Why Is Digital Transformation Important For Businesses In Malaysia?

When the COVID-19 pandemic first started in 2020, not everyone was prepared to face the challenges that ensued. Many businesses across the nation and the world had to expedite the process of digitising as a result of national lockdowns and fear of jeopardising their health.

Prior to the pandemic, digital transformation has been a much-discussed topic, especially because technology is advancing so rapidly and businesses from all industries see it as an opportunity to innovate and keep pace with changing times.

What makes digital transformation important for businesses in Malaysia?

#1: A More Enjoyable Experience For New And Existing Customers

With many products and services now available online and via mobile, customers have high expectations when it comes to digital experiences. In a world of same-day deliveries, free gifts, low prices and unlimited choices, it may get difficult to break through all the noise.

Designing exceptional customer experiences that appeal to customers is much more doable when you use analytics to better understand your consumers. It is easier to anticipate consumer habits and identify issues and opportunities in real-time when data and analytics capabilities, as well as predictive insights, are deployed to meet people’s needs. Businesses may better foresee problems or have a better understanding of where they are in the customer journey if they understand their customers' fears and motivations.

When digitally transforming a business, certain operations are also re-assessed and re-optimised for better time efficiency, leaving employees with more time to attend to customers at swift speeds. Customer service, especially when troubleshooting any problems that may arise, plays a big role in the entire scope of a customer’s experience.

#2: Automation May Increase The Efficiency Of Business Operations

There is an abundance of digital automation services available for Small Medium Enterprises (SMEs) for all kinds of processes, from large data management tools to generating personalised documents for customers.

Automation helps businesses in a variety of ways, namely quality control, time efficiency, and productivity. By utilising digital solutions, employees could work with software that allows them to minimise input while maximising output, hence improving overall efficiency within the workplace. In terms of quality control, reliable systems make it easier for employees to analyse large volumes of data in a short span of time while also reducing the risk of human error.

#3: Boost Brand Visibility And Awareness Among Target Consumers

In this day and age, new media channels are continuously emerging. Consumers view thousands of ads a day, ranging from web banners, newspaper inserts, sponsored posts, radio ads, and vehicle liveries, just to name a few.

Through insightful data that dives deep into customer preferences, businesses are able to utilise advanced performance technology to speak specially curated messages that can connect to their target audience. Besides messages that people can resonate with, digital transformation that takes the importance of digital presence into account could foster healthy brand visibility and awareness as well as encourage top-of-mind recall among the target audience.

#4: Enhanced Security And Privacy

It is important to prioritise security practices, especially for those within the Banking, Financial Services, and Insurance Solutions (BFSI) industry as cyberattacks have evolved to become more complex and even more undetectable. Regardless of industry, SMEs, as well as their customers, would definitely benefit from effective security and privacy practices, especially if they involve sensitive information like personal data. 

A more tech-forward approach may mitigate security risks and threats posed by external parties, including seasoned cybercriminals. On top of multi-step authentication processes, biometric scanning, and secure data encryption, a framework designed to safeguard sensitive data can be developed or employed through digital systems and advanced software available in the market. Data visibility within an organisation suggests proper governance, confidentiality, and privacy protection is in place.

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Not only is digital transformation something businesses should consider exploring, but it has become absolutely necessary in this digital age. SMEs must continually evolve and adapt to changing times with the help of advanced technologies so new opportunities can arise within the organisation as well as beyond it.

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