Opinion | COVID-19 – A catalyst for spurring digital transformation for businesses

digital transformation

The current pandemic has impacted several businesses, resulting in challenges of workforce deficit, managing cash flows, rental costs, etc. Further, many businesses that have traditionally relied on human interaction are now readjusting their strategy and business model to survive in a new digital-first / digital-only environment.

With COVID-19 accelerating the pace of digital adoption for enterprises, it is imperative to prepare enterprises for the road ahead- support them to become more resilient, overcome economic headwinds and capitalise on future growth opportunities.

Upgrading their skills and building capabilities to survive in the post-COVID-19 economy is the need of the hour. Business owners may often have a limited understanding of the digital solutions available and the business value of putting their enterprises through digital transformation. It is important to understand these challenges and identify how organisations can bridge these gaps in a meaningful way.

With the phased reopening of economies, there is an opportunity for businesses to harness new technologies for streamlining and automating business processes, improving productivity and reducing administrative expenditure. Reaffirming its commitment to boosting credit access to businesses and helping them unlock new opportunities, DBS Bank India recently unveiled its online credit solutions platform – DBS Digital Business Loans for SMEs.

The changing customer behaviour enforced by the lockdown has encouraged enterprises to rethink their customer journeys and build digital channels for commerce. Creating a more accessible digital environment for business owners and facilitating the exchange of best practices around enterprise digitalisation will allow them to acquire skills that are essential for navigating the shift.

SMEs are the engine of India’s economy, and in this challenging time, it is important to support them through liquidity relief measures, resources to digitise their business, and expertise that can help them upskill business capabilities. Supporting businesses with quick, flexible, and convenient solutions to stay competitive and drive greater efficiencies is the need of the hour.

DBS has designed end-to-end digitised solutions to seamlessly interweave banking into the everyday life of customers by making it a part of their ecosystem. The bank’s suite of business banking offerings comprises Digital Business Loans, Payments & Collections, Remittances, Forex Solutions including FX Booking & FX Forwards, Enterprise Resource Planning (ERP) Integration, APIs, Trade Solutions including DBS Network Letter of Credit.

As enterprises upgrade their systems, automate processes and upskill employees, the transformation will yield long-term benefits. E-commerce channels and solutions would help drive and maintain their business growth and tap into new market opportunities in the future. Tech-empowered businesses will continue to have the edge over traditional models while achieving greater ROI and strong financials. Lastly, digitisation will be crucial in helping businesses to mitigate and minimisefuture crises.

Views expressed in this article are the personal opinion of Sudarshan Chari, Head – Business Banking, DBS Bank India.

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