The coronavirus ended any doubts about the digital shift’s importance for organizational sustainability. Customer-employee relations must be digital in a contactless future. With few exceptions, the only way to remain in existence during mandatory closures and curtailed activities is to operate digitally. Digital or fade out: it’s either one or the other.
Compared to the previous year, there has been a considerable trend toward digital technologies. Even before the outbreak of the pandemic, the economic structure had already begun to shift toward digitalization and servitization. For example, there has been a significant rise in expenditure on internet enterprises as a result of current situations. However, this is merely the beginning of the voyage.
A wake-up call for organizations that haven’t adopted digitalization and now discover themselves ill-equipped for the epidemic. They’re now trying to move their activities and workers to the digital world, in the face of a sudden and drastic decline in demand, as well as absolute financial turmoil. When it comes to digital advancement, speed and ferocity are the order of the day. However, being too rushed can cause errors.
Organizations that, earlier to the epidemic, not only created but also implemented digital solutions now have an advantage over their weaker agile counterparts. Regardless of their current range of online maturity, they experience COVID-19-related difficulties. Digitalization isn’t a one-size-fits-all solution to today’s economic challenges.
Their resources are much better equipped to endure the hurricane and emerge stronger than before. In the meantime, don’t write off the slackers in the virtual environment. In times of crisis, creativity flourishes, and the implementation of sound ideas may catapult any company to new heights.
Businesses that rely solely on their today’s digital capabilities risk being overtaken by those who invest to modernize their systems in anticipation of a post-pandemic world that looks distinctive from the one that existed before the coronavirus outbreak.
Focus: The Digital Edge
An advantage over the demand comes from being able to bounce back more quickly and shift gears from passing the ball to pursuing progress when a firm implements digital services.
They use electronic technology to optimize workflows and streamline manual steps, leading to enhanced performance, minimal wastage, and more time spent on profitability initiatives.
They have a bonus of productivity because their staff is now accustomed to working virtually, so they are completely focused on maximizing efficiency while also preserving workplace goals.
They use client information to track the sequence of decisions and discover new customer demands.
They have an edge in agility because they use data-driven knowledge to make quicker judgments. They’ve got social adaptability inbuilt, so they can quickly turn off track at any time. The pace of digital change has been accelerating.
Earlier in the epidemic, ‘online’ was a watchword among organizations, and many of those were either investigating or converting to ‘performing electronics.’ Change and speed are way overdue, and the ‘Becoming virtual’ concept is still strong. It appears that this is the paradigm we are witnessing!
E-commerce dominance in the U.S. Increased from 17% to 33% in just 2 months, surpassing the previous projection of 24% by 2024. Nevertheless, one thing is clear: the velocity of transition is unparalleled.
To acquire a strategic advantage, companies across all sectors have experienced considerable returns from electronic tactics in the recent year. Healthcare, retail, financial institutions, and shipping and production lines have all benefited from the adoption of digital resources, which have eased and streamlined processes.
According to these recent developments, digitalization has increased rapidly in recent years
How to Sustain, Compete, and Flourish
Although the emphasis was on existence and struggle in the first year of the epidemic, many CIOs are now turning to a ‘flourish’ approach (advancements, digitalization, and quick technology activation). In a McKinsey worldwide study of CEOs, the COVID Disaster has led to a significant acceleration in the digital revolution of customer contacts.
Boost Your Ability to Recover From Setbacks
Gearing up for the next epidemic and enhancing the resilience of enterprises. CIOs must consider if they want to keep it going now or wait until it’s too late.
Drift Take-up of new methods of doing business
There has been a dramatic increase in the adoption of fresh and existing business styles (e.g. on-demand services, online wellbeing) at a considerably quicker pace than in the past. This has resulted in a technology-driven momentum to comply with the new typical demands.
Foresight and planning for the future
It’s been a drastic change from productization to platform action. Entities of all forms are exploring online technologies to stay profitable during the epidemic. Hybrid systems will be adopted in the aftermath of the outbreak to provide recurring revenue.
The CIO/CTO is leading the discussion on digital technologies
This is the first time in history that CIOs and CTOs are taking the lead in the electronic debate. Businesses have realized that technology will be the driving force behind this rapid transformation.
Customization Without Limits
During the past decade, the emphasis was on bettering the customer’s experience and customizing the product. After the epidemic, e-commerce and online payments have reached an all-time height, and ultra personalization is on a steady rise. When it comes to expanding their market share and customer base, the FAANG firms will set the benchmark for others to adopt.
Banking executives, per an EIU survey, expect AI to be a show stopper following COVID-19. Artificial Intelligence (AI) is at the edge of bankers’ AI aspirations, but the technology is also crucial in domains such as entrepreneurship, spam detection, and cyber security.
Leadership vs. Followers in the Digital Economy
7X more creative, 3X more profitable and 38% happy customers were the results of the MIT Online Transformation Study compared to digital underperformers.
Digital leaders commit 52% of their attention to creativity, while online underperformers spend only 16% of their effort on it, per a survey. Information technology has only become wider since the outbreak. Today’s modern business executives have no choice but to adapt to the emerging ‘Digital Age’.
As a result of the change to online first, companies have redesigned their business models and customer initiatives. An effective roadmap necessitates a full reworking of conventional QA methodologies and architecture. During this time of crisis, digitalization is more critical than ever. However, this does not imply that it will retain its pre-pandemic appearance.
There is likely to be a lack of facilities, both in terms of skill and funds. It may be necessary to reevaluate digital activities in light of their existing relevance in the present climate. New issues and possibilities may arise with more intensity as a result of these changes.
Transformation may be so substantial for some companies that their protracted strategic plan needs to be reevaluated. Furthermore, any digitalization strategy that does not provide benefit at each stage will need to be rethought.
With digitalization at the forefront, the most important thing is to keep experimenting and innovating. Businesses can emerge from the battleground stronger, more flexible, and more customer-focused than they were before.
Isha Sachdeva is a young entrepreneur aiming to bring a digital transformation for brands and customers.