Industrials

<p style="text-align: justify;">Digitizing a business operation involves transforming manual or analog business processes and operations into digital ones. Here are some steps to follow for digitizing a business operation:&nbsp;</p><p style="text-align: justify;"><strong>Identify the Business Process to Digitize</strong></p><p style="text-align: justify;">Identify the specific business process or operation that needs to be digitized. Consider the process's impact on the business and the potential benefits of digitizing it.</p><p style="text-align: justify;"><strong>Define the Objectives</strong></p><p style="text-align: justify;">Clearly define the objectives of digitizing the identified process. Determine what specific goals and outcomes the digitization effort should achieve.</p><p style="text-align: justify;"><strong>Choose the Right Technology</strong></p><p style="text-align: justify;">Select the appropriate digital technology that aligns with your objectives and business needs. Consider cost, scalability, ease of use, compatibility with existing systems, and security.</p><p style="text-align: justify;"><strong>Develop a plan</strong></p><p style="text-align: justify;">Develop a detailed plan for the digitization process, including the timeline, budget, resources, and responsibilities. Involve relevant stakeholders in the planning process.</p><p style="text-align: justify;"><strong>Prepare for the Transition</strong></p><p style="text-align: justify;">Prepare for the transition from manual to digital operations. This may involve training employees, updating policies and procedures, and ensuring the necessary infrastructure and hardware are in place.</p><p style="text-align: justify;"><strong>Test and Refine</strong></p><p style="text-align: justify;">Test the new digital process to ensure that it meets the objectives and works as intended. Refine the process as needed to improve its effectiveness.</p><p style="text-align: justify;"><strong>Implement and Monitor</strong></p><p style="text-align: justify;">Implement the digitized process and monitor its performance to ensure it meets the objectives. Continuously evaluate the process to identify areas for improvement and optimization.&nbsp;</p><p style="text-align: justify;">&nbsp;</p><h2 style="text-align: justify;"><span style="font-size: 14pt;">Subscription-based Services</span></h2><p style="text-align: justify;">Subscription-based services can help businesses digitize many previously manual or analog activities. By following these steps, a business can successfully digitize its operations and benefit from increased efficiency, productivity, and cost savings. Here are some examples:&nbsp;</p><p style="text-align: justify;"><strong>Sales and Marketing</strong></p><p style="text-align: justify;">Subscription-based services can be used to manage and automate sales and marketing processes, including lead generation, email campaigns, customer segmentation, and customer relationship management.</p><p style="text-align: justify;"><strong>Billing and Invoicing</strong></p><p style="text-align: justify;">Businesses can use subscription-based services to automate billing and invoicing processes, including generating invoices, sending payment reminders, and processing payments.&nbsp;</p><p style="text-align: justify;"><strong>Human Resources</strong></p><p style="text-align: justify;">Subscription-based services can be used to manage human resources processes, including recruitment, onboarding, performance evaluation, and employee benefits administration.&nbsp;</p><p style="text-align: justify;"><strong>Customer Service</strong></p><p style="text-align: justify;">Businesses can use subscription-based services to manage customer service operations, including ticket management, customer support chatbots, and social media monitoring.&nbsp;</p><p style="text-align: justify;"><strong>Supply Chain Management</strong></p><p style="text-align: justify;">Subscription-based services can be used to optimize supply chain management, including inventory management, order fulfillment, and shipping logistics.&nbsp;</p><p style="text-align: justify;"><strong>Project Management</strong></p><p style="text-align: justify;">It can be used to manage projects and collaboration among teams, including task management, scheduling, file sharing, and communication.&nbsp;</p><p style="text-align: justify;"><strong>Analytics and Reporting</strong></p><p style="text-align: justify;">Subscription-based services can be used to collect and analyze data from various business activities, including sales, marketing, and customer behavior. The data can then be used to generate reports and insights to inform business decisions.