There is no doubt that the COVID-19 pandemic has disrupted so many aspects of our daily lives. As part of our response to lockdowns, travel restrictions, and gathering rules, we have turned to technology for solutions. Who else is suffering from Zoom fatigue?
As part of the economic recovery efforts, many businesses and governments are investing in technologies to capitalise on our new normal. We are switching many of our processes to be delivered remotely or via self-service/automated means.
Tesla is one company that is reframing our understanding and expectations of how to deliver services to customers.
Many companies have been working on a Digital Transformation for years, yet this has primarily consisted of migrating existing systems and processes to Cloud-delivered services, and this means shifting things to someone else’s computer.
The current shift is associated with a fundamental rethink in how we deliver our business services, the markets we address, and even the products and services we sell. The result of this shift is accentuating any gaps or weakness that may exist in our current systems and offerings. The stark reality confronts us that our business systems are not ready for the new future that is unfolding as our economies begin the long recovery process.
Yet the challenge is not that we lack in choice to solve our business and technology deficits, but that we have access to too many options. How we make the right decisions that will address our immediate gaps and supports our future business aspirations? How do we make this transition yet not to break or disrupt our business and keep the cash flowing?
If your business has large cash reserves and significant revenue, then the idea of spending 7-figures to answer these questions is of little consequence. These large organisations have already started this process and are engaging all of the top-tier consultancy agencies. For smaller businesses that have not begin this process, you are already behind. That’s the bad news; the good news is you have a much greater chance of implementing solutions BEFORE big business had finished talking about the impact. You have an opportunity to gain market share.
“The COVID-19 pandemic has forced many businesses to re-evaluate our strategies and relationship with technology. How will this transform our future of business?”
Technology has become a fundamental part of the fabric of our modern lives.
What should smaller business owners and leadership teams be doing today?
Firstly, have those hard conversations about what your future business will look. Nothing should be off the table, even selling or ceasing operations. You need to be brutally honest, even if you do not like the answers.
Next, you need to review how you deliver your value to customers. Determine what changes to your current offers need to be made to suit a remote, digitally delivered mechanism. Even if your business will retain some face-to-face elements, have customers expectations shifted?
Now we understand where we are going; we can review the gaps in our current systems, processes, and people structures. Working out how to close these gaps is where most of the energy and expense will be expended. Getting this planning phase wrong can set up a chain of cascading impacts that will be felt for year’s to come. Why do you think big business invests so heavily in consulting services? Doing this work does not guarantee success, yet it does mitigate a significant amount of risk.
Finally, you need to execute these plans to begin working towards this new digital-first future. Yet, be prepared to adapt and evolve as further information becomes available. New market conditions will emerge, and leading-edge technologies will become mainstream.
It will come as no surprise that helping businesses solve these challenges is what we do at The Executive Technologists. As business leaders, you need to be in the drivers seat of technology adoption. Gone are the days where technology can be seen as simple tools to create outcomes. Now these technologies are part of the very fabric of our businesses, without which we cease to remain competitive with out local and international peers.
We have switched from needing tactical point-solutions to building strategic business-ecosystems. One of these solves a single problem; the other generates value.
Your first step to delivering a digital-first strategy is to connect and have a conversation with our team.
Together we can build tomorrow’s future today.