All in business transformation
Due to the current pace which occurred after pandemic, many companies are reconsidering their business models and technology strategy. Growth and evolution leads to increasing specialization, which limits a company’s ability to adapt and evolve. In order to become adaptive to undergo fundamental structural change, you need to start changing and transforming your business according to current state of digital economy. This includes personnel, processes, and technology change. Here is a quick snapshot of business transformation where typically involves everyone in an organization:
The connected customer. Customers are connecting, forming networked communities that allow them to rapidly share information and self organize into powerful interests groups. Companies will have to be more responsive to customer needs and demands if they want to survive. Connect, communicating customers have more choices, and more amplified voices, then ever before. They have more knowledge then ever before and trend are only increasing with time. It’s no longer possible for mass marketers to reach out and touch all of their customers at once. So, how do you empower the feeling of customer to have a voice, to be heard?
Innovations and new technologies are changing the world and the daily lives of each and every one of us. There is no doubt that technology has become important in daily of our lives. Technology improves efficiency and communication between organizations and customers. Technology has important effects on business operations, no matter the size of your enterprise, smart solutions has both tangible and intangible benefits that dramatically effects your company overall environment. Changing and improving your technology has become a must, especially after COVID-19 pandemic, which even speed up business automations and use of solutions like artificial intelligence and analytics. It’s an important part of business transformation and it’s an option to adapt anymore, it’s a must.
To adapt, companies must operate not as machines but with human touch and interaction, purposefully communication with their customers and continuously improving based on feedbacks and experiments. Connected companies have a purpose and they are ready to learn, experiment and get customer feedbacks. This type of companies have the advantage as they learn and move faster then their competitors.
Distribution channels are not static, it is always evolving and growing in scope. After COVID-19 many companies has changed their approach and strategy structure to sell customers directly using e-commerce solutions. More small business are considering technologies to bring organization in front of customers and other businesses. Even if your business seems to be booming, you still need to work on cutting edge solutions and consumers because in the future the number of customers you currently have could change dramatically, switch to your competitors, and you need a backup plan and analytics tools to avoid those switches.
Management & Operations
Leading through the crisis, Some are struggling, and some are thriving, but some are growing rapidly. Approach, influence, control and planning is a crucial part of business transformation during pandemic. Companies can not simply change their technologies and implement smart solutions without management change. You need to adapt quickly and respond fast during such pandemics as COVID-19. Rethinking core business processes to improve steps that can be automated using smart solutions.
Business model & Industry
The COVID-19 pandemic is first and foremost a human tragedy that has played out across the world. Companies are experiencing unprecedented levels of disruption in their operations, as well as with their employees. If there is a way improving all of this, it’s that organizations and leaders are stepping up for changes and making critical decisions. One of them is changing business models such as providing direct services to customers, selling through e-commerce platforms, implementing connected companies strategies by deeply engaging with employees, customers and partners, changing the business model how things done. A dramatic shift in business model entering new industries. During pandemic many companies entered new industries which were not their core business type. During those times, organizations need robust solutions to cater changes and support them for growth.
All mentioned types of changes are essentials to the current norm and customers’ new habits. When your customers are delighted, they can amplify your message in ways that never before possible. Customers are adopting disruptive technologies faster then your company can adapt. But when your company’s performance runs short of what you’ve promised, customers can seize control of your brand message, spreading their disappointment and frustration faster than you can keep up.