Back to normality after COVID-19 Is your company ready?

Companies need to adapt their business models and initiate strategies for digital transformation as quickly as possible.

Increase your business, Not your inbox

Stay up to date and subscribe to our daily newsletter now!

Read for 7 min

Back to normality after COVID-19 Is your company ready?
Back to normality after COVID-19 Is your company ready?

The opinions of the employees of s You are personal.

The coronavirus pandemic has undoubtedly brought about one of the worst health crises in nearly a century, but also an economic crisis that is estimated to be more than 2008. The world has changed and what we knew as normal will no longer be so. Here we explain the measures that many companies are taking to adapt to the new “normal” of the 21st century.

In the past few days I have had the opportunity to hear opinions Webinars All about the future from the global leaders of the Global ship Monitor, scientists, politicians and even the 2006 Nobel Peace Prize, which is considered one of the most recognized social entrepreneurs in the world, Dr. Muhammad Yunus.

Professor Yunus surprised me in his lecture for young students at the University of Monterrey about why social business was founded in the days of COVID-19 with a sentence in which he said: “The normal world was on the verge of collapse We want don’t come back to it. “On the other hand, experts from the Global ship Monitor expressed their opinion on the coronavirus crisis from Chile and Mexico’s point of view that the return to normalcy implies that it will not be the same as before. Companies must adapt their business models and strategies initiate for digital transformation if before.

I believe that digital transformation is absolutely necessary, but at the same time it is not the only measure that needs to be taken. Many companies are already closing and firing people because of the crisis we are facing. Unfortunately, not all jobs and companies can be saved because it depends heavily on their business, size and financial health. In the midst of the pandemic, we have growing companies like supermarket chains and others that have no way of making a profit, such as event furniture and equipment rental companies.

According to the Economic Commission for Latin America and the CaribbeanCOVID-19 will leave 11.5 million unemployed and nearly 30 million poor. This will trigger a third crisis, that of security. We are also experiencing an unprecedented change in consumer habits. Consequently, All companies are required to rethink their business models and accelerate their digital transformation processes.

Here I think the teacher Muhammad Yunus You are very right. In view of increasing social problems such as poverty, health and unemployment, we have to think about solutions for social innovations that have not only economic but also social effects, ie think about social enterprises. Although you obviously have to think about how you will or will deliver your product or service to customers and beneficiaries, I am thinking about digitization here.

If you are not convinced, here are five main reasons why companies are preparing to return to “normalcy”:

  1. Companies are investing more in digital technologies and will continue to grow in the next 12 months.
  2. Digitization helps to generate and / or increase profits.
  3. Cultural transformation is important to go digital.
  4. The digital transformation is a competitive pioneer.
  5. Many companies are still taking very small steps.

In view of the above, an important assumption that arises from the discussion about digital transformation is the assumption that this is identical to selling online. The digital transformation is definitely much more than that and requires strategic planning. The digital transformation embraces change and accelerates it without getting into a storm, waiting for it to pass and survive.

While digital transformation can add value by collecting data and analysis, many companies are in the early stages of strategy adoption. So not only do you have to sell online, you also have to think about your entire supply chain. Companies that offer local products or services have very low production potential, while digitally enhanced companies have medium to high potential, depending on their ability to build platform leadership.

In a study on the structure of tomorrow’s pioneering companies for digital transformation, three important success factors were identified:

  1. Strong management and leadership. Technology doesn’t solve problems, it’s people. Leadership in the implementation of the transformation of the cultural, digital and business model is crucial for achieving the corporate goals. Companies should consider opening a digital transformation department that is responsible for ensuring that individual initiatives are carried out in line with the company’s long-term vision. It’s a task that requires concentration, and you shouldn’t lose focus on maintaining operations while it is running. You therefore need help.
  2. A defined digital transformation approach. Every initiative in companies requires good planning and consideration, including digital transformation. Part of this approach requires that you assess the maturity of innovation in your company that will help you implement it. In this planning, I suggest that you look at the various technologies and digital processes so that you know where to start, as this is usually one of the main limitations.
  3. Openness to companies and digital acceptance. A big part of the problem with adapting to the new normal will be the introduction of new technologies and digital functions in your employees. The rest of the problem will be using your customers effectively. Therefore, I suggest that you involve key participants in the innovation process to design a solution that you agree to use. Implementing training and coaching for your current employees is always the best tool.

In summary, by the time the COVID 19 pandemic quarantine expires, your company should be more digital and focus on having a social and economic impact. Consumers will pay special attention to companies that do part of their business digitally to avoid human contact as much as possible as long as there is no cure. Like you, many companies will take more digital action and involve a larger number of people who do their activities remotely. What product or service can you offer them?

Similar Posts