&nbsp;</p><p style="text-align: justify;">&nbsp;</p><h2 style="text-align: justify;"><span style="font-size: 14pt;">Global Digital Service Providers for Subscription-based Services</span></h2><p style="text-align: justify;">Many digital service providers offer subscription-based services for various business processes. By leveraging subscription-based services, businesses can streamline operations, reduce costs, and improve overall efficiency and productivity. Here are some Global examples:</p><p style="text-align: justify;"><strong>Sales and Marketing</strong></p><p style="text-align: justify;">Some popular subscription-based services for sales and marketing include HubSpot, Salesforce, Marketo, and Mailchimp.</p><p style="text-align: justify;"><strong>Billing and Invoicing</strong></p><p style="text-align: justify;">Subscription-based services for billing and invoicing include FreshBooks, QuickBooks, Zoho Invoice, and Xero.</p><p style="text-align: justify;"><strong>Human Resources</strong></p><p style="text-align: justify;">Services for human resources include BambooHR, Gusto, Zenefits, and Namely.</p><p style="text-align: justify;"><strong>Customer Service</strong></p><p style="text-align: justify;">Providers of subscription-based services for customer service include Zendesk, Freshdesk, Help Scout, and Intercom.</p><p style="text-align: justify;"><strong>Supply Chain Management</strong></p><p style="text-align: justify;">Some popular subscription-based services for supply chain management include SAP Ariba, Oracle SCM, JDA Software, and Kinaxis.</p><p style="text-align: justify;"><strong>Project Management</strong></p><p style="text-align: justify;">Providers of subscription-based services for project management include Trello, Asana, Basecamp, and Monday.com.</p><p style="text-align: justify;"><strong>Analytics and Reporting</strong></p><p style="text-align: justify;">Subscription-based services for analytics and reporting include Google Analytics, Adobe Analytics, Mixpanel, and Tableau.&nbsp;</p><p style="text-align: justify;">&nbsp;</p><h2 style="text-align: justify;"><span style="font-size: 14pt;">Digital Service Providers for Subscription-based Services in India</span></h2><p style="text-align: justify;">These are just a few examples of the many digital service providers that businesses can choose from for various processes. The selection of the right service provider would depend on the business's specific needs, budget, and goals. Several digital services providers in India offer subscription-based services for various business processes. Here are some India based service providers examples:</p><p style="text-align: justify;"><strong>Sales and Marketing</strong></p><p style="text-align: justify;">Digital service providers for sales and marketing in India include Zoho CRM, HubSpot, Salesforce, Marketo, and Mailchimp.</p><p style="text-align: justify;"><strong>Billing and Invoicing</strong></p><p style="text-align: justify;">Digital service providers for billing and invoicing in India include QuickBooks, Zoho Invoice, Tally, and Razorpay.</p><p style="text-align: justify;"><strong>Human Resources</strong></p><p style="text-align: justify;">Digital service providers for human resources in India include Zoho People, Greytip, Darwinbox, and Keka.</p><p style="text-align: justify;"><strong>Customer Service</strong></p><p style="text-align: justify;">Digital service providers for customer service in India include Freshdesk, Zoho Desk, Helpshift, and Kustomer.</p><p style="text-align: justify;"><strong>Supply Chain Management</strong></p><p style="text-align: justify;">Digital service providers for supply chain management in India include Tally, Oracle SCM, and SAP Ariba.</p><p style="text-align: justify;"><strong>Project Management</strong></p><p style="text-align: justify;">Digital service providers for project management in India include Trello, Asana, Zoho Projects, and Monday.com.</p><p style="text-align: justify;"><strong>Analytics and Reporting</strong></p><p style="text-align: justify;">Digital service providers for analytics and reporting in India include Google Analytics, CleverTap, Freshworks CRM, and Zoho Analytics. These are just a few examples of the many digital service providers in India that businesses can choose from for various processes. The right service provider selection would depend on the business's specific needs, budget, and goals.&nbsp;</p><p style="text-align: justify;">&nbsp;</p><h2 style="text-align: justify;"><span style="font-size: 14pt;">Subscription-based ERP Software Solutions Providers&nbsp;</span></h2><p style="text-align: justify;">Several digital service providers in India offer subscription-based ERP (Enterprise Resource Planning) software solutions for businesses. Here are some examples:</p><p style="text-align: justify;"><strong>Zoho</strong></p><p style="text-align: justify;">Zoho offers a range of ERP software solutions, including Zoho Books for accounting, Zoho Inventory for inventory management, Zoho People for human resources, and Zoho Projects for project management.</p><p style="text-align: justify;"><strong>Tally</strong></p><p style="text-align: justify;">Tally is a popular ERP software provider in India that offers a comprehensive range of accounting, inventory management, payroll management, and GST compliance solutions.