🖥️ Digital Transformation Journey

Plus: Finding the Signal in the Noise, Hyundai Motor India CEO Talks.

Author

Chai Sip
April 02, 2023

ISSUE #041

☕ Good Morning! Sippers,

The pandemic has accelerated the world’s digital transformation, and small businesses have been at the forefront of this shift.

As more and more traditional businesses become digitally native, the question arises: How long does it take for a company to complete its digital transformation journey?

In today’s Issue 📥 :

  • The Digital Transformation Journey.

  • Finding the Signal in the Noise.

  • Hyundai Motor India CEO Talks.

SIP WORTHY

The Digital Transformation Journey: Small Businesses Take the Lead

Satyamohan Yanambaka, CEO of Writer Information, estimates that it takes 12-18 months for a mid-tier company with 500-1,000 employees to complete its digital transformation. The extent of the digital transformation will depend on the company’s commitment to the process and the top executives’ involvement. For micro SMEs, the process can be completed in just a month, while for bigger companies may take up to two years.

💻 Handholding for Digital Transformations: Sachin Dev Duggal, CEO of Builder.AI, suggests that small businesses do not need to upskill as much as they need to cross-skill. They need to learn how to run their businesses across a new medium, such as uploading inventory into a software system. Duggal believes that micro SMEs can complete this process in a month, while small-to-medium businesses with around 100 people may take up to six months.

🤝 Overcoming Challenges: One of the primary challenges in digital transformation is understanding what the client wants. Yanambaka uses various templates to understand the digital transformation a company needs. The biggest challenge is the interchange of what customers want and what they need.

According to Duggal, the average customer is not technical, and there is a behavioral issue among SME clients. They fear failure as they do not understand the transformation completely. To overcome this fear, Duggal suggests taking people on a journey during digital transformation to help them understand its advantages and relevance.

👉 Conclusion: Digital transformation is a no-brainer for businesses today. As more and more businesses become digitally native, small businesses are leading the way. The timeframe for completing digital transformation depends on the company’s size and commitment, but with proper handholding and overcoming challenges, the journey can be completed successfully.

IMPROVEMENT SIP

Finding the Signal in the Noise: The Importance of Curating and Refining in a World of Excess Opportunity

Modern society is awash with an abundance of opportunity. From an infinite array of consumer products to an endless stream of information, the opportunities available to us today are unprecedented. While this may seem like a positive development, the reality is that this overwhelming level of choice can be paralyzing.

The key to success in this modern world lies not in having more options but in being able to curate, filter, and refine those options.

One example of the importance of curating and filtering comes from the world of fashion. Fashion designer and entrepreneur, Diane von Furstenberg, once said, “The most important thing is to edit your wardrobe. If your closet is cluttered, your mind is cluttered.” This sentiment reflects the idea that having too many choices can lead to indecision and a lack of focus. By intentionally curating her wardrobe, von Furstenberg is able to eliminate distractions and focus on what truly matters.

Similarly, in the world of technology, the success of companies like Google and Apple can be attributed in part to their ability to curate and filter information. Google’s search algorithm is designed to provide users with the most relevant results, while Apple’s App Store is curated to ensure that only the best apps make it to the top of the rankings. By carefully curating and filtering the options available to their users, these companies are able to provide a better user experience and stand out in a crowded market.

Another example of the importance of curation comes from the world of journalism. In an age where anyone can publish anything online, the role of the journalist as a curator and filter of information has become increasingly important. As New York Times columnist David Brooks once said, “The real value of journalism is not just the facts, but the way they are arranged. It’s the process of curation that turns information into knowledge.” By carefully selecting and arranging information, journalists are able to provide their readers with a deeper understanding of the world around them.

Whether it’s curating your wardrobe, filtering information online, or arranging the news in a meaningful way, those who are able to edit best will find the signal in the noise and stand out in a crowded marketplace. As the American writer and poet Sylvia Plath once said, “The worst enemy to creativity is self-doubt.” By curating and filtering our options, we can eliminate self-doubt and focus on what truly matters.

