COVID19: Transforming your business for the New Normal
You can either choose to be the Blackberry or the iPhone of your industry. Learn what leaders are doing to adopt to the new normal.
You can either choose to be the Blackberry or the iPhone of your industry. Today, more and more businesses are turning to data driven decision making and adopting to digital transformation to run their operations. Every business is finding a new way to operate and serve their customers during this crisis, and the transformation is going to be lasting for a long time.
Many leaders are navigating the pandemic by prioritizing the health and safety of their employees even after Governments relaxing the lockdown rules; secondly these leaders are also taking critical measures to serve their customers better, and to use technology to maintain business continuity.
These are good starts for the industry on the whole. We believe that the drastic change in the economy is going to force businesses to rely on optimization and to iron out any inefficiencies in their operation to navigate this pandemic.
We have been helping our clients transform their business operations and go digital, where we see five critical business areas that leaders are optimizing their businesses digitally;
1. Hire a digital task force#
Leaders are putting together a digital task force who are responsible for making the right decision to help the business transform digitally. The people involved in this task force vary from finance, operations, sales and other core business areas, to work with transformation consultants to act quickly and minimize the operational impact.
These are literally war room sessions that would benefit the businesses by choosing to use the right technology solutions for the right use-case in the business.
2. Keeping the customer informed, more than ever before#
During situations like these, your silence is the one that creates panic among your customers; leaders are quickly realizing this, and they are adopting digital platforms to keep their customers informed about the steps they are taking to serve then better, digitally.
Companies are investing heavily in tools that allows them to find new ways to engage with their customers. Since almost all of these customer engagement tools come with analytics, the data that they see from the customer interactions, gives them new ways to innovate their business model. Effectively using this data is now helping companies gather customer feedback, derive insights from this data, and to act upon the feedback.
3. Supercharging process automation (Hyperautomation)#
There has never been a better time than now to automate business processes. On an average, each business has at least 6 processes that can be automated to allow people to work on tasks that requires intellect.
Leaders are focusing on automating the processes that are of the highest value and urgency to create maximum impact. We have used our 1-day PDW to automate complex business processes in less than a week for our clients to adopt to the situation quickly. With our parallel automation techniques, we were able to automate payroll processing, contact center automation and invoice processing all at the same time in a matter of few weeks.
4. Embrace the digital workforce#
Leaders are quickly realizing the amount of money they could save by cutting down costs on physical assets and instead invest a fraction of the cost to digital collaboration tools. These tools are allowing them to quickly connect with anyone in the company, wherever they are.
Digital workforce is expected to be the future of office work.
5. Investing and not spending on technology#
It is important to have a long-term roadmap while choosing a technology. The cost of wrong technology adoption is dangerous for any business, and leaders must find a way to trust the people who know what solution would be the right fit for your business.
Companies who were already looking for digital transformation would invest now to reap the fruits later with technology. One best use-case would be for a large cloud-based software company to switch from monolithic architecture to a micro-services architecture that would allow them to ship features faster than their users can adopt.
What should you do next#
Talk to a consultant about the challenges you are facing in your business. Understand where technology can and cannot help. Decide on what your ROI should look like before investing.
Our consultants have helped hundreds of companies build products and adopt new technologies faster then ever before. Talk to a consultant today →