.
When looking at key challenges to digital transformation, 49% of C-Level executives in Malaysia see organisational silos as a key challenge ‒ an environment where company departments do not share operational information with one another. As data increasingly becomes the lifeblood of an organisation and the cornerstone of growth, organisations must turn to digital transformation to accelerate business outcomes, generate profit, and minimise loss.
Optimising Sales Through the Use of Data
The advancements in tech also mark a crucial shift in every organisations’ sales process, as customers are rapidly changing the ways they engage with and buy products.
To embrace the modern customer and satiate their purchasing habits, businesses can consider several key areas to meet specific objectives:
- Data-driven selling: The rise of a digitally savvy customer in the marketplace means that organisations will require data and marketing analytics, reimagining the processes in market outreach, mobile strategies, and so forth to anticipate customer behaviours.
- Digitising the sales force: Customers are now able to access information online, interact with, trial, and even purchase products without ever interacting with a salesperson. To better manage sales and assess the market and its customers, a sales force equipped with the right information and anytime, anywhere connectivity can harness the power of data to be more responsive, making faster decisions to enable greater potential sales than one that relies on fixed communications.
- Expansion and globalisation: Growing businesses will, more often than not, begin considering expansion into foreign markets. Through leveraging on data and analytics, businesses can rest assured that their foray into emerging markets are supported by data-driven strategies, and placement of stores and products will be able to accurately service new and existing customers.
More than internal organisational shifts, digital transformation in sales can also boost business revenues ‒ improving sales effectiveness can directly translate into additional revenues, generating tremendous value for the organisation An optimised sales force leveraging on technology instead of manual processes are able to see their market efforts potentially increase exponentially, able to serve a larger, yet more targeted segment of customers.
An organisation looking to better adopt digital technologies will see a vast amount of opportunity present, as the traditional brick-and-mortar model shifts into the digital platform. Following an organisational digital transformation, a sales digital transformation needs to be put in place to guide the organisation as a whole.
Global Line Network (GLN), a local digital technology enabler, understands the pivotal role data management and sales optimisation plays in the industry. With consistent data visibility and insight through its Chimaera solution, GLN is here to help businesses simplify the integration and orchestration of data, accelerating digital transformation for organisations of all sizes.
This article was written by Sebastian Tan, Chief Executive Officer, Global Line Network