COVID-19 is having a profound impact on how companies manage their customer interactions, run their operations, and ensure business continuity. The pandemic has accelerated a rapid economic shift from physical to digital, which is applicable for both customer interactions (digital sales) and internal operations (remote working). As the current pandemic disrupts every aspect of an organization, firms have started considering new and innovative ways of operating and serving customers. Firms are now presented with a unique opportunity to come out of their conventional strategic mindsets, and prioritize digital transformation initiatives.
Firms that embrace digital transformation and prioritize high impact transformation initiatives will emerge stronger after the pandemic
COVID-19 is driving firms to accelerate and implement new transformation initiatives. Business leaders are coming out of their ‘business as usual’ mindsets and have started to strategically think about ways to use more automation, data and technology in preparation for the new normal. Firms across industries are recalibrating their investment priorities, which we believe that focus will be on the following key dimensions:
- Strengthening customer relationships through seamless interactions—Customer engagement models will majorly shift to, and in some instances become exclusive to, online mode. Leading firms will focus on best-in-class digital customer experiences to improve top-line and retain customers.
- Accelerating high frequency high RoI analytics use cases—From sales and marketing to finance and HR, firms will incorporate wider range of data sets when making data-driven decisions.
- Building a long-term intelligent automation strategy—Heightened pressure to cut costs and improve operational excellence will encourage firms to automate processes of the highest value and urgency. Firms will increasingly consider forming Robotic Process Automation Center of Excellence (RPA CoE).
- Implementing agile forecasting platforms—The current uncertain economic environment is heightening the need to have robust, market-oriented, scientific and agile processes. When firms are pro-actively planning for the future, their processes will need to measure the impact of external events on demand and supply in different scenarios.
- Prioritizing technology investments in the areas of cloud, cybersecurity, and workforce collaboration—The increase of remote workers are expected to create demand for cloud infrastructure, cybersecurity and workforce collaboration tools.
- Building a digitally enabled supply chain coupled with high degrees of automation in manufacturing operations—Investments in IoT, automation software & hardware, and digital twins to build resilient and smart manufacturing operations.
- Building an agile remote workforce—Firms are deploying new ways of working for remote teams, with a focus on improving efficiency and reducing costs.
Digital Transformation Office (DTO) will play a crucial role in helping organizations navigate through the crisis
The recently formed DTO will be charged with leading all key digital efforts, while working closely with the C-suite. DTO will be tasked to accelerate an organization’s digital trajectory and make digital an integral component to support growth strategy. The success of a DTO will hinge on its capability to promote cross-functional collaboration, implement sound governance framework, guide projects and deliver integrated change.
Driving adoption of digital transformation during these unprecedented times will be the biggest challenge that DTO will face. While firms will fast track digital efforts, successful implementation will require systematic strategy development
COVID-19 is driving companies to accelerate and implement new digital initiatives. Successful digital initiatives relies heavily on cross-functional collaboration – from strategy development to implementation – it involves alignment between several teams and business groups. However, digital initiatives are often built-up in silos at different points throughout the organization, missing a systematic strategy development. This is also evident from the fact that across industries percentage of successful digital transformation efforts is fairly low.
Evalueserve can help you realize your maximum potential from digital transformation initiatives
In these times of crisis, firms are reviewing both short-term and long-term digital strategies. At Evalueserve, we work with C-level executives to help them create a digital center of excellence and support them across all phases of digital transformation journey.
To learn how your firm can embrace digital transformation, please contact us at firstname.lastname@example.org