The proliferation of digitalization discussions as organizations transform for growth is a testament to the changing business landscape. Various industries are now actively embracing digitalization as they commit to business transformation and capitalize on emerging opportunities. This growing trend has led to a significant increase in conversations around digitalization.
An in-depth analysis of data from GlobalData's Company Filings Analytics Database reveals that companies are engaging in discussions that cover a range of key topics. These discussions include investments in digitization, productivity improvements, customer experience enhancements, and risk mitigation strategies.
According to Misa Singh, Business Fundamentals Analyst at GlobalData, "Digital transformation is a catalyst for efficiency and growth across industries. It provides a new source of intelligence to help companies achieve their operational goals, which are increasingly based on digital efforts, technology, and innovation. Through digital transformation, organizations can increase customer loyalty, create new opportunities, and gain a deeper understanding of the customer experience.
Organizations like IndusInd Bank Ltd have realized the importance of digitization in enhancing employee lifecycle processes, improving efficiency, and increasing productivity. They have introduced various digital programs for their employees, including an HR mobile app, an AI-powered chatbot, an automated ticketing system, digitization of internal processes, and a new learning management system platform.
AB Electrolux is investing in digitalization to enhance the consumer experience and build direct connections with customers. Tata Steel Ltd. is also committed to digitalization, implementing mechanisms and automation to optimize their business processes and systems. As a result, their annual crude steel productivity per employee has reportedly increased from 850 to 885 tons.
Coda Octopus Group Inc. is taking steps to develop its brand by forming a dedicated digitalization team. Meanwhile, Grand Brilliance Group Holdings Ltd plans to transform its existing factory into a smart factory by adopting various digital tools and technologies, including a cloud-based server, human resource planning software, enterprise resource planning software, workflow automation software, vehicle fleet management software, and a consumable management system.
In summary, digitization is best understood through concrete examples of digital initiatives undertaken by companies. For example, ASX Ltd. is investing in digital platforms to improve automation, speed up implementation, and ultimately strengthen risk management. Similarly, Dr. Reddy's Laboratories Ltd is leveraging digital initiatives to proactively mitigate risks and hazards through automated, dynamic and centralized control, ultimately improving health and safety.
