Paradoxically, the COVID-19 pandemic has brought about both economic decline and growth. The International Monetary Fund (IMF)predicts that the coming recession will be the worst economic decline since the Great Depression —calling it ‘the Great Lockdown.’ And yet, an unanticipated business activity is taking place in all industries. The pandemic has suddenly accelerated the need for organisations to transform and respond to an unprecedented change in customer behaviour and market risks – with digital transformation being one of the key enablers of such change.
Because of all this, we are witnessing an accelerating digital business transformation. From smart digital e-commerce to virtual events, organisations are relying on technology more than ever before. Why now? Simply, because up until now, organisations lacked an incentive to modernise their operations.
The pandemic gives us an opportunity to reinvent the wheel and innovate; because as a different world takes shape, longer term strategies need to be re-assessed and re-prioritised. Organisations need to need to be accelerating digital transformation in uncertain times to remain relevant and capture opportunities or risk their very survival.
When balancing short-term necessities with long-term investments, we in ICON believe that there are 3 elements to consider:
A) Customer always first
The most important aspect to consider when developing new experiences, products, and services during these unpreceded times is your customer. With customer behaviours changing rapidly and new demands emerging, understanding you’re your customer expectations and needs is more crucial than ever. Because customers are not likely to return if they don’t receive a great digital experience the first time.
B) Business continuity
As you re-thinking your digital transformation strategy and long-term investments in today’s environment and uncertain times, consider the longer-term business impacts of falling behind digitally. Consider how digital transformation can directly impact revenue of your organisation, help you gain a competitive edge in the times of economic recovery.
C) Team culture
The idea of change can be daunting. Often it seems easier to do nothing, to revert back to the way things were before. However, especially now is the time to commit to the positive gains from the pandemic crisis and cement them into the operating model. Now is the right time to take a leap forward and commit to changes and new working habits that your team will enjoy.
Organisations that continue in accelerating digital transformation in uncertain times, and continue to invest in the most important enablers will be the ones who emerge from this crisis not only ahead and more competitive but thriving from within.
Do you have a project in mind? Are you looking to digitally transform your business? We’d be happy to discuss your project! Contact us today to speak to a business expert.
Before you go, don’t forget to explore how ICON helps organisations on their digital transformation journies.Tags: Digital Transformation, ICON, innovation, Pandemic