Observing the successes and hiccups of other businesses in your industry is not necessarily a bad thing. Knowing what has worked or which areas they may have failed at to help you in your decision-making process can better point you in the right direction when it comes to Digital Transformation. There is no substitute for doing it
In a 2018 study, participants were asked to watch a video of a person playing darts 20 times and rate their confidence in their own ability to play the game. People who watched the video 20 times felt more confident about their darts skills than those who watched it only once. But when the participants actually played darts, there was no relationship between how many times someone watched the video and their performance.
Similarly, for the digital transformation of your wholesale business, there is no substitute for doing it. Digital transformation is a journey. You don’t have to be good to start but to be good, you need to start.
Why you should act
The acute disruption caused by COVID-19 has forced many companies to accelerate their digital transformation efforts. Many businesses have pivoted towards e-Commerce. As businesses make sense of the new post-pandemic economic reality, worries and uncertainty over the long-term prospects of growth and survivability have emerged as the foremost concern. Companies that are complacent with a ‘wait and see’ attitude are in danger of being left behind—and may even become irrelevant.
In Singapore, more than 15,300 companies have propelled themselves forward to raise productivity, enhance innovation and pursue internationalism with the assistance of Enterprise Singapore. They recognize that digital transformation can help optimize operations, empower their employees, engage customers, transform products and allow them to go international. The immediate benefits are cost savings and revenue growth.
Along with the government’s digitalization incentives, businesses with the ‘wait and see’ mindset should have fewer reasons not to start their digital transformation journey to reduce significantly the impact of this crisis and remain relevant.
In the same way a heart attack can serve as a wake-up call, and impetus for lifestyle changes for those suffering from chronic heart disease, the COVID-19 crisis can serve as an opportunity for businesses. Fundamental shifts must be made, and their digital transformation journeys kicked off to enable them to survive and thrive.
Do contact Zooloo's digital solutions experts to find out how you can take that first step towards digital transformation at sales@zooloo.asia.
Explore more
- Read about The Digital Transformation Journey
- Learn more about our “Digital Backbones”
- Learn more from our eBook series on Digital Transformation for Wholesale Trade
Tags:#digitaltransformation #B2B #digitaladoption #digitalintegration #covid19 #digitalsolutions #wholesaletradesector #wholesaletrade
