You may have noticed that tech has dominated the way that we do business, the global pandemic has solidified that with the "new normal" working from home & zoom calls with colleges. The question is how do we take advantage of this and use it to grow your business?
Companies now face an urgent choice: go digital, or go bust
There is a lot of discussions today about what the shape of the economic recovery will be: V, W, L – or something else entirely. But those discussions actually miss the crucial impact of the historical moment we are living in. The reality is that no matter the shape of the economic recovery, the composition of the post-pandemic economy will be dramatically different.
Companies that do not digitally transform will fail
Six months into the crisis, why are some companies doing better than others – and why are some doing better than before? The answer to this lies in one of the key indicators of the ongoing transition: it tends to be those companies that had already successfully implemented digital transformation and platform-based business models or those that we're able to quickly adapt to digitalization. Companies that do not digitally transform will be left behind and will cease to exist.
For all the companies that lost out to COVID-19-induced low consumer demand, there were many companies that we're able to leverage digitalization and digital transformation to come out on top. A lot of retailers were able to ramp up their online presence as demand for e-commerce rose. Gyms were able to launch live fitness classes for their members through their own apps and on social media. Ridesharing and delivery platforms were able to expand services to other sectors and helped them to move online.
Digital transformation has not been limited to meeting customer demands; it has also enabled the increase in remote working and has cut down costs. Transitioning towards distributed workforce solutions, reducing physical customer interactions, and moving to a managed services model can help companies to utilize digital transformation as a cost-effectiveness tool as well.
