Introduction
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 around. 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 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 the backbone of an organization in good & bad times. Coronavirus Crisis is acting as an added impetus for businesses to outsource digital transformation and software development for their businesses.
Digital Innovations in these times
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Digitalization in healthcare initiatives:
As people focus more on their wellbeing, testing is the need of the hour. Regardless, whether human services associations command human to take 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 the dangers of disease, ease consumer uneasiness while additionally providing reassurances to assist them with adapting to these troublesome times. Examples of this digitalization of 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.
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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. In order to do it, they need to complement product-focused models with scalable and stable digital alternatives. Such businesses might have to diversify their offerings and rely on AI. Supermarket chains provide a point of sales data to various companies (like Nestle). That is able to maintain a steady inventory of products and continue the availability of products in their stores.
Apart from retail, digitally-enabled business models and digitalization sharing are going to accelerate in B2B scenario to meet urgent pressures. And, they find fast ways to monetize existing assets.
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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, e-commerce is booming. This surge in e-commerce 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 the eCommerce domain may get moving forward.
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Digital collaboration to get work done:
Companies are moving towards remote working and the market for digital collaboration tools. For instance, 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 becomes 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.
Conclusion
This pandemic has thrown different challenges for different sectors and it’s hard to generalize one solution fit for all industries. Industries such as the aviation and tourism industries might find it hardest to re-innovate their business models. However, sectors that comparatively less impacted by the pandemic need to rethink about how they can create value in the future and how to incorporate the role of digitalization. Obviously, these ways make it easier for the safety of employees and consumers. 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, that shows 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 digitalization solutions in a time-bound manner. So, 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. However, 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. Also, this change will happen while delivering an exceptional customer experience in the 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. This will have an edge over their greedy rivals who only strive to maximize their profits and shareholder value.
