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Surviving in a digitally driven economy


If there were any lingering doubts about the necessity of digital transformation to business longevity, the coronavirus has silenced them.

Digitalisation has brought about tremendous changes in how we live, work and play.

This digital mandate isn’t new; it’s simply been brought into sharp focus. Prior to the pandemic, a shift towards digitisation of the economy was already underway, current events have just accelerated this.

So how do you adapt to this inevitable digital environment? We’ve gathered some tips to get you started.

1. Developing a digital strategy is the first step. Without this, any investment in technology will not work. A digital strategy should work as a reference point for all digital investment decisions to ensure new technology delivers value to the business. It needs to tie digital development to organisational objectives.

2. Leadership plays a crucial role in any digital transformation. To take advantage of the opportunities and protect against threats that new digitally enabled business models present, leaders need to commit to being bold and transformational, ahead of those that remain safely within their comfort zones and traditional ways of working.

3. Invest in the right technology.  Research shows that the most successful digital reinventors adopt a full range of technologies across their organisations’ critical applications and processes. Investigating emerging software to streamline processes or upgrading machinery to improve efficiency is a great way to have an edge on your competition.

The past year throughout the pandemic has seen the below digital trends heavily increase, with many likely to remain post-pandemic.

  • Remote work arrangements - allowing employees to securely access company systems and databases from their homes.
  • Shift to e-commerce – selling products online that where once only available from a bricks and mortar store.
  • Greater use of Self-Service – installing self-service machines when possible to reduce human contact.
  • Contactless delivery options – adopting click and collect programs to reduce physical numbers in store and offering customers more flexibility.

And a variety of different industries have had to completely shift the way they deliver their goods or services. For example, Healthcare conducting telehealth online appointments, Manufacturing implementing digital supply chains, Real Estate holding online auctions and virtual open homes, and Retail embracing e-commerce.

The key is continuing to experiment and innovate with digital solutions. With the right approach, businesses can come out stronger, more agile, and more customer-centric than before.

Whether you’re looking to upgrade existing or purchase new equipment to push your business forward into the thriving digital economy, the experienced team at Morris Finance can help you get there. Contact us today on (03) 5223 3453 to see what we can do for you.


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