Impact of Digital Transformation through Change Management
Digital Transforming has contributed to total showcasing ventures among mass clients, in specific on their behavioral and inflective designs. Digital promoting rebellious and concepts have taken over conventional strategies all through the globe and are still moderately unused to the mass shopper advertise in Bangladesh. It is for beyond any doubt that the development of web and portable communication extending the skyline for more individuals to reach and communicated, subsequently the correct showcase investigate and taken after by comprehensive incorporation of computerized promoting devices and techniques in a firm coordinate showcasing communication can doubtlessly guarantee to bring more viable and productive showcasing.
"Changing Barriers and Finding of Digital Transformation" by BAIZID AREFIN
Any challenges regarding transformation in particular sectors depend on the resources either skills or capabilities. In digital sectors, infrastructure, policies, and decisions by leaders are such key factors to measure change management. It is costly to experience new or change mechanism for human. The behavioral shift is required while in digital transformation. Thus consumers, stakeholders and service agencies are facing challenges to cope up with the pace of transformation.
Imbalance of the Digital ecosystem
Digital transformation occurs when internet penetration is above 50% of total mobile users. Only 8.3 Million Debit Card has been issued against a total of 40 Million Bank Account. Internet Banking customers are counted to only 1.5 Million. Online payment has just started its journey here in Bangladesh. E-commerce business reached a nominal volume of BDT 10 Billion per year. Last but not least is the fear of financial loss by consumers while they are shopping online. Especially in social networks, public reaction to online behavior is significant. In urban areas, people are experiencing the world’s digital transformation. For example, consumers are willing to pay through online and digital currencies. Though our country is not ready to provide integrated service, digital fulfillment is demanded by the producer. In rural areas scenarios are different and contrast to the other. The ecosystem is still imbalanced for every sector to connect all the channels in a digital or convenient way. Users are getting available options and media in particular sectors. On the other side, it creates confusion for the subscriber base to identify appropriate sources in this competitive market. More specific to the data or information populated within digital platforms overlooks its authenticity. Any of the failures cause uneven in the digital ecosystem.
Less implication of Government policy
Nationwide digital transformation for any developing country is still in the growth phase. It requires sufficient infrastructure, fully digitized public services and capacity building of resources. Information and Communication Technology (ICT) of our country is now setting up digital governance. The activities are work-in-progress and policies are not implemented yet. The initial challenges for a country gone through digital transformation are how Govt. policies are integrated with the digital industry. In our country, Govt. promoting digital services to a low extent where accessibility of information is not properly organized. Govt. functions are not optimized to serve a large population. Providers are not getting complete policy direction in terms of data privacy, security and legislation. The licensing of operating digital ventures is old fashioned and the process is complicated. Govt. imposes taxes, surges in social media marketing and restricts global financial transactions. That is how providers, agencies and ventures are losing interest to expand their capacities.
The consumer is our country mostly attracts better customer services and trustworthiness. Traditional companies are big in sales volume and penetrate global business to increase the service area. E-commerce like Daraz and ride-sharing platforms like Uber lead the market share and becoming early adopters. Local companies are lacking financial strength and quality production. Global leaders are not considering local companies for merging and acquisition. Pickaboo, one of the leading Bangladeshi e-commerce announced to shut the operation due to fund unavailability. Investing local digital business or start-up companies find high risk with competing with traditional business as well as global initiatives.
Geographically Bangladesh is situated beside the world’s one of the fastest-growing markets. India, as a neighboring country, penetrates its digital business with similar market insight, consumer behavior, and target demographics. Wipro, Mahindra and a number of the Indian companies are now holding as a service provider of large telecom, bank, and mobile financial sectors. Chinese companies are also working behind the digital transformation to acquire large shares like Alibaba group invested in Bangladeshi logistic, commerce, and digital wallet market to scale up profitability. A large number of local companies hire resources and technology from neighboring countries to get the experience of digitization.
It is important for an industry to create awareness and share knowledge. Digital transformation in Bangladesh is moving fast with a lack of capacity building. There are less training and activities promoting digital literacy. Here, people are not accustomed to the computerized system. They are lagging behind basic technical skills in rural areas. The medium of spreading digital awareness is obsolete. The aged population faces a huge transition in the usage of online media from offline activities. In rural areas mostly outside Dhaka, these digitization measures less important to be implied. Since, electricity, internet connectivity, and infrastructure are not fully covered, it would be difficult for the industry to educate a large number of underprivileged populations of almost 78 million. The inconvenience of services is increasing day by day for a lack of digital literacy.
