In the digital era, the business environment is ever-evolving. While the organizations were busy implementing new technologies and modernized legacy systems, the pandemic was rapidly spreading its roots across the world this year.
The pandemic outbreak brought everything to a grinding halt. One cannot overlook the impact of the COVID 19 on the business world as it has brought a drastic change in the business environment.
Many businesses are experiencing irreparable losses, and the survival of many small enterprises seems uncertain. The demand of employers for an effective work-from-home program is on with the current situation.
In these uncertain times, unpleasant surprises have come before human life, and we are unaware of what circumstances will unfold the next moment. But, the business world is experiencing the greatest digital transformation due to the pandemic crisis.
There is an incredible and innovative growth taking place in the digital industry, and Indian society is trying to adopt new habits and mindsets that will drive the changes.
We are now more reliant on the digital services, right from ordering food online to attending the virtual meetings with colleagues & clients. Many digital solutions will continue to reign even when the pandemic gets over.
Challenges Before The Businesses
There is ‘n’ number of challenges put before the organizations by the pandemic. The stock market saw a rapid crash, and the entire tourism and hospitality industry remains shut.
The IT businesses strive hard to survive in these challenging times by enable teamwork for increased productivity and to drive the innovations with the dispersed workforce.
Non-IT industries don’t have any robust digital strategy, nor do they have many tools to make their employees work from home efficiently. They are hunting for solutions that will work with low bandwidth and offline situations to overcome terrible network connections at home.
Dealing With Pandemic In A Digital Way
Digital infrastructure has a fundamental role in envisioning answers during these uncertain times. As the entire world tries to escape the clutches of the pandemic, organizations need to stay ahead of their competitors and look for new solutions.
It is because they want to achieve their revised financial targets due to low customer demand and disruption of supply chains. If seen as an opportunity, this could be a boon for them. They can emphasize on the digitalization of operational needs and invest in online retailing of products and services.
Organizations can survive the pandemic and succeed in the long run, if they adapt their technological capacity and invest in digital marketing to ameliorate the effect of the COVID 19 crisis.
They can enhance the customer experience by shifting to the digital platform and virtual reality, as digital solutions are the need of the hour for a better business-customer relationship.
Importance Of Digital Transformation
In these times of the COVID 19 crisis, digital transformation is the only alternative to keep pace with the world and survive the competition else the businesses will paralyze. The behavioral and mindset changes are underway, and we are trying to adapt to the ‘New Normal’.
There is an incredible widening of the digital divide. It is a situation where customers will pay more for digital services rather than paying for other areas of ‘past daily routine’ like conveyance maintenance. So, it becomes necessary to go digital to save your businesses from lagging.
Role Of Technology And AI
As technology and AI become essential in the pandemic crisis, they evolve as better alternatives with instant growth. Let us look at the various aspects of this digital transformation.
- Internet service providers have more value in these times than transport facilities. They are adopting innovative ways to instill reliability and enhanced customer service & performance.
- Cybersecurity has become more crucial than ever before. It keeps businesses driving and demands more investment than before.
- One can expect a lot more innovation in the field of the supply chain as well. Supply chains are inherently a technology-based system and extremely critical today.
- Healthcare platforms and algorithms will track social contact to make people aware of the possible risks. There will be a noticeable growth in the demand for automation through drone-based, robotic, or remote-control applications. AR/VR will also have a crucial role in the services.
- No-touch technologies will evolve to become an integral part of our lives. Customers are looking for businesses that offer no-touch services and organizations will utilize this technology to meet the requirements and provide better services to their customers. It has a lot of scope in the coming times, as people will emphasize more on the need to remain distant and avoid touching anywhere.
Offerings Of The COVID 19 Effect
Although one cannot ignore the confusion caused by the pandemic, it also opens up broader prospects for the businesses. When businesses use technology efficiently, they will find enhanced productivity. It is the chance for organizations to emerge better post-pandemic.
The organizations must channel the tech investment to strengthen and boost growth instead of engaging money in other least relevant areas of their services. They can invest in new distribution channels and digitized systems to drive robust ROI.
It is high time that organizations realize the need to secure their endpoints and build threat resistant networks. They must apprehend the altered situation in the security landscape and need to strategize things keeping in view these changes.
The businesses can adopt security tools to monitor applications for remote access. One can try enabling multi-factor authentication process to ensure safety and eliminate unauthorized access, and acquiring systems that deal with poor network connectivity will overcome the connectivity issues and streamline the procedures.
We are unsure about the future, but like other things, this too will pass. Organizations need to prioritize their investments and hunt for alternatives to driving growth. Organizations have to strategize to boost resiliency and transform their business into their productive best. Embark the digital transformation journey with better investment plans and wiser decisions.