</p><p style="text-align: justify;"><strong>SAP Business One</strong></p><p style="text-align: justify;">SAP Business One is a cloud-based ERP software solution that offers accounting, inventory management, sales, purchasing, and production planning modules.</p><p style="text-align: justify;"><strong>Microsoft Dynamics 365</strong></p><p style="text-align: justify;">Microsoft Dynamics 365 is a cloud-based ERP software solution that offers modules for financial management, supply chain management, inventory management, and customer relationship management.</p><p style="text-align: justify;"><strong>Oracle NetSuite</strong></p><p style="text-align: justify;">Oracle NetSuite is a cloud-based ERP software solution that offers modules for financial management, supply chain management, inventory management, and e-commerce.&nbsp;</p><p style="text-align: justify;">These are just a few examples of India's many digital service providers that offer subscription-based ERP software solutions for businesses. The right service provider selection would depend on the business's specific needs, budget, and goals.&nbsp;</p><p style="text-align: justify;">&nbsp;</p><h2 style="text-align: justify;"><span style="font-size: 14pt;">Engineering Service Providers in India Offering Subscription-based Services</span></h2><p style="text-align: justify;">Several engineering service providers in India offer subscription-based services. These services range from product design and development, prototyping, testing, and analysis to manufacturing support and maintenance. Here are some examples of engineering service providers in India that offer subscription-based services:</p><p style="text-align: justify;"><strong>TATA Technologies</strong></p><p style="text-align: justify;">TATA Technologies offers subscription-based engineering services, including product development, prototyping, simulation and analysis, and digital manufacturing.</p><p style="text-align: justify;"><strong>QuEST Global</strong></p><p style="text-align: justify;">QuEST Global offers subscription-based engineering services that include design and development, testing and validation, and manufacturing support.</p><p style="text-align: justify;"><strong>Cyient</strong></p><p style="text-align: justify;">Cyient offers subscription-based engineering services that include design and development, testing and validation, and prototyping and manufacturing support.</p><p style="text-align: justify;"><strong>Infosys Engineering Services</strong></p><p style="text-align: justify;">Infosys Engineering Services offers subscription-based engineering services that include design and development, prototyping, testing and validation, and manufacturing support.</p><p style="text-align: justify;"><strong>Wipro Engineering Services</strong></p><p style="text-align: justify;">Wipro Engineering Services offers subscription-based engineering services that include product design and development, prototyping, testing and validation, and manufacturing support.&nbsp;</p><p style="text-align: justify;">These engineering service providers have a team of skilled engineers and a state-of-the-art infrastructure that can help businesses reduce their product development time, improve product quality, and optimize manufacturing processes. By subscribing to these services, businesses can access high-quality engineering services on demand without investing in expensive infrastructure or hiring and training skilled personnel.&nbsp;</p><p style="text-align: justify;">Several digital service providers in India offer subscription-based services for CRM, website management, and social media management. Here are some examples:</p><p style="text-align: justify;"><strong>CRM</strong></p><p style="text-align: justify;">Digital service providers for CRM in India include Zoho CRM, Salesforce, HubSpot, Freshworks CRM, and Agile CRM.</p><p style="text-align: justify;"><strong>Website Management</strong></p><p style="text-align: justify;">Digital service providers for website management in India include Wix, Shopify, WordPress, Magento, and Squarespace.</p><p style="text-align: justify;"><strong>Social Media Management</strong></p><p style="text-align: justify;">Digital service providers for social media management in India include Hootsuite, Buffer, Sprout Social, and Agorapulse.&nbsp;</p><p style="text-align: justify;">&nbsp;</p><h2 style="text-align: justify;"><span style="font-size: 14pt;">Advantages of Digitizing a Business</span></h2><p style="text-align: justify;">These digital service providers offer a wide range of features and pricing plans, so businesses can choose the service provider that best fits their specific needs and budget. These services allow businesses to streamline operations, increase efficiency, and improve their online presence and customer engagement.