3Ds, an absolute necessity for digital transformation of new age businesses

 By Rajesh Sinha, Founder and Chairman, Fulcrum Digital Inc.

A renowned American guitarist Jason Mraz once said, “The soil is actually the greatest technology we have for adapting to climate change. And I feel it’s our generation’s duty to build it back up.”

It’s a no brainer that right from fossil fuels to alteration in soil moisture conditions and increase in soil temperature, the extensive use and misuse of natural resources have led to climate change. However, today with the power of technology we can contribute to the environment and mitigate these snags that have been the cause of global warming. Hence, let’s emphasize how digital transformation could create sustainable businesses, reduce the harm to nature, and help restore it.  

Digital transformation is not just a technological prospect but an absolute necessity.  Digitization gives the power through Data to analyse the composition of natural resources and creates a pathway to restore the health of soil. It is imperative for companies to integrate tech-led solutions using data and IOT will help them expand digitally, while reducing their carbon footprint. On a positive note, ever since we were hit by the pandemic, most organizations have accelerated their digital transformation initiatives.

The government of India’s flagship scheme, Digital India, is helping bridge the digital divide and catalysing the integration of new-age technologies. The initiative has helped traditional companies in transforming into digitally empowered enterprises, further creating sustainable businesses and contributing to India’s digital economy.

While we understand the importance of digital transformation, have we ever deep-dived into how it could help build sustainable businesses? Let’s look at some of the advantages!  

Power of data-driven digital platforms

Bringing disruptions driven by digital platforms is imperative as this leads to sustainable living in harmony with nature. Leveraging technology to build a robust digital ecosystem of data platforms is one way to combat a host of environmental hazards, from air pollution to soil erosion. Having access to data could also help in curbing the misuse of soil.

Forecasting of crops in agriculture is a complicated process as it largely depends on biotic and abiotic factors. The problem calls for assorted datasets to monitor cultivation processes, and soil management practices. Soil data enables Agritech and Foodtech companies to analyse the yield of crops, find out internal and shape defects, chemical composition of the plant yield and more. Data plays a crucial role in predicting the growth and condition of crops, and restricts soil exploitation, thereby contributing to a pollution-free planet.

The digital platform can help track food wastage. Today schools, hospitals, assisted living, and B&I are catering millions of meals per day, and they can control the wastage with a digital platform. A digital platform could track the produce, menu, and recipe through seamless data flow and deliver intelligence to order the right amount of quantity required for meal preparation. Digital transformation with access to data will also help businesses to implement the right strategy, management, process, and analytics to enable accurate insight, align, refine consumer needs, and incorporate intelligent decision making across the business.

Power of democratization

The next-generation internet – Metaverse, a digitally transformed alternative reality to our real world, is already democratizing businesses. According to Futurist insights, the global market for this new world is projected to be an $82B market by 2025 and businesses are lining up to be a part of creating this new world resulting in complexity and shiny visions of our new future. With the power of such virtual capacities, digitally advanced companies will be able to pivot in real-time and deliver their products and services as needed virtually and otherwise.

Another important aspect of the digital transformation of businesses is resource optimization. It is a process of evaluating available resources with the requirements of an organisation that is charted to meet its business goals. The necessity to optimize resources is particularly needed when the organization’s demands tend to saturate and/or surpass the resources currently available. This process results in achieving the desired objectives within a set timeline and helps in budgeting the usage of essential resources. Hence, businesses should leverage technologies such as Artificial Intelligence (AI), and Robotic Process Automation (RPA) which will empower them to make informed decisions to implement required services.

Now, what next after integrating modern-day technologies into businesses? The answer is quite simple, invest in a digitally shared economy. 

Digitization of businesses also helps organizations operating with a relatively small workforce, to collaborate with business platforms and digital services providers and cover a broad range of shared resources, further creating an unmatched experience for their customers. For business consulting and technology solutions to accelerate growth plans, organizations could avail digital services that help with competency, capability & capacity. These include consulting & managed services such as full-stack engineering, cloud, integration, MS Power platform, among others.

Power of Diversity & Inclusivity

Technology has helped businesses to transform digitally, and has played an important role in mitigating diversity & inclusivity challenges. After the Covid-19 outbreak, it has disrupted the digital payment ecosystem and today as a result even a tea vendor is using the digital mode of transactions. Through digital arts, technology continues to aid and skill the underprivileged and underserved sections of our society, making them digitally abled for sustaining even the smallest of businesses. 

Integrating digital strategies is crucial to build sustainable businesses, therefore leaders and C-suite executives should invest more in technologies which will not only help in transforming digitally but will also create an ecosystem that is environment friendly.