Digital transformation has been a key driving force in the global disruption of business models occurring prior to COVID-19, and remains one of the most valuable ways in order to counter that disruption. There are some important learnings from watching organisations undertake their digital transformation that can now apply to establishing new approaches to business in a post COVID-19 era.
The pace of change disrupting business models has increased to the point that some organisations will not be able to keep up. To have a fighting chance, we need to consider some very important questions, and find a way to answer those questions with a resounding ‘YES’. I call this ‘the opportunities of yes’.
1. Is your value proposition still valid in the current environment?
If not, align your value proposition to changes in the market, and how the operating environment is likely to transpire going forward. Waiting for things to return to normal is not a sustainable approach. Like the impacts digital transformation was already having on organisations globally, we already have a new normal, with the ripple effects of COVID-19 likely to be with us for at least a year into our future.
2. Can you augment your offerings to support the new normal?
Reviews were being taken during digital transformation to see how new technologies could enhance offerings to enable better operational efficiency, create new revenue streams, reduce risk or improve safety. Your offerings can now be assessed to see if they can be enhanced to support remote working, a new mix of work/life balance, better access to e-commerce and logistics, and e-health. For the lucky few, there may already be offerings at hand which now need greater support as demand outstrips supply. For these offerings, how can you scale quickly?
3. Can your customers still access your offerings effectively?
Customers are increasingly turning to faster and more convenient channels to access products and services where technology plays a critical role in facilitating sales and communication. Thus, training via digital simulation will play an important role going forward to get your team up to speed.
4. Can you create new value by partnering with other organisations?
Digital transformation was already driving a new approach to collaboration as organisations realised that they could not do everything alone. The concept of a digital ecosystem saw long standing institutions engaging with start-ups, academia and even other industries to develop new and innovative offerings. New value chains were being created to fill market gaps. By partnering, you may be able to augment the value your organisation creates by reaching out and joining forces with others. A great example has been the pubs across the world that have turned into grocery shops or hand sanitiser distilleries overnight by partnering with food or healthcare providers to leverage their ability to be a local distributor of essential products.
5. Are your prospective customers aware of your change in direction?
It pays to advertise. Previously, advertising has occurred via word of mouth, as people congregated in their workplace, on airplanes, in entertainment venues, or at places of worship. Word of mouth is now something that can only happen over the phone or via social media. If your organisation is not already looped into an online dialogue that is relevant to the value you offer, then you may have just become invisible. Digital transformation saw a huge shift in advertising and marketing campaigns shift to digital marketing. If you don’t have a digital marketing strategy in place, now is the time to activate one.The changes being thrust upon organisations from COVID-19 are still evolving, but it is clear that gradual shifts that were happening over time will now accelerate to become more immediate issues to contend with. Navigating the geopolitical, macro-economic, regulatory and logistical changes will require constant vigilance and agility in order to identify areas of advantage. Are you leveraging those opportunities by being able to respond with a ‘yes’ to the challenging questions we face?
At GHD Digital, we have quickly adapted our innovation offerings to assist our clients in reimagining their future in a post COVID-19 world, by leveraging the approaches we are also applying to digital transformation. We will say “yes” together with our clients.