&nbsp;</p><p style="text-align: justify;">There are many benefits to digitizing a business, including the following:</p><p style="text-align: justify;"><strong>Increased Efficiency and Productivity</strong></p><p style="text-align: justify;">Digital tools and processes can streamline workflows, automate repetitive tasks, and reduce the risk of errors, freeing up employees' time to focus on higher-level tasks that require more creativity and critical thinking.</p><p style="text-align: justify;"><strong>Improved Customer Experience</strong></p><p style="text-align: justify;">Digital technologies can help businesses better understand their customers' needs and preferences, allowing them to personalize their products and services and deliver a more engaging and satisfying customer experience.</p><p style="text-align: justify;"><strong>Access to New Markets</strong></p><p style="text-align: justify;">Digitization can enable businesses to expand their reach beyond their local market and tap into new national and international markets through e-commerce and digital marketing.</p><p style="text-align: justify;"><strong>Cost Savings</strong></p><p style="text-align: justify;">Digital tools and processes can help businesses reduce costs by automating tasks, eliminating the need for manual labor, and reducing paper usage.</p><p style="text-align: justify;"><strong>Increased Agility and Flexibility</strong></p><p style="text-align: justify;">Digital technologies can help businesses respond quickly to changing market conditions, customer needs, and emerging trends, enabling them to remain competitive and adapt to new challenges.</p><p style="text-align: justify;"><strong>Improved Data Management and Analytics</strong></p><p style="text-align: justify;">Digitization allows businesses to collect, store, and analyze vast amounts of data, providing insights into customer behavior, market trends, and business performance that inform strategic decision-making.&nbsp;</p><p style="text-align: justify;">&nbsp;</p><h2 style="text-align: justify;"><span style="font-size: 14pt;">Impact of Digitization of Businesses</span></h2><p style="text-align: justify;">Small and medium-sized businesses (SMBs) have significant opportunities to digitize and modernize their operations to survive and grow in today's rapidly changing business landscape. Digitization can help businesses improve operations, enhance customer engagement, and achieve sustainable growth in a rapidly evolving digital economy. Here are some reasons why:</p><p style="text-align: justify;"><strong>Digital Technologies are more Accessible and Affordable </strong></p><p style="text-align: justify;">Advances in technology have made it easier and more affordable for SMBs to adopt digital tools and services that can streamline their operations and enhance their competitiveness. Cloud-based software, mobile devices, and social media platforms have enabled even the smallest businesses to compete with more prominent players.</p><p style="text-align: justify;"><strong>Changing Consumer Behavior</strong></p><p style="text-align: justify;">Consumers increasingly rely on digital channels to research products and services, purchase and engage with businesses. SMBs that do not have a robust online presence risk losing out on potential customers and opportunities.</p><p style="text-align: justify;"><strong>Increased Competition</strong></p><p style="text-align: justify;">SMBs face intense competition from other SMBs and more extensive online and offline players. Digitization can help SMBs improve operational efficiency, reduce costs, and differentiate themselves from competitors.</p><p style="text-align: justify;"><strong>Changing Regulatory Requirements</strong></p><p style="text-align: justify;">Governments worldwide are introducing new regulations to address data privacy, cybersecurity, and environmental sustainability concerns. SMBs that do not have the necessary digital tools and processes to comply with these regulations may face penalties and reputational damage.</p><p style="text-align: justify;"><strong>Improved Access to Financing</strong></p><p style="text-align: justify;">Digitization can help SMBs improve their financial management and reporting, making it easier to access financing and investment to fuel their growth.&nbsp;</p><p style="text-align: justify;">Overall, digitization offers significant opportunities for SMBs to survive and grow in today's competitive business environment. By adopting digital tools and services, SMBs can streamline operations, enhance customer engagement, and improve competitiveness.