Sustaining for so long, COVID-19 has vivaciously impacted the entire world, including all the sectors be it the health sector, finance, education, or business. None of them can rely on their existing strategy anymore, instead, they need to prioritize the activities and quickly adapt to the lightning-fast changes. The companies are striving to deal with the pandemic and find ways to save their business from drowning in losses.
The biggest problem faced dealing with this situation is its unpredictability. Hence, to simplify the situation and structure an effective roadmap to prevent the businesses from facing a downfall, Gartner has classified this entire pandemic situation in 3 phases, which gives a rough idea of the pattern of the situation. Also, it provides a skeleton, based on which the companies can realize where they are standing and how they need to proceed further. Here are the 3 phases of the pandemic-
We all have walked a long way dealing with this unpredictable situation and are already shifting from recovery to renewal stage. With this shift, there comes a huge responsibility for the senior leaders to make crucial strategic decisions for their business that helps them to adapt well with the renew stage. Now in the wake of COVID-19, the companies need to think differently than their traditional business style. Its time for the business to go digital- also considered as the new normal.
As in this situation, digital business proves to be a perfect fit solution for the business, increasing the productivity and efficiency of the business. Hence, the companies who aren’t still into it need to take their business to the digital platform immediately before its too late, and the ones already in it, need to accelerate it, even more, to make the most out of it.
Why do You Need To Accelerate Your Digital Business?
The pandemic brought a huge change in the business culture. One of the biggest changes experienced was the massive dependency on the digital platform. Recommended to follow Shelter-in-place(SIP) orders, people’s dependency on the internet observed a considerable surge, leading to an increase in internet usage up to 70%. Now considering their safety first, people prefer to opt for digital mode for their needs, requiring the companies to walk with the changing preferences and digitalize.
The global spending on digital transformation is expected to ascend by 10.4% to 1.3 trillion USD in 2020. – Statista
Though the concept of digitalization was introduced decades back, however, it was never used so extensively as now in this pandemic. We need to understand that we don’t have to re-digitalize, rather just do it a bit differently i.e. opting for a greater pace as never before.
As the situation is unpredictable, the faster pace of adoption with the changing needs and growing demands is the need of the hour. To survive and grow, companies need to accelerate their digital business, starting from faster and well-informed decision-making to a smarter implementation.
How to Accelerate Your Digital Business?
The foremost step before you indulge in speeding up your digital business is to stop the things that are holding you back from accelerating and make a few important changes to the business process such as-
- Decentralize your business processes.
- Align your company’s strategies with the digital platform.
- Structure an effective plan for the renewal stage.
- Re-assess the initiatives that were taken pre-COVID, instead of blindly taking it forward.
Now, based on your company’s strategies and business processes, you can find out the areas of your business that you can automate. Automation has been an important part of the business for years. However, now more than just an advancement tool used for modernizing a website, it has become a necessity for businesses, for example- the chatbots. Chatbots makes it easier for companies to interact with their customer and serve their queries without the involvement of any human. Automation can prove to be extremely helpful in accelerating the digital business.
As the main purpose of all these changes is business income and profit, you also need to reassess your company’s funding areas. Prioritize the funding areas and make arrangements on basis of it. In this crucial stage when we are in the recovery state and trying to shift to the renewal state, you need to manage your funds carefully. Shift your funds from the less valuable projects to the ones which promise higher return and that too faster.
Lastly, check out the utility of the assets that you own. This gives you an insight into the usage of the assets, based on which you can drop the ones which are not required and use the valuable ones to its best, which were underutilized and unnoticed once.
Accept the new normal and go digital!
Digital business is an urgent need as well as a critical process, which if amateurishly done can lead to major losses. Companies need to be very careful about their decisions while transforming their business, maintaining the balance between the traditional and digital business.
Here comes the importance of informed decision-making for your digital business, which starts right from the very first step i.e. choosing the right people to help you in the process. Reach out the experts, who will not only help you strengthen your online presence, helping you to preserve your business in the pandemic but also help you create a wonderful experience for your customers.