10 Sep Debunking the Most Common Digitalisation Myths.
More and more companies are becoming aware of how important it is to digitalise. This concern was only magnified tenfold with the arrival of COVID-19.
But with such sudden and fast-paced change, smaller businesses may feel overwhelmed and fall prey to certain myths about digitalisation. Let’s get to debunking some of the most common ones in this article.
Myth #1: Digitalisation is only for digital B2C companies
The whole point of digitalisation is to use technology for more efficient systems and processes. Unfortunately, this means less tech-inclined companies may not be confident in their capacity to adapt, preferring to stick with what they know.
From Reuters to Wall Street Journal, it’s said time and time again – all companies are tech companies. Whether online or offline, B2C or B2B, companies need to make digitalisation a priority in order to progress in the direction the world is going.
Myth #2: Digitalisation requires a drastic business model change
Yes, digitalisation and all things tech can be disruptive.
But don’t come under the impression that successful digitalisation has to be all-or-nothing. Like all things, start small and work your way up! Instead of jumping straight into advanced, all-encompassing softwares or systems, start small by identifying bottlenecks in your business that could use some extra help – then scale naturally over time.
Rather, think about digitally improving your existing business model rather than overhauling it entirely. If you hold your own stock and managing inventory takes up a significant chunk of time and labour, smart Inventory Management Solutions can help automate where necessary and predict best stock levels.
Myth #3: Digitalisation is expensive
Approximately 50% of businesses in Malaysia cited cost as one of their biggest challenges to digitalisation. Is this claim entirely true? Not necessarily. In the long run, not going digital will cost you even more through the various impacts on your business.
- Reduced productivity and less efficient processes
- Lack of key analytics leading to reduced competitive advantage
- Struggle to retain and hire good talent
- Stifled business and revenue growth
Luckily, the Malaysian government is also offering various initiatives to make it more affordable for SMEs to start their digitalisation journey through the Malaysia Digital Economy Corporation (MDEC). These include special grants and tax incentives which Malaysians can leverage on.
Looking to embark on your digitalisation journey? Start small with our Digital Transformation Solutions here today.