</p><p style="text-align: justify;">&nbsp;</p><p style="text-align: justify;">&nbsp;</p><p style="text-align: justify;"><span style="font-size: 10pt;"><em>This article was contributed by our expert <a href="https://www.linkedin.com/in/chandru-theagarajan-a027a611/" target="_blank" rel="noopener">Chandru Theagarajan </a></em></span></p><p style="text-align: justify;">&nbsp;</p><p style="text-align: justify;">&nbsp;</p><h3 style="text-align: justify;"><span style="font-size: 18pt;">Frequently Asked Questions Answered by Chandru Theagarajan</span> &nbsp;</h3><p style="text-align: justify;">&nbsp;</p><h2 style="text-align: justify;"><span style="font-size: 12pt;">1. What are digitalization tools? </span></h2><p style="text-align: justify;"><span style="font-size: 12pt;">Digitalization tools are software applications, platforms, and technologies that help individuals, businesses, and organizations transform their physical processes and operations into digital ones. Some common digitalization tools include: </span></p><p style="text-align: justify;"><strong><span style="font-size: 12pt;">Cloud computing platforms</span></strong></p><p style="text-align: justify;"><span style="font-size: 12pt;">These tools allow users to store and access data and applications over the internet. </span></p><p style="text-align: justify;"><strong><span style="font-size: 12pt;">Enterprise resource planning (ERP) software</span></strong></p><p style="text-align: justify;"><span style="font-size: 12pt;">These tools integrate various business functions into a single system, such as finance, human resources, and supply chain management. </span></p><p style="text-align: justify;"><strong><span style="font-size: 12pt;">Customer relationship management (CRM) software</span></strong></p><p style="text-align: justify;"><span style="font-size: 12pt;">These tools help businesses manage customer interactions, such as sales, marketing, and customer service. </span></p><p style="text-align: justify;"><strong><span style="font-size: 12pt;">Data analytics tools</span></strong></p><p style="text-align: justify;"><span style="font-size: 12pt;">These tools allow businesses to gather, analyze, and visualize data to gain insights and improve decision-making. </span></p><p style="text-align: justify;"><strong><span style="font-size: 12pt;">Digital project management tools</span></strong></p><p style="text-align: justify;"><span style="font-size: 12pt;">These tools help teams collaborate, plan, and execute projects online, often with features like task tracking, document sharing, execute projects online, often with features like task tracking, document sharing, and communication tools. </span></p><p style="text-align: justify;"><strong><span style="font-size: 12pt;">Electronic signature software</span></strong></p><p style="text-align: justify;"><span style="font-size: 12pt;">These tools enable users to sign documents electronically, eliminating the need for paper-based signatures. </span></p><p style="text-align: justify;"><strong><span style="font-size: 12pt;">Virtual meeting and video conferencing software</span></strong></p><p style="text-align: justify;"><span style="font-size: 12pt;">These tools allow individuals and teams to hold online meetings and collaborate in real-time, regardless of location. </span></p><p style="text-align: justify;"><strong><span style="font-size: 12pt;">Robotic process automation (RPA) software</span></strong></p><p style="text-align: justify;"><span style="font-size: 12pt;">These tools automate repetitive tasks using software robots, freeing time for employees to focus on higher-level work. </span></p><p style="text-align: justify;">&nbsp;</p><h2 style="text-align: justify;"><span style="font-size: 12pt;">2. Why is the Subscription Business Model Sustainable? </span></h2><p style="text-align: justify;">The subscription business model is sustainable for several reasons: Predictable Revenue<br />Unlike one-time purchases, subscriptions provide a steady and predictable business revenue stream. This allows them to plan better and allocate resources, including product development, marketing, and customer support investments.</p><p style="text-align: justify;"><strong>Customer loyalty</strong></p><p style="text-align: justify;">By offering a subscription service, businesses can build a loyal customer base more likely to continue using their products or services over time. This can lead to higher retention rates and lower customer acquisition costs.</p><p style="text-align: justify;"><strong>Reduced churn</strong></p><p style="text-align: justify;">Churn, or the rate customers cancel their subscriptions, is generally lower for subscription-based businesses than those relying on one-time purchases. Customers have already committed to a recurring payment and are more likely to continue using the service.</p><p style="text-align: justify;"><strong>Lower marketing costs</strong></p><p style="text-align: justify;">Since subscription businesses rely on retaining existing customers, they often have lower marketing costs than businesses that acquire new customers. This can lead to higher profit margins over time.</p><p style="text-align: justify;"><strong>Flexibility</strong></p><p style="text-align: justify;">The subscription business model provides businesses with a more predictable revenue stream, greater customer loyalty, and lower marketing costs, making it a sustainable and profitable business model for many industries. Subscription businesses often offer flexible pricing and service options, allowing customers to choose the level of service that best suits their needs. This can lead to higher customer satisfaction and loyalty.