A perfect storm of disruption has been generated by the convergence of numerous critical aspects, including worldwide accessibility and connectivity online, unprecedented computing power, boundless storage capacity, and inexpensive technological manufacturing costs. Continue reading →
Disruption has steadily transformed the global corporate environment over the last decade. A perfect storm of disruption has been generated by the convergence of numerous critical aspects, including worldwide accessibility and connectivity online, unprecedented computing power, boundless storage capacity, and inexpensive technological manufacturing costs.
As a result, technological advancements have accelerated, and the new rules of the digital economy have modified long-standing principles about how to communicate with consumers, produce and promote products or services, run a firm, and earn money.
The coronavirus pandemic has caused a slew of unexpected changes in the global business environment this year. Never before in modern corporate history has there been such a high degree of digital adoption as we’ve seen in the last year. Consumers quickly moved to internet and e-commerce platforms to purchase products and services as the globe fell into lockdown. Furthermore, shoppers prioritized critical purchases like groceries and healthcare supplies above non-essential purchases or brand preferences.
Companies also had to deal with the significant transition to remote work, which required a large portion of the worldwide workforce to work from home. Because many businesses had functioned under the assumption that physical presence was the main or major operating paradigm, few were prepared for such a scenario, let alone be able to provide smart office solutions. To maintain productivity in the digital collaborative environment, businesses have to immediately upskill or reskill their staff.
There are some companies that have understood how to tackle this situation and proceeded to use this remote working environment to upscale their business. Hiring a virtual assistant, for example, is now a choice many entrepreneurs make instead of going for an in-house assistant that would be required to work from home as well. This is a much more affordable option, as virtual assistants are able to do almost everything a traditional assistant does, the only difference being that they work from their home.
In this environment, strategic company transformation through digital technologies has become crucial to retaining a competitive and resilient market position. The following are three practical measures that businesses may take to expedite digital transformation and win in the “new normal” business environment.
Before you design tactics to get you where you want to be, you must first understand where you are right now. When pursuing a digital transformation, this health check may help you analyze strengths, weaknesses, pain areas, and roadblocks.
In order to assess an organization’s digital health, three essential components must be considered: market trends, the company’s existing technological landscape, and the company’s skills, capabilities, and products.
To perform your own evaluation, form an internal task force or a small cross-functional team to do research and gather information in these areas. Consider several variables while examining emerging trends, such as changing consumer habits and tastes, new technology and their potential influence in business, and the changing competitive environment, such as industry-changing startups.
To avoid becoming bogged down in too much research, the assessment team should run a quick scan of a wide variety of trends before diving deep into a few areas that might have a significant influence on the company. Focus on connecting market trends or future prospects with the company’s internal capabilities once the evaluation study is completed (i.e., what the company can realistically deliver in the next few years).
Analyze your customer journey to find gaps in contact points and interactions that may have an influence on the customer’s experience with your company.
Furthermore, concentrate on identifying moments of truth in the client journey where your organization has the potential to leave a lasting impression. “Moments of truth” are described as interactions with your brand, product, or service that cause a consumer or user to create or modify an opinion about your firm. Concentrate on identifying micro-moments where you can connect with clients to strengthen the bond.
Customers can be engaged in a variety of ways through digital and internet platforms. Other excellent digital solutions are now simple to adopt. For example, there are a plethora of AI-based virtual assistants and chatbots on the market today that are both cost-effective and simple to adopt, yet have a significant impact when done correctly. Companies may use these to boost customer engagement and fill in the gaps in the customer journey with value-added interactions.
Companies have been able to create a variety of new business models and income sources thanks to digital technology. Many digital native startups have been able to quickly disrupt established corporations by leveraging these digital-first business models.
Netflix, for example, has drastically transformed how moviegoers access and consume content. Netflix also benefited from the coronavirus outbreak because people resorted to internet streaming as an alternative to going to the movies or watching television. Netflix’s subscription-based business model, on the other hand, has proven to be more sustainable than that of some other younger streaming services, such as Quibi, which was forced to close in the past year.
Companies should analyze their strengths and skills and link them to evolving market demands to uncover pivots that will offer new income possibilities in the next normal to survive and grow. Companies must, however, ensure that pivots are aligned with long-term strategic goals.
As businesses navigate the “next normal” business landscape, which is characterized by quickly evolving consumer trends and new working patterns, digital solutions may help them gain a competitive edge and achieve long-term success. Given the limited capital, time, and resources available to most organizations in the present economic environment, it is vital to focus on the proper activities.
To win the new normal, business leaders should be encouraged to experiment with novel ideas and make the most of digital technology. Most of the time, it does not require a lot of financial investment, as some companies fear, but rather commitment and time.
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