Silver Lining Behind the Dark Cloud of COVID-19
- BY Chandresh Patel
Founder and MD, Bacancy Technology
- Jul 17,2020
- 18 Mins Read
The article is authored by Chandresh Patel, founder, and MD at Bacancy Technology
The worldwide lockdown has disrupted our lifestyles, societies, and the way we undertake our businesses. People take all the measures possible to keep the Coronavirus at bay by implementing social distancing and avoiding to stepp out of their homes. At the same time, businesses are also taking desperate steps and plans to keep up their business functions rolling during the crisis. The pandemic has hit industries like travel, tourism, and retail.
Undoubtedly, the companies who had previously taken steps towards digitization have benefited. While those companies who were reluctant to adapt advanced technology have now fallen apart. A trending meme is presently getting the traction that asks about the one responsible for the Digital Transformation of your Company. Here option C. Covid-19 is highlighted, leaving aside A. CEO and B. CTO.
Businesses across the globe are gearing up for a radical paradigm shift because this situation is going to prevails for a long time. And beyond any doubts, COVID-19 is the primary cause of bringing this boost of digitization trail.
Organizations in every corner of the world struggle with what to do in this state of the market? What should be the steps to take for a better long-term effect? Companies have been looking forward to adapting the new remote work conditions to safeguard their business and employees.
As per one Gartner report, 88 per cent of the organizations have implemented work from home for their employees. 97 per cent have almost canceled their travel plans. Along with this and Conversational Marketing techniques adopted by companies, a high growth-rate is noticed. Somehow this pandemic has brought along some good news for the organizations as well. At least there is an excellent scope.
During this phase of the epidemic, reinventing business is not a choice. Many companies have experienced their biggest downfalls, either due to the impact of the supply chain, forced lockdowns, reduced consumer spending, or maybe everything altogether. The service industry, oil and gas companies, and the retail manufacturers have had their adverse blows.
To avoid such a substantial loss of revenue, these companies have no other choice but to turn to their existing digital channels or make a more significant jump to a digital business model. Though such steps may seem complicated, these innovations that are made out of obligation could become the perpetual pillars of the business that enable the organization to thrive well beyond the pandemic.
Here are few excerpts from big organizations regarding the change that COVID has brought:
Forrester: In one of their latest blogs, they have mentioned that during such transformational times, entrepreneurs should create new opportunities to disrupt the traditional market moves. They should build new-new services that enhance their firm's value.
Gartner: The company believes that those businesses that have shifted their technology and investments to digital platforms, will overcome and combat the COVID outbreak impact and will keep running currently and also, in the future.
Forbes: They insist the entrepreneurs rebuild their operational resilience to stand upright in such times. They ask all the organizations to utilize this pandemic time to transform and accelerate their growth with the help of the IT and digitization.
Accenture: The tech company entitles the COVID-19 pandemic to be the sole reason behind the acceleration of digital commerce worldwide, which forces businesses to revamp their strategies.
It is not yet late to cope up with the changing business standards. We have brought together certain principles that you can attain to beat the crisis.
Combat the Crisis with Your Digital Makeover
Here's how you can incline towards your company’s digital transformation:
- Keep a Balance
As an entrepreneur, you need to follow your stride by implying all the digital changes as possible to recover from the losses sustained. Meanwhile, it would be best if you understand that there is no magic wand to overcome the fallout. It will take time to attain stability abiding by your business operations.
- Set your Purpose
For your business to propel, you have to fix a new purpose to lead your journey of a digital revolution. While revising your company mission, you should consider beyond your products or services, and focus on what your customers need.
- Form your Digital Strategy
Having a strategy will be your most crucial step towards success amidst this crisis. Form a plan to identify your digital goals and know your maturity to attain those.
- Set your functional operations
It is the high time that you set up your functional operations with flexibility. To endure your digital strategy, you have to consider the potential of your existing business functions.
- Look Within
While you are revamping your business terminology, you must not forget to check on your internal team, your employees. Currently, your staff may be working remotely out of exception, but it may happen that post lockdown, remote work be their natural choice and need for working. Check on your within to develop your organizations’ outer image.
As the virus death rate continuously varies along with the government guidelines, there is never going to be a stable situation for an enterprise. It would help if you were open to change and welcome it with open arms. Applied the measures of social distancing, namaste would do too!
Digital Transformation & COVID are Companions
You might find it weird, but, indeed, every situation of crises comes along with new opportunities. It is high time that you cope with the resilient methods and strategies that can take your business to greater heights.
Chandresh Patel is a CEO, an agile coach and founder of Bacancy Technology. His true entrepreneurial spirit, skillful expertise and extensive knowledge in the Agile software development services have helped the organisation to achieve new heights of success. Chandresh is fronting the organisation into global markets in a systematic, innovative and collaborative way to fulfill customer software development needs and provide optimum quality service.
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