The rapid rise of technology and digital transformation has played a transformative role in revolutionizing economies and empowering communities. Each nation has its own evidence that support this, and Qatar is no different.
In fact, technology is given a prime focus in the Qatar National Vision 2020 strategy. Innovation is set to fuel change in the economy, as well as in individual businesses that range from startups to large corporations. How is that possible? Here are a few ways.
New sectors are gaining ground: E-commerce, blockchain, and fintech are just some new sectors that have become household names among various business communities in Qatar. They are either used as focal points of fledging companies or are adopted by existing businesses to improve their products and services. That’s thanks to how technology is bringing everything digital, and shifting progress towards becoming far more accessible than it ever has been.
Today, retailers don’t even need physical stores to sell their products. Payment providers can thrive with an innovative mobile application or software. Healthcare professionals or companies can provide services or even issue prescriptions online. The landscape has changed tremendously, which means that opportunities have developed too. Entrepreneurs have more avenues to succeed and more possibilities to pursue. And if enough of them get in on the change, the impact will scale and create waves in the Qatar economy.
Business efficiency is increased: One of the biggest benefits that digital transformation gave businesses is improved productivity and operations. Tasks can now be automated, work can be brought online, and teams can be distributed across cities or even countries. Manufacturing and distribution can be made more efficient and cost-effective as well.
This allows Qatar-based businesses to escalate their overall output, whether that’s in terms of providing products or services. When that happens, more active business industries are created and Qatar’s economic activity is increased, along with its profitability.
Growth and scalability are made more possible: The long-term goal of many businesses is to grow. Some ways to do this are to improve or increase offerings, scale business operations, or open up in bigger markets. All this is now more accessible with the help of technology and innovation. A fintech can better their software to gain a more widespread reach across different nations. E-commerce can be used to reach customers who have no direct access to a retailer’s physical branch. There are less obstacles now, as long as entrepreneurs have the right idea and strategy behind their growth.
Adding to that is the fact that marketing is a whole new ball game now. Social media, digital marketing, CRM, webinars, are just some of the initiatives that many businesses are using to reach and engage with more potential audiences. This results in global exposure for Qatari companies, as well as global operations – therefore bringing the already bustling Qatar economy and business landscape to the worldwide stage.
Industrial growth is fostered: As the examples in the previous point show, company’s welcome innovations that push their progress. This allows them to modernize and improve on what they offer their consumers, therefore elevating them versus similar businesses. At the same time, these companies become better equipped to adapt to future technologies since they’ve already gotten a head start.
Seeing fellow businesses grow in that manner can certainly serve as inspiration for other companies, helping to fuel a bigger change that ultimately changes entire sectors.
Join the digital transformation with Creative Zone Qatar
With so many new developments, the business landscape in Qatar is now far more appealing for entrepreneurs. They can see success as an individual business and contribute to the growth of Qatar’s economy.
Given all that, isn’t this a prime time to finally start a business journey there? It’ll be an incredibly rewarding venture, and one that can become even more fruitful by working with business setup partners who can provide services for incorporation and operation, as well as solid strategic advice. At Creative Zone Qatar, that’s our exact expertise.
Interested in learning more? Get in touch with us and we’ll work together to build the next big business in Qatar.