The time to restart and build business resilience
During this unprecedented time of change, companies needed to adjust to the new challenges and economic conditions through innovative, digital, and contactless strategies. However, as the economy continues to decline due to limited economic activities, social distancing, and stay-at-home measures, several companies had temporarily closed or filed for bankruptcy, mainly those that rely on foot-traffic, physical contact, and large gatherings. Some leaders may have looked back and hoped they invested early in digital, data-driven, and cloud technologies to be adaptive and have a steadfast and agile business function. Pivoting or shifting from the standard practice to a whole new level of business approaches – going digital and implementing a remote distributed workforce of one’s business operations is alone challenging and requires technical knowledge and expertise for businesses – added to that is the financial constraints.
To arrive at the well-planned decisions and proactive business to navigate in the new normal, leaders or business owners must deem to understand how to redefine or restart their business and embark on the Digital Transformation journey for them to stay afloat and recover.
Efforts to sustain business
At this time, probably most businessmen have already been hearing about Digital Transformation and what it can do for business. If there is a time to be responsive and invest in Digital Transformation to strengthen one’s leadership, the time is now. There is no one-size-fits-all solution because a business structure, function, and workforce depend on its industry and maturity. Businesses must take advantage of the unexpected situation to assess opportunities and establish new strategies to mirror the upturned business landscape under the prevailing circumstances—considering the health protocols and compliance with what the government mandates. Restarting or reopening a business will never be the same as the usual work environment in the pre-pandemic period—with safety measures and workplace policies becoming a mandatory commitment. When possible, remote working should be highly encouraged to reduce foot traffic in public and keep the workforce safe in the comfort of their own homes.
Truth be told, the best innovations are created out of specific and urgent needs or problems. Businesses must identify the scope that needs to be strengthened or enhanced, such as budget, operations, workforce, IT infrastructure, supply chain, product or service portfolio, etc. Then, consider planning a change or improvement of business models and approach, leveraging digital capabilities and online channels for services and sales, analyzing the current consumer behavior, or changing or expanding the product portfolio with the integration of enabling technologies.
Significant steps towards Digital Transformation
The key here is to onboard and remobilize the whole workforce as well and get them to be involved in strategic planning, at the same time providing them guaranteed safety and job security. Leaders must nurture their distributed workforce what they would expect from them – guidelines, monitoring, and productivity measurement. By all means, a new workplace environment should also have the right tools and technologies to build a robust and secure workforce environment.
Also, the current consumer behavior has shifted to digital and online activity and presented a high demand for essential goods and services. If possible, alter the brand positioning or product offering that can fulfill current and untapped needs. Then creating a contactless experience as an avenue for sales and supply chain for both employees and customers helps businesses gain a competitive edge in the market.
Crucial short- or long-term business decisions must be made by leaders to survive the following days or months. The survival of businesses requires new business approaches and technology adaptation. Leaders must define a solid plan for reopening that includes current market conditions, scalability, and business resiliency that responds to any unforeseen events – whether it is economic or health crisis.
As technology entrepreneurs perceived it, proactive businesses that gradually adjusted in these prevailing conditions float efficiently in the tidal wave of changes and emerge in a powerful state once the situation subsides.
Jump-starting your Digital Transformation journey
New opportunities and re-structuring the business models today seems like it would be challenging and complex and cost a little or more, but the benefits outweigh the cost and short-lived challenges for a long time. An evolving business is challenging without external help, but government programs, business experts, and technology entrepreneurs are more than willing to support companies thrive in this period.
AMTI, one of the most diversified ICT companies in the Philippines and a Digital Transformation enabler and champion, helps businesses with operational and remote-first challenges through its innovative solutions offerings and consulting services.
Talk to AMTI now to help you analyze your current IT Infrastructure and remote-first work readiness to come up with recommendations and solutions tailored for your business.You may email us at email@example.com.