The pandemic has accelerated the digital transformation where conventional businesses have transitioned to the digital world. A survey by TechRepublic reveals that 60% of the businesses have altered their business model and invested more dollars in becoming a digital-fit enterprise.
Moreover, Adobe reports that eCommerce sales have surged to $4.2 Trillion in the post-COVID world. Businesses are quickly moving towards digital which is the competitive edge of the modern age. The enterprises must constantly adapt, experiment with the latest technology and challenges to meet the status quo; otherwise, there is a risk of going extinct.
Embracing Digital: From Surviving to Thriving in The Post-COVID Era
The world may have survived the pandemic, but businesses are still thriving and doing everything to sustain. However, responding and recovering will not be enough in the long run. An organizational model that is pandemic-proof must undergo a swift digital transformation to grow and thrive in a post-COVID-19 world.
The Post-COVID World is All-Digital
The bare minimum physical contact created an opportunity for the digital to step in and save the affected businesses. COVID-19 has taught us what being digital means. It’s not about cool apps, instead, it’s about integrating digital solutions into business processes and people.
Customers’ behavior, media consumption, and the internal processes required to communicate with them have changed almost overnight. Digitalization is becoming more prevalent. For an organization to lead in a post-COVID-19 world, it should look to its marketing and sales departments. Do these departments possess the right data and digital capabilities to improve customer relations? If so, how can they collaborate with the supply chain effectively?
Setting The Agenda For Growth
An effective digital strategy goes beyond hiring a few tech-savvy guys or footing a bill in the new software. Every level of the organization needs reformation. A great deal of agility, risk-taking and innovation are required from companies during a pandemic, and these aren’t easy things to accomplish.
A McKinsey report predicts that $13 trillion can be added to the GDP via digitization, automation, and artificial intelligence by the year 2030. But how much a company can adapt to the digital revolution without losing its identity?
Begin With The Baby Steps
Digital Transformation may sound intimidating to organizations who are not yet digitally savvy, but at its core, it is very approachable. Simple steps, such as providing your customers with a clear and easy-to-navigate website and having an active social media presence, are the foundations upon which a broader digital strategy can be built.
Using digital supply-chain management systems and customer relationship management systems, as well as automated data analysis and predictive analytics, it will be possible to achieve greater success. “Table stakes” are these first steps, the minimum a business must show to be able to remain competitive with its key competitors.
Avoid The Kodak Moment
In the business world, some of the most successful names have built their reputation and success by being innovative and proactive, while others, like Kodak, have become cautionary tales about the repercussions of missing the boat.
Netflix has harnessed digital innovation and created a company-wide shift to stay ahead of the curve. The company shifted quickly from renting DVDs and games to streaming in the early noughties, moving away from the mail-order business. Initially, customers (and investors) were outraged by this move. However, it proved to be a wise investment.
Today, Netflix is the technology goliath. With a consumption of 15% of the world’s bandwidth, the company is now making its own films and tv. In comparison, its more established and more long-standing competitor Blockbuster quickly became irrelevant when it was unable to adapt to digital changes.
It will be essential for companies to understand this in a post-pandemic environment, not just for innovation and competitive advantage, but even for survival.
Let Cooperative Computing Help
The Metaverse is already here. As a business owner, if you still think that digital transformation is unnecessary, your business will become obsolete. Cooperative Computing has been in business for quite some time, providing customer-centric digital solutions to clients across the globe. To stay ahead of the competition, it’s critical that your business shifts to digital.
The choice is yours. Either scale your business or be outdated.