Dispel the great uncertainty and make an aggressive stance to make sure your business thrives.
Author: Rosan Yanisce Ferrer
Innovation in the time of COVID-19 calls for change in business models alongside technological advancements because there is an increase in demand to operate regardless of the threat of the situation.
As we face each day, we are confronted with the fact that what is normal now is far different from what it is a few months back. Everyone is looking forward to seeing better days ahead filled with new opportunities and ways. COVID-19 has drastically changed the way businesses work and is continually making a transformation in the months to come.
The movement that your business will make today will shape the way your stakeholders will perceive your brand. As written in the article from Mckinsey Digital, “The ways they learn from and adjust to today’s crisis will deeply influence their performance in tomorrow’s changed world, providing the opportunity to retain greater agility as well as closer ties with customers, employees, and suppliers.”
There is an expectation to shift to seamless platforms that provide superb customer experience. All of it is expected while there is growing and continuous financial pressure in the organization.
In spite of this reality, it is valid to say that different business industries are not on the same boat in terms of adapting to the digital mindset shift. The crisis has affected each organization distinctively in regard to their particular business models. If you are one of those who are currently struggling in shifting to a new business model to ensure business continuity, here are three (3) steps on how to stay afloat and resilient in this uncertain time.
RESPOND: Paving the Way For Business Model Innovation
One of the positive perspectives that this pandemic has brought us collectively is that we were all forced to innovate to a notch higher. Before COVID-19 there are quite a number of organizations that can be classified as digital reinventors while the others are still using traditional ways of business operations.
While many executives think that it is enough to make minor modifications in their business processes and are underinvesting in digital tools and platforms, this crisis told everyone otherwise. Businesses who are thriving in the midst of what is happening are those who were open to make drastic changes in their business models.
For your business to stay resilient today and for the years to come, it is vital to respond with an open mind into making adjustments to your current business model in order to adapt to the new reality of operations.
RECOVER: Adopting Digital Tools Suited for Your Industry
An article from the World Economic Forum says that “Beyond business models, the digital revolution has the potential to change traditional ways of conducting business”. Digital investment is not an option in the new reality of business operations. Executives must realize that the investments you make today are preparations for the unpredictable tomorrow that we will all face.
Embedding technology at scale will be challenging when an organization is skeptic about letting go of traditional processes because it is what they are used to for the longest time. This is why industry-specific technology is the way to start in the digital transformation journey.
Acquiring digital tools that can stand through the test of agile innovation will be disaster-proof for similar or far worse than what is experienced today. The challenging move will pave the way for securing future business operations. Considering a reliable and resilient technology investment is the starting point of recovery.
REINVENT: Planning Your Path to the Reinvention Roadmap
One of the roadblocks of agile innovation is goal ambiguity. Organizations that do not have a goal in mind will lead to inconsistencies in producing a functional output. Here is where the importance of planning your reinvention roadmap is, wherein the end goal is to ensure that business systems and processes are secure to any disruption that is to come.
Resilient leaders can be characterized as those who can make the right decisions and quickly adapt to the changes. Business leaders who are thinking twice about making a move in digital innovation might have an unhealthy and compromised recovery. It is time to set aside frantic decision-making and a start to make wiser business investments.
The goal is to emerge stronger digitally – together. We want to help you on this journey in identifying and examining your business challenges and providing the right technology that can enhance your business operations for the new normal.
Are you currently on a crossroads on how you can respond, recover, and reinvent your business? Our technology experts can help you get started in reinforcing your company to regain the courage to digitally succeed with agile solutions in your respective industry.