#DigitalDialogue: Digital innovation & transformation is on overdrive- Vishal Chinchankar
The COVID-19 pandemic and the resultant lockdown has led to a challenging economic situation and uncertainty in the market. Some of the businesses are responding by cutting down on spends, salary cuts and even laying off employees, while others are taking affirmative action to gain the most out of limited resources and fortifying themselves for the new normal once the crisis abates.
While digital has been on a growth trajectory even before the pandemic, the global crisis has accelerated digital transformation in businesses. Most industry experts believe that Digital will lead the industry’s recovery and will permeate through every sector.
As a build up to our marquee event DIGIXX 2020, Adgully is continuing with its new series, #DigitalDialogue, which will have a special focus on the digital sector, how Digital is paving the way forward for companies and brands and how it will be a brand-building imperative.
Vishal Chinchankar, Chief Digital Officer, Madison Media, talks about digital transformation in the current situation, generating demand for new products and the role of technology. Chinchankar believes companies should focus on future of business by innovating news products for customers, which can open new revenue opportunities.
How can companies and agencies accelerate their digital transformation process in the current scenario?
The situation caused by the pandemic has forced short-term adaptation, but should be viewed as a leap towards digital transformation. Firstly, I believe change in ways of working should be adapted quickly, ability to work from home and remote learning needs to be pivoted by employees. Secondly, focusing on the future of business and innovating by offering more product options to customers, potentially this can open new revenue opportunities. This will clearly lead towards creating demand and that’s the need of the hour for companies to be back on track. And last but not the least, technology adaption to automate processes will be the key to accelerate transformation.
How can Digital lead the recovery for brands in the new normal?
The No. 1 priority for marketers as the country reopens is going to be generating demand for their products and services. Digital consumption is really accelerated during the lockdown, not just in terms of growth in new users, but also time spent. Brands really need to plan ahead, taking advantage of inventory deals and gain share of voice. Marketers also need to use this time to fix their assets and communicate with consumers through their social channels and hardworking performance media.
What kind of investments are most needed to create the technology environment that will allow companies and agencies to thrive in the new normal?
The current situation has amplified the role of technology in navigating the new normal. Data-enabled initiatives will increase for most companies, clearly an opportunity for various data and AI specialists to develop tailor-made solutions. I would also believe that e-commerce will emerge as priority channel for companies, most of the energies will be directed towards scaling the commerce channel of business. Investments will primarily be in people and partnerships to thrive in the new normal.
How can digital innovation be turned into a business-building imperative?
The pace of digital innovation and transformation is on an overdrive. Today, every industry is transformed from education to edu-tech, finance to fin-tech, retail to e-commerce, and even traditional media to digital advertising. These are being disrupted and reinvented. Digital revolution has not just changed how businesses are perceived, but also how businesses are performed.
What steps can companies and agencies take to reskill their workforce to work in a new digital ecosystem when the recovery begins?
Going forward, clearly employees will need hybrid skillsets for multi-tasking in this changing market dynamics. Companies should develop their own courses for reskilling and upskilling employees or hire trainers. Businesses must also develop new approaches to workforce development for those outside of traditional talent pools.