The digital transformation has been a critical component in ensuring the survival of companies in this pandemic. Digital transformation has always been an important topic for 2020; However, Covid-19 has become the most necessary part of the business strategy.
Business leaders and executives have known for years that digital transformation is inherent. As a result, we have seen significant innovations happening in various domains such as mobile app development, eCommerce, on-demand services, finance, and many others.
If you look at the pandemic through a commercial angle, you can see that it has accelerated our need to work with restraint philosophy. This theory states that each company or entity will have its limitations and restraints and, once we analyze that, it would ultimately be an advantage.
According a study conducted by Mckinsey, as companies are rebounding to big brands, these companies reported 16% of industry’s growth during 2015-2018. This same ratio spur to 39% during 2018-2019. Moreover, at present, the number reached to 55% in April 2020 during initial period of pandemic.
The pandemic meant identifying a company’s weakest point and working to survive. Now that the competition is stronger than ever, this approach has taken us forward, and digital transformation and the use of technology are often obstacles for many companies.
Recognizing The Sense Of Urgency For Digital Transformation
Companies have not been in a hurry to digitize for years. People agreed to put technology transformation at the bottom of their list.
However, Covid-19 meant that many companies had to operate remotely. Once again, the survival instinct continued, and the leaders realized that they had to devote themselves to these technological systems. They invested in fundamental technologies, such as cloud software. Without it, they would not survive.
While this sense of urgency raised concerns for business leaders who had to make decisions swiftly, it was undoubtedly a good thing in the long run. This means that companies are now designed to be successful and have undergone a digital transformation in a much shorter time.
The One Who Stays Geared Would Win
Covid-19 led to a survival scenario of the strongest. Those who knew how to adapt and innovate knew how to stay alive. That was bad for some, who ended up going bankrupt. The bottom line, however, is that companies that have adapted, innovated, and adopted digital processes and tools have given themselves the best chances of survival today and in the years to come.
Tap The Opportunities Now
Understanding downfall of economy due to COVID-19, according to Mckinsey the US state budget tried to fill economic gap by offering relief fund, and it is expected to reach $30 Trillion by 2023.
To take advantage of this time, you need to take your mind off the swamp and build a culture of continuous innovation.
Start by setting up a small workgroup in your company to investigate the external factors, review internal constraints and resources, stay up to date with the competition, and explore new opportunities would be the key rule, thanks to the pandemic. You can also adapt your business to an external digital transformation and innovation consultancy that challenges you and your team more effectively and see the opportunity in a new condition.
Turn those opportunities into some experiences. Promote a culture of early failure in your team. Understand that customer needs are changing rapidly due to the urgency of the pandemic. Testing these customer experiences and getting feedback is critical to measuring results and seeing what digital tools drive the needle to your customers.
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