How the UAE Business Leaders Took Advantage of Digital Transformation?

by Zaara 29, Jan 2021

How the UAE Business Leaders Took Advantage of Digital Transformation?

The Covid-19 has spread like a forest fire in UAE; it is evident to see the number of citizens tested positive to increase at an incredible pace. The deadly virus had done its utmost to hamper the growth and depletion of all sectors of the economy.

The lockdown restricted the citizens to move out freely, and malls, shops, and other such domains were ordered to remain shut until the virus is in a controllable state.

As to overcome the negative impact of the Coronavirus, the commercial private, and government sectors extended their branch of support towards digital transformation.

Why Do Business Leaders Need Digital transformation?

The COVID-19 pandemic is recognized as an opportunity to step towards digital transformation; which is the key to fight back the dropping economy of the UAE.

The UAE government has announced various strategies and plans for encouraging business sectors, particularly along with different other domains to implement UAEs digital strategy.

Strategies-

  • The National Innovation Strategy
  • The Artificial Intelligence Strategy 2031
  • The Blockchain Strategy 2021 Technology

Benefits of Digital Transformation?

  • It helps the firm remain swift, efficient, and resilient.
  • It contributes to the paperless strategy implemented by the UAE government.
  • Firms can boost their sales despite COVID
  • Transparency to buyers enriches a consumer journey
  • Act as a catalyst in boosting the UAE’s rank as a regional tech hub.

Sectors Affected By COVID-19

Here are the sectors affected due to the pandemic.

Retail and Restaurant Industry

The UAE’s retail and restaurant industry had to go through a rough phase due to pandemic. Earlier, the sales dropped because of shops being shut during the phase of lockdown. Afterwards, the buyers still feared going out and shop the way they used to do before COVID.

Digitalization was the only means firms could boost their dropped sale rate. With the fast adoption of e-commerce platforms, sellers were able to reach their potential customers. Moreover, they were benefited by massive coverage of audiences across the UAE region.

Retail sectors immensely enriched the buyer’s journey via an e-commerce platform. Wondering how?

  • Personalized customer shopping offers
  • Suggestions based on customer’s taste
  • Wider payment options
  • Transparency in terms of tracking the order

Components of Digital Transformation

There are mainly four vital components-

Advanced Analytics

A knowledgeable analyst is a must professional member for every company to have. The analyst gathers vital insights from analytic reports and helps the firm to make an informed decision at the right time.

Organizations can see their market position and take the required steps to survive in their respective competitive industry. Many companies have prioritized advanced analytics because of Covid. As a result, they were able to anticipate the needs of their customers, changing in the market and much more.

A firm can also outsource the service of analytics from the companies which offer advanced analytics solutions. Or they can use visualization tools like Tableau and Power BI for decoding the data.

Data

Data is one of the main tools used for forecasting risks. Thus, an organization should be data-centric to stay competitive and survive during unprecedented times, for example, coronavirus.

How the power of data benefits organizations?

  • Companies are more proactive
  • Personalized services for clients
  • Better operational efficiency
  • Insights to changing customer needs and expectations

Artificial Intelligence and Machine learning

Applications of Artificial Intelligence and Machine Learning help in decoding patterns from collected big data. The software includes features of-

  • Predictive analytics
  • Natural language processing
  • Speech recognition
  • Chatbots

By leveraging AI technology, a firm can enjoy the benefit of being ahead of its competitors. AI plays the role of a catalyst in the success of entrepreneurs who have set up business in the UAE.

Data Monetization

To be competitive in the market, organizations need to figure out ways to extract value from their data. Companies in various sectors use data monetization-

  • Retail
  • Services
  • Finance
  • Banking sectors

Even SMEs have understood and realized the need and potential of data monetization. It requires proper sync with the organizational goals and should specifically focus on the gainful and beneficial value opportunities.

All companies should leverage data monetization for operational benefits, advanced decision making, and revenue generation.

In Summation

We can wrap the article by saying that to be at the forefront in the technical data game, a firm should consider factors like data collection, storage, analytics, and modernization. Organizations have taken a bold step of adopting digital transformation; the same has given rise to the need for cybersecurity.

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