&nbsp;</p><p style="text-align: justify;">&nbsp;</p><h2 style="text-align: justify;"><span style="font-size: 12pt;">3. What are the different types of subscription models? </span></h2><p style="text-align: justify;">There are several types of subscription models, including:</p><p style="text-align: justify;"><strong>Fixed subscription model</strong></p><p style="text-align: justify;">This is the most common type of subscription model, where customers pay a fixed price for a fixed period of time, such as monthly or annually. Usage-based subscription model.</p><p style="text-align: justify;">This model charges customers based on how much they use the product or service. For example, a cloud storage provider may charge based on the amount of data stored.</p><p style="text-align: justify;"><strong>Tiered subscription model</strong></p><p style="text-align: justify;">This model offers multiple levels of subscription, each with different features and prices. Customers can choose the level that best suits their needs.</p><p style="text-align: justify;"><strong>Freemium subscription model</strong></p><p style="text-align: justify;">This model offers a free basic version of the product or service but charges for premium features or upgrades.</p><p style="text-align: justify;"><strong>Pay-as-you-go subscription model</strong></p><p style="text-align: justify;">This model charges customers based on their actual product or service usage. For example, a Software-As-A-Service (SaaS) provider may charge based on the number of users or the time spent using the software.</p><p style="text-align: justify;"><strong>Hybrid subscription model</strong></p><p style="text-align: justify;">This model combines two or more subscription models, such as a fixed subscription, with usage-based billing for additional features.</p><p style="text-align: justify;"><strong>Non-renewing subscription model</strong></p><p style="text-align: justify;">This model charges customers a one-time fee for access to the product or service for a fixed period of time, after which they must purchase another subscription to continue using it. These are just a few examples of the many subscription models available. The type of subscription model a business chooses will depend on factors such as the product or service offered, the target market, and the business's goals and objectives.&nbsp;</p><p style="text-align: justify;">&nbsp;</p><h2 style="text-align: justify;"><span style="font-size: 12pt;">4. What are the advancements in subscription-based ERP software solutions for businesses? </span></h2><p style="text-align: justify;">There have been several advancements in subscription-based ERP (Enterprise Resource Planning) software solutions for businesses in recent years. Some key advancements include:</p><p style="text-align: justify;"><strong>Cloud-based deployment</strong></p><p style="text-align: justify;">Many ERP solutions now offer cloud-based deployment, allowing businesses to access their ERP software over the internet from anywhere without needing on-premises hardware and infrastructure.</p><p style="text-align: justify;"><strong>Mobile Accessibility</strong></p><p style="text-align: justify;">Many ERP solutions now offer mobile accessibility, allowing users to access the software from their smartphones and tablets and enabling remote access to business data.</p><p style="text-align: justify;"><strong>AI and machine learning</strong></p><p style="text-align: justify;">Some ERP solutions now incorporate AI (Artificial Intelligence) and machine learning capabilities, enabling businesses to automate processes, make data-driven decisions, and identify patterns and insights from large data sets.</p><p style="text-align: justify;"><strong>Integration with other business systems</strong></p><p style="text-align: justify;">Many ERP solutions now integrate with other business systems, such as CRM (Customer Relationship Management), accounting software, and e-commerce platforms.</p><p style="text-align: justify;"><strong>Customization and flexibility</strong></p><p style="text-align: justify;">Many ERP solutions now offer customization and flexibility, allowing businesses to tailor the software to their specific needs and preferences.</p><p style="text-align: justify;"><strong>Enhanced security</strong></p><p style="text-align: justify;">Many ERP solutions now offer enhanced security features, such as data encryption, role-based access control, and multi-factor authentication, to protect sensitive business data. These advancements in subscription-based ERP software solutions have made them more accessible, customizable, and secure while providing businesses with more powerful tools for managing their operations, making data-driven decisions, and staying competitive in today's rapidly changing business environment.</p><p style="text-align: justify;">&nbsp;</p><p style="text-align: justify;">&nbsp;</p><p style="text-align: justify;">&nbsp;</p><p style="text-align: justify;">&nbsp;</p>