November 25, 2020
There is no doubt that the COVID-19 pandemic has drastically changed the ways firms, individuals and overall economies interact on a day-to-day basis. In fact, many such features of the “new normal” in which we are operating are here to stay.
This namely includes the phenomenal growth in e-commerce, e-consultation, data trade developments and more that we have all witnessed over the past ten months, ranging from digital industries such as logistics delivery services and artificial intelligence, to customer service and blockchain. In order for businesses to not only survive but thrive in the new digital era, they have been forced to focus on bringing value to their customers and maximising profits by pivoting to a much more digital strategy.
So what does a more heavily digital strategy look like for companies, and what does this mean for the future?
In a recent report published by McKinsey, three main areas of focus were identified for businesses wanting to evolve to customer needs, capitalize on data to grow, modernize technical capabilities and boost organizational efficiency.
1. Refocus digital efforts toward dynamic customer expectations
We have all noticed the shift in customer behaviour this year. Adapting to these involves conducting an internal assessment of how the organization aligns with current and expected customer demands and behaviours. The aim is to create and optimise digital channels to ensure they are relevant to the buyers and can compete effectively in the increasingly competitive e-commerce landscape. This could involve launching new offerings through a website or app, increasing internal employee connectivity through remote working, and conducting more regular reviews of customer expectations to keep business operations updated.
2. Capitalise on data and AI to improve business operations
Data and Artificial Intelligence (AI) are tools that are now indispensable to any business, Government body, universities and even individuals. Utilising data and AI allows for the streamlining of transactions, forward planning of corporate developments, and more efficient decision-making. This stage of post-COVID adaption involves assessing the outcomes of current critical decision-support models, rebuilding the same and developing more modern data sets and models for optimal performance.
3. Modernise technology capabilities
Placing technical capabilities at the centre of the organisation sets up the ideal foundation for businesses to operate with utmost efficiency, cost-effectiveness and adaptability for any future macro- or micro-economic changes. This involves planning changes in cost structures, assessing cyber risks, setting up a cloud-based data platform and automating certain delivery pipelines. These actions ensure that firms can adopt a long-term focus to strengthen their technical capabilities and talent benches if necessary.
The above three steps are just some of the practices companies can add to their digital agenda for recovery. For many consumers and businesses alike, these adoptions are likely to be in place for the long-term as the COVID “new normal” settles in.
We here at Dotsquares are here to help you adapt and thrive in the COVID digital economy. For a free assessment of your website, app, business CRM systems or any other company tools, please reach out to the team here at Dotsquares.
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