In response to the evolving business landscape, companies across diverse industries are actively embracing digitalization. This proactive trend underscores their commitment to business transformation and capitalizing on emerging opportunities. Consequently, there is a significant growth in discussions around digitalization, reveals GlobalData, a leading data analytics company.
An analysis of the GlobalData’s Company Filing Analytics Database reveals that discussions by companies encompass investment in digitalization, productivity enhancement, consumer experience, and risk mitigation.
Misa Singh, Business Fundamentals Analyst at GlobalData, comments: “Digital transformation represents efficiencies and opportunities across various industries. It enables a new source of intelligence to assist firms in achieving their operating objectives, which require digital efforts, technology, and innovation. Through digital transformation, companies can enhance client loyalty, foster new opportunities and improve comprehension of the customer experience.”
IndusInd Bank Ltd sees digitalization as a key to improve employee lifecycle processes, enhance efficiency, and drive productivity. It has also launched many digital programs for staff members, such as the HR mobile app, chatbot with AI support, automated ticketing system, digitalization of internal procedures, and new learning management system platform.
AB Electrolux is investing in digitalization to improve the consumer experience and to increase the ability to connect directly with consumers. Tata Steel Ltd has been investing in digitalization, mechanisms, and automation to optimize business processes and systems. As a result, its overall annual crude steel productivity per employee is said to have been increased from 850 to 885 tonnes.
Coda Octopus Group Inc has formed a new digitalization team as part of its efforts to develop the brand. Grand Brilliance Group Holdings Ltd as part of digitalization plans, intends to turn its current factory into a smart factory using a cloud-based server, human resource planning software, enterprise resource planning software, workflow automation software, vehicle fleet management software, tools, and consumable management system.
Singh concludes: “Digitalization can be summarized as examples of digital initiatives taken by companies. For instance, ASX Ltd is investing in digital platforms, boosting automation, increasing the speed of implementation, and ultimately leading to more effective risk management. Likewise, Dr. Reddy’s Laboratories Ltd uses digital initiatives to proactively lower risks and hazards through automated, dynamic, and centralised control, which enhances health and safety.”
