Digital And How It Can Transform Businesses In The Next 5 Years
1. With the accelerated transition to digital due to the pandemic crisis, how have this helped businesses scale up their operations? How do you see this shift to digital panning out over the next 5 years?
Digital has always been around, the flow gradual process of transitioning into a digital-first business process has been gradually developing in the last 10 years. During the pandemic, the first movers just had to move their current modules to the already existing digital-first module. It was the late adopters who had to take swift action to ensure that they didn't miss the digital train and quickly implement a digital transformation strategy. In the next 5 years, new technologies like AI, ML, Blockchain, and Audio technologies will be the right avenues for businesses to invest in. In the times to come the consumer is going to be driving the change on digital, more and more businesses will need to change their practices by keeping the digital consumer in the center of the business plan. The business first digital and digital-first business is the present and the near future.
2. Digital and performance go hand in hand. How are brands evaluating and measuring their performance on digital as a medium?
Performance today exists because of the influx of digital. Only the top brands in every category are invested in analytical tools and technologies at the moment, in order for brands to create accurate target groups and bifurcation of their performance budgets, all brands whether large or mid-size will need to base their marketing budgets on hardcore days driven insights. Brands will need to focus their attention on stickiness rather than a one-time purchase of their products and services and brand loyalty because of the influx of multiple emerging brands will be difficult, hence the focus should be on data collection and using consumer data responsibly and ensuring the consumers and users are gratified time to time for their loyalty.
3. Talent has always been a challenge when something new disrupts the media world. How are digital companies scaling their knowledge and imparting training to people?
Thanks to the vast population of India, there’s a lot of talent in the Digital ecosystem. This talent needs to be groomed on a day-to-day basis and updated with trends and digital transformation strategies from global and national avenues. Training structures in Digital agencies need to evolve as swiftly as the current marketing trends are evolving. Reactive changes to training and development programs are a must along with a lot of predictive trend analysis. A brilliant opportunity that digital agencies here have today is that they can create trends if they can convince their clients to invest in newer technologies and avenues hence having the first mover’s advantage and also making it easier for the agencies to train and develop their teams. Lastly, keeping yourselves up to date and ensuring your teams stay hungry is a more cultural change that agencies need to make rather than a training change.
4. What kind of investments digital companies need to plan to face the future challenges both in terms of skill and technology?
Technology today has evolved multiple folds and can literally manage half the work that teams do today on a day-to-day basis. The idea here is to ensure that human assets are used to plan, strategize and lead initiatives rather than invest their valuable time in monotonous processes. Using human EQ and IQ to create processes using the flawless nature of technology and code to automate outdated processes to have more time in hand for thinking teams is going to be the biggest challenge companies face. Also, ensuring that new talent from newer industries is invested into to expand their current offerings. Lastly, hiring younger talent who represent the newer generations and their ideologies which are very different from the target groups companies have been serving for ages.