The term “Cyber Security” is not popular in our country. Thus, people are unaware of the law and order situation. Fraud activities are found in banking, mobile financing, and Facebook commerce. There are few numbers of awareness and safety programs across the country to practice regulation and rights for a standard digital service. Grameenphone launches a “Safe Internet” campaign to raise public consciousness, but cannot reach and afford the majority of the target audience. Govt. law and order regarding cybersecurity is neither well described nor appropriate to the current situation.
In many European markets (UK, France, and Germany), there are regulations to protect the rights of the consumer who escalate disputes and conflicts between demand and supplies. In digital service, providers are failed to promise 100% availability and service assurance. It causes customer dissatisfaction and impacts on service quality. People lose their trustworthiness in digital mediums reason for the absence of a dispute mechanism. They still rely on foreign markets for the availability and commitment to the service. Digital transformation has various disruptions in the new or developing stage. The industry is more into trial and error, impose customers to be habituated with the technology. Companies more often recommend dispute management but it is costly. The managers think, the situation is either too early to consider or the environment is not ready to be served disputes at this stage.
Expanding Marketing Strategies
Businesses depend upon their advanced promoting methodologies to drive a critical parcel of their income so actualizing with less-than-best hones is putting income, and careers, at hazard. Expanding client engagement and allegation is positioned as the foremost challenging obstruction by overviewed computerized marketers. Progressing result degree capacity is positioned as the moment most.
Findings
The government initiated campaigns for promoting digital services and share public information with various digital media. Start-up companies will get more benefits to aggregate with public services which will be cost-effective and business viable. Spreading digital knowledge through digital marketing would be the way to get attention from a large group of customers regularly reached via analytics. Conducting more occasions within the digital media industry such as Advanced Transformation Summit so that well known computerized showcasing speakers can share information, later changes & strategies, motivate imagination and encourage the application of advanced marketing. In spite of the fact that the Government has taken a few activities to prepare understudies with different computerized media abilities all through the nation, the program ought to be run more effectively and organized in a stronger way so that members can get the right information and benefits. Since the web is within the hands of individuals, the number of casual community clients is expanding to utilize cell phones each day. Social networking Showcasing could be a sensible step forward for publicizing companies.
Opportunities
Digital Marketing can be fruitful and openings after utilizing distinctive devices and strategies. These devices help marketers to induce the greatest benefits of advanced showcasing such as:
Collaboration with Govt. Services
Organizations will get the chance to collaborate and integrate with public services. It will build the capacity of resources and infrastructure. The government would provide public information about large populations and monitor the regulatory. It will help the industry to assure fair competition. The strictness of the policies may hamper regular businesses. Foreign companies will lose interest to expand their services. Local companies can be endorsed through Govt. investment. Bangladesh Bank has already initiated a funding program for digital companies. Information and Communication Technology (ICT) Ministry constructed Hi-Tech park, Digital hub, and IT outsourcing industry to resolve unemployment. Expansion of these infrastructures will be positive for service providers to improve their service area, customer satisfaction. The government will protect the consumer’s right to ensure quality and security.
Experiencing Digital Knowledge
Global companies will develop a new market with the association of local companies for entering local markets. They will acquire or merge digital ventures to penetrate their services. It will spread digital knowledge to human resources. The skills of our working population will be increased and they will experience new technology, R&D and training. The software export and BPO industry can create opportunities to achieve financial strength and higher profitability of the company. It will have positive growth in the country’s economic condition, employment, and the number of wage earners. The consumer will access more into the digital platforms and open scope for providers. The company will forecast more accurately from large data and offer correct information that the consumer demanded.
Improvement of Service Quality
The organization will compete with other digital ventures either from global or local. Service quality will be improved to maintain a balanced environment for consumers. Customer feedback will be analyzed and implemented through an experience or service center. Factories will be operated by a computerized system and added efficiency to the production. Thus, service commitment to the customer can be met.
Easy Consumer Spread
Social Media Marketing has moreover revolutionized these showcasing exercises on different social media stages such as Facebook, Twitter, LinkedIn, Pinterest, etc.
Digital Advertising
Digital Promoting empowers coordinate publicizing and makes mindfulness almost item or a brand. Presently the companies can easily show their notices for items and administrations on distinctive computerized channels.
Never-endingly Showing Ads
Digital Showcasing makes notices more available to target clients at any time or any put. There’s no time and place restriction for the prospects to visit any site and see advertisements.
Simple Brand Promotion
With the advancement of modern innovations and utilize of the web in trade, the brands may take incredible advantage of customer’s reach and communicate their clients effectively.
Taken a toll Compelling Channel
Using the web, Advanced Promoting is found a cost-effective and cheaper source of publicizing as compared to traditional marketing channels like T.V, Radio, Magazines, Daily papers, and Standards, etc.
Making a difference in Marketers’ Career
Digital Promoting has ended up a useful career for the people who are recognizable with executing advanced marketing strategy and making difference companies to extend their brands to target clients through the web.