Digital Business Can Help Combat with Downturn

Companies now pivot on harnessing digital tools so as to create new experiences as well as value
  • BY Jaspreet Kaur

    Feature Writer, BusinessEx

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  • Jul 18,2020
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  • 8 Mins Read

Pandemic has changed lives across the globe. Owing to the increasing infection rates, masses are changing the way they work, imbibe new things and converse through virtual mode, thereby, companies are also adapting. Now, the way of achieving business success has altered. Companies pivot on harnessing digital tools so as to create new experiences as well as value.  

With the onset of COVID-19, two important things have taken place: firstly, companies are coming forward to deal with societal problems and secondly, companies have to adopt digitalism for their survival.

Adopting digitalism is not a new phenomenon now; it was prevalent in the environment for a long time. However, many companies were not fully adopting it prior to the pandemic. At the time of crisis, business leaders are making use of this opportunity and venturing into the digital realm. Thus, the companies are walking onto a novel trajectory that aligns with the changing business landscape. 

Pivot Business 

In these uncertain times, it is difficult to ensure whether trends that have emerged now will continue to stay in the market. Adopting digitalism has become imperative for every business now; otherwise, companies will close down in the time of crisis. 

While stepping into the digital realm, companies have to create new benchmarks and also, make sure that those business values continue to function in the post-pandemic world. For this, companies have to assess business models that they recreate and tools, as well as behaviours, which will be infused into the business.  

Technology is radically shifting, forming new boundaries, and enforcing firms to partner with each other, thereby, creating a digitised business landscape.  

Give Power to Business Stakeholders 

Digitization and new business models are powerful elements for the organisations to empower their shareholders. Through these tools, the companies can imply confidence of stakeholder into the current time. 

After the crisis, every employee in the company needs to be upskilled and equipped with the right knowledge, as well as tools, in the virtual world. Along with the business ecosystem, consumers preferences and behaviours are also changing. Consumer are concerned about health and safety measures, and accordingly, they are ascertaining for convenient procurements.

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