Coping with COVID-19: Why digital transformation can save your business
This is as much a financial pandemic as it is a medical one. As global businesses lack clarity on when financial markets will stabilise, so adaptive measures need to be taken to try and survive in a volatile and uncertain period. The impacts and implications COVID-19 has delivered will be felt not just in the next months but rather in the next few years. The global economy has taken a serious beating, and its recovery will require more than just an overnight fix.
The business challenges are simple, but their effects are detrimental. Disrupted supply chains, inability to engage with clients, lack of sales due to lack of market demand, the list is endless. Businesses have had to shut down overnight as balance sheets were more in the red than ever before.
So how have the organisations that have managed to stay afloat, future-proofed their businesses and models? How have they built resilience in their organisations and their workforces? Simply. They have or already had digitally transformed.
Remote working has become a catalyst for organisations to drive digital transformation during COVID-19. This is not a new idea or concept and it’s been discussed at length in multiple industries and verticals over the past few years. Its ability to implement agility into businesses could have helped save many during the lockdowns. Something as simple as remote working has separated those who have implemented adequate digital systems into their organisations and those who are still behind in terms of implementation. The time is now. The new realities business will face will be adopting digital practices.
Organizations will be forced to ensure that they have adopted and embraced digital transformation to help future proof and navigate new ways of working post-COVID-19.
Many organizations lack the necessary IT and digital infrastructure to support their staff from working work home, some even closing as a result. Organisations with adequate IT and digital platforms have been able to adjust to the change of remote working and have been able to prolong or even continue operations. This digital implementation has allowed businesses to an agile advantage.
A question mark lingers over the world on when lockdowns will be reversed or when we will be able to go back the normality, we have all traded. This uncertainty brings even more reason to implement digital solutions into an organisation. The fear of the unknown can be mitigated by equipping your staff with the tools to keep calm and carry on.
The online demand for business has tripled as online consumer demands increase. New digital trends and developments will result as businesses adjust to new models and practices, in hopes to create a better digitally decentralised marketplace through remote working. Take Papa Johns for example. They have recorded some of their highest profits yet, as their sales have soared during a time when restaurants have closed overnight. What is their recipe for success? It’s been a combination of investing in people and technology. Not only has the US company acquired additional 20,000 employees to keep up with the demand but it has invested significantly in its eCommerce platforms.
COVID-19 has promoted cashless societies as the use of digital payments has increased and looked like it is going to stay. Not only are individuals more prone to adopt digital transactions for ease, but they are also adopting them in hopes they will not catch or spread the virus by handling money. Contactless payment has increased by £15, raising the maximum spend to £45 in the UK, in hopes that this will aid the curb of the virus.
Contingent workforces are helping business with additional demands
Irish banks have seen a demand for customer support lines. As customers can no longer physically visit banks, Irish banks have reported an influx of support calls around interest rates and payment breaks. The Banking & Payments Federation Ireland (BPFI)states its member banks are experiencing a 400% increase in calls. Another example of the same need for additional customer support resources can be seen with Virgin Media. They are looking to fill 500 Customer service support roles as they too have been experiencing a higher volume of customer calls. Contingent workforces are being resourced to fill the additional demands companies are facing as a result of COVID-19.