HOT SIP

Hyundai Motor India CEO Talks About New Verna Sedan and EV Strategy

Photographer: SeongJoon Cho/Bloomberg via Getty Images

What’s sipping? ☕ Hyundai Motor India recently launched the new Verna sedan, defying the trend of car manufacturers focusing on the high-growth SUV segment. In an exclusive interview, CEO and Managing Director Unsoo Kim explained the company’s strategy and game plan for electric vehicles (EVs).

🚗 The Reason Behind the Launch of the New Verna: Kim explained that while the trend towards SUVs is global, sedans have seen significant growth in India. Sedan sales increased from 9.5% of the total market in 2021 to 10.4% in 2022, reflecting a 40% growth. Furthermore, Indians have always aspired to own sedans, but reputed brands were focused on SUVs. Hyundai plans to double sales through the new Verna, which has already received 8,000 bookings in just one month.

🚗 Who is the New Verna Customer? Kim revealed that Verna customers are younger than SUV customers, with 41% of customers under 30 years old compared to just 20% for the Creta SUV. Verna customers are also more focused on exterior styling and internal space, making the new Verna an attractive option for first-time buyers, of which 25-26% are expected to choose the sedan.

🔋 Hyundai’s EV Roadmap for India: Kim shared that Hyundai wants to be the number one EV player in India, with plans to launch eight EVs by 2028 across all segments. The Indian government’s initiatives on EVs are very strong, and customers are showing interest in buying EVs.

Hyundai’s second EV, Ioniq 5, has already received bookings for 800+ vehicles and will start deliveries in early April. Kim believes that with more localization, availability of cells for batteries, and infrastructure progress, the growth of EVs in India will augment towards a 30% penetration by 2030.

🔋 Will Electric Cars be Available in the Sub-Rs 10 Lakh Range? According to Kim, the availability of electric cars in the sub-Rs 10 lakh range will depend on battery cell prices. As the technology grows, the price of battery cells will go down, making it possible for Hyundai to increase electric car volumes and potentially form a joint venture with a battery maker.

🚗 Expansion and Capacity Building: India is growing very fast, and Hyundai will require more capacity to meet the demand. The company has already announced increasing production from 770,000 units to 820,000 units per annum and is looking at buying GM’s plant to add capacity. However, Kim says that even more capacity will be needed to meet the growth in the Indian market.

SMALL SIPS

Love Breaks: Chinese colleges are giving their students spring break “to fall in love”. They are also given homework, like writing diaries, recording personal growth, and filming videos of their travels.

Stats: With India’s labor markets deteriorating, unemployment rose to a three-month high in March to 7.8% as per data released on Saturday by the Centre for Monitoring Indian Economy (CMIE).

Heatwaves: The weather office noted that states including Bihar, Jharkhand, Odisha, Punjab, and Haryana were among those likely to witness scorching heatwave days in April.

Gallan Goodiyaan: Whether it’s ‘Dil Dhadakne Do’ or ‘Bajirao Mastani’, Priyanka Chopra and Ranveer Singh’s on-screen chemistry was loved by fans. Ranveer Singh and Priyanka Chopra set the stage on fire as they re-create ‘Gallan Goodiyaan’ on Day 2 of NMACC gala.

Dark Thoughts: Samantha spoke to an English magazine about the ‘dark’ days she had to go through and the tough times she had to face as an individual prior to her divorce and following her divorce. Samantha called it a ‘dark phase’ in her life and added that it was filled with tears and a lot of mixed emotions.

With CHAI ☕

♟️ Ceo: Chess.com has launched a search for its new CEO.

🤯 How to: know If Someone Restricted You on Instagram.

🤨 Aww: Wait you are not my mom.

🏏 It’s Interesting: Virat Kohli shares his class 10th mark sheet with an interesting caption.

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