Digitalization and Tech Boom Post Pandemic
COVID-19 has paralyzed businesses and economies world over. More than 6.6 million people filed for unemployment in the U.S. last week. To stay afloat businesses have to resort to digitization strategies and look towards digital transformation. This has accelerated business transformation efforts. Previously, disruptions like 2008-09 economy crash have hindered the progress of digitization. However, it shouldn’t be the case this time round. Organizations that tried to limit costs during past disruptions felt pressure from companies that took a pro-investment approach when the global economy rebounded.
At the moment, almost 80% of revenue growth depends on the digital offerings and operations. The situation has put a shade on companies that are slow to invest and adapt in their digital strategy. It is expected that companies will have to balance short-term efforts with long-term strategies in order to come out of this pandemic more competitive. Strong models, processes, technologies and strategies make backbone of an organization in good & bad times. Corona virus Crisis is acting as an added impetus for businesses to outsource digital transformation and software development for their businesses.
Digital Innovations in these times
Everyone knows about the impact COVID-19 is having on businesses across the globe but in this adversity there are digital business opportunities that are coming up. While most of them might be short term as a knee jerk reaction to the crisis they all have the potential to become a major part of business arsenal in long run even after this current pandemic is over.
- Digitalization in healthcare initiatives: As people focus more around their wellbeing, testing is the need of the hour, regardless of whether its Covid-19 tests commanded by human services associations or users selecting to utilize privately owned businesses to test themselves for various other ailments.
With the correct privacy protection restrains set up, the subsequent massive increase in healthcare information offers a big opportunity for various data and AI experts to create valuable arrangements that will help diminish dangers of disease, ease consumer uneasiness while additionally providing reassurances to assist them with adapting to these troublesome times. Examples of these digital applications that are coming up include Definitive Healthcare, which tracks medical clinic bed limit in the US, and FluPhone measures and models the spread of influenza.
- Digital Business Models to be prioritized instead of product centric business models: Global supply companies are some of the hardest hit companies in these times. Companies like Best Buy, Wayfair, Nike and Gap, need to fast pace the start to build resilience in their businesses by complementing product-focused models with scalable and stable digital alternatives. Such businesses might have to diversify their offerings and rely on AI. Super market chains provide point of sales data to various companies (like Nestle) to maintain a steady inventory of products and continue availability of products in their stores.
Apart from retail, digitally enabled business models and digital sharing is going to accelerate in B2B scenario to meet urgent pressures and find fast ways to monetize existing assets.
- E-commerce will experience resurgence: Due to lockdowns placed in many parts of the world, people self isolating and restrictions in place to visit physical stores, ecommerce is booming. This surge in ecommerce demand is going to continue since people have started to make lifestyle changes and social distancing becoming the norm. Logistics platforms will need to get stronger and better at digitization to meet the surge in demand. Innovations in ecommerce domain are expected moving forward.
- Digital collaboration to get work done: Companies are moving towards remote working and the market for digital collaboration tools such as Microsoft Teams, Google Hangouts and Zoom is likely to grow quicker than ever before. Zoom has already experienced a 50% increase in its share price since the start of the year. In addition to that, since staying indoors become the new going out, instead of visits to concerts, museums and events, consumers are seeking equivalent AR and VR experiences, which can be enjoyed safely while sitting on the sofa.
This pandemic has thrown different challenges for different sectors and it’s hard to generalize one solution fit for all industries. Industries such as aviation and tourism industries might find it hardest to re-innovate their business models to avoid further losses. However, sectors that comparatively less impacted by the pandemic need to rethink about how they can create value in future and how to incorporate role of digitalization to make it easier for the safety of employees and consumer. Companies that are able to sympathize and create strong digital culture will infuse trust in people, transparency of work, care for others, as well as show growth and continuous learning.
Achieving digitalization is the ultimate challenge in this situation of crisis and as part of change management. To overcome this challenge, TechTIQ Solutions offers professional & cost effective digital solutions in a time-bound manner that enables businesses to better engage their customers as well as employees and grow businesses in this digital era. Digital transformation impacts not only industry structures and strategic positioning but it affects all levels of an organization (every task, activity, process) and even its extended supply chain.
Business leaders must constantly challenge their organizations to ensure this change can increase productivity gains and significant competitive advantage all the while delivering exceptional customer experience in future as-well. Nurturing the important values of care and human empathy during difficult times will ensure that firms retain their digital talent, get things done and continue to thrive. Finally, companies that show social responsibility and offer solutions to the emerging health issues will have an edge over their greedy rivals who only strive to maximize their profits and shareholder value.
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