As we head towards the “new normal”, organisations are constantly evaluating the scenarios at play. There are numerous discussions ongoing among management and board members around the strategy that will ensure the sustainability of the business in these uncertain times. Across every industry, business leaders are concerned and are preparing measures which they can adopt to stay relevant. One fundamental question in front of business leaders today is how can they come out of this pandemic even stronger than before?
Is Digital Transformation the answer? Yes, we believe it is.
Why Digital Transformation Post Covid-19?
Digital Transformation was always relevant and always needed. However, COVID-19 has made this strategic business opportunity a necessity. It has forced business leaders to reconsider their business priorities and has brought Digital Transformation into the top priority items instead of it being a part of long-term strategy. The restrictions imposed to prevent the spread of COVID-19 has brought forward the ways of working that were never imagined before. It has drastically disrupted not only the customer’s behaviour but also the employee’s behaviour.
This pandemic has also highlighted the gaps in the ways organisations are adopting technology. Organisations generally launch pilots that are disintegrated from wider organisation’s processes. They fail to realise the enterprise value from these pilots. As we’ve witnessed, many digital channels were not able to cope with the surge in traffic volumes, highlighting the gaps in designing end-to-end scalable solutions. Yes, the companies have the Front-End digitised. But what about the Back-End? Can the value-chain support the growth in demand? Are there relevant skill-sets available in the talent-pool to address the challenges in the new supply and demand model? Many companies are unable to contain these gaps and are failing.
However, every crisis brings with itself an opportunity to challenge the norms, an opportunity to innovate and an opportunity to act on the mistakes. Therefore, organisations, in whatever phase they were in their transformation journey – planning to be digital, already in the process of being digital, haven’t thought about it yet, not important for me – have already started to digitise their business in order to protect its employees and to serve its customers. This pace of adoption of digital technology will continue to be the medium towards recovering from this pandemic and will continue to be the future strategy.
Being digital is the only way possible to survive through and post this crisis.
How to Adapt?
The time to act is now and there are a lot of things that we don’t know. It is imperative for business leaders to undertake scenario planning and devise strategies accordingly. They should chalk out the scenarios as per the impact on business and the expected duration of COVID-19, while keeping an eye on the latest developments and regulations.
Digital Transformation is not only about adopting new technologies (The Shiny Object Syndrome). It comes with the huge task of identifying new skills to be developed in the talent pool and identifying where the value will be coming from. Not to forget, identifying the functions and skills that are going to become redundant. Digital Transformation impacts all elements of business in terms of people, process and technology.
Business leaders, therefore, should create an end-to-end roadmap across different business functions for the digital strategy to ensure all the steps taken are coherent, integrated and well connected. The implementation of the plan needs to be accelerated with continuous testing and continuous refinement. They should ensure the organisation-wide Agile model where agility will help to respond to changes quickly, teams will own the overall function rather than few individuals and immediate feedback will provide useful insights for better understanding of the market.
Migration to Cloud and implementing DevOps are critical for a successful digital strategy as they lay the foundation of becoming a digital organisation. All these pillars of a successful transformation need to go hand-in-hand to provide “Better Outcome Faster”.
The image below perfectly summarises the situation today:
So, who’s leading the digital transformation of your company?
Product Owner | Ammeon