The Role of Digitization in Helping Indian Businesses Survive Covid-19. The global community has witnessed the rise of many pandemics and epidemics before, but none have come close to Covid-19 in terms of the damage it has caused to the world. Countries have always made infrastructural innovation a priority while developing their cities, but have never planned enough to deal with a crisis that has disrupted connectivity and brought businesses to a grinding halt.
Ground Report News Desk | New Delhi
However, this crisis has also presented us with an opportunity to integrate and streamline digital infrastructure at various stages for more effective decision-making for businesses. We were already seeing the rise of a new digital era, replete with new-age technologies such as Artificial Intelligence and the Internet of Things (IoT). And now Covid-19 has expedited their rise, with businesses being forced to look at digital with much more focus. This shift to digital could prove to be instrumental in keeping this virus, and all other future pandemics, off limits.
The digitalization of trade marketplace during pandemics like this can easily help bridge the gap created by physical inaccessibility. Take the example of the brokering industry, which is being powered by AI-based platforms. These not only give investors a ‘touch-of-a-button’ experience, but also ensure constant accessibility so that trade opportunities are never lost. Technologies like these can pave the way for unbridled efficiency, and serve the purpose of business continuity even amidst a crisis like this.
Digital innovation can also transform the agriculture sector in India, by making it much more market friendly and balance out supply and demand gaps through creating effective digital linkages. Farmer Producer Organizations (FPOs) have already witnessed growth in the last few years on the back of digital innovations. Did you know that FPOs ate growing at nearly 18 percent per year in India right now?
In fact, companies like Tradologie are already pioneering technology that helps farmers realize the benefits of aggregation – better access to inputs, and better market-price realization. The platform is the first-ever, enquiry-to-delivery trade enablement platform that has been set up to facilitate bulk global and domestic trade of commodities by acting as a direct interface between actual buyers and sellers.
The B2B marketplace deals in commodities trade for agricultural produce such as rice, maize, raw cotton, vegetable, etc, along with metal, coal, raw material, and construction procurement. It enables real-time price discovery and negotiation mechanism to buyers through an online reverse bidding system on its platform. Using AI applications, the company is ensuring that business shutdowns to mitigate the spread of the virus do not hamper supply chains, and traders are able to leverage newer avenues of global procurement to maintain business continuity.
Homegrown businesses like Tradologie can take India digitally ahead, by adding tremendous amount of efficiencies, accuracies and innovations, and ensure preventive measures for the future. By investing time and efforts in digital practices and technologies, all kind of players can enhance their productivity, and become more agile to dynamic market needs to ensure survival and eventual success.