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“Gone Digital”
It was not long ago when companies started grasping the idea of digital transformation while only very few understood the concept of digital. In the last 3 years though, over 70% percent of companies have either adopted a digital strategy or have one in the works. The decision to go digital has been an internal debate in companies between different departments and has proven to be an uphill battle for most.
What Changed?
As some sectors had the option to “go digital”, for others, it was a requirement to keep up in a rapidly evolving landscape. Drones are being tested for package delivery, experiments with robots making fast food, and your voice assistant ordering your groceries automatically for you are a few examples of how industry leaders are taking advantage of technology to meet growing consumer demand.
With the newly discovered Covid-19 CoronaVirus, life as we know it, has changed. Cities, states, and even entire countries are on lockdown. The way people interact with each other, do their shopping, pay their bills, host events, or even communicate at home has drastically changed. This life-changing phenomenon requires a digital transformation to accommodate drastic changes to allow people to go on with their necessary daily activities while staying safe.
This is where the Covid-19 digital transformation was forced on most. You can no longer grab a steak to dine in at your favorite local diner, pick up the phone and quickly call your travel agent, or even visit your doctor for a routine checkup. While there’s the 21% of companies that believe they have already completed their digital transformation, the vast majority is still behind. The Covid-19 pandemic has presented the 21% an opportunity to get ahead of their competitors and strive in a very tight economy.
We’ve adopted new terminologies like contactless delivery, curbside pickup, and virtual events as the new normal. Many that hadn’t embraced the digital transformation are now struggling to catch up and compete or even survive in an economy that is almost entirely digital. Restaurants that weren’t set up for delivery and drive-thru have closed, doctors’ offices that don’t support telehealth are struggling to keep their staff, retailers that don’t have online ordering are seeing a large decline in traffic, and entertainment establishments that don’t have online alternatives are closed.
Who survived?
Some were ready for these life-changing events. Below are some examples of the current digital strategies built prior to these events that helped these companies keep their customers and even acquire more:
- Food Service – Pizza restaurants that provided online ordering and delivery are actually flourishing recently with increased demand in delivery.
- Telehealth has been approved in many states, but not many have adopted this technology. Doctors that did were fortunate to keep a large number of their patients and also see an increase in the number of new patients, especially in the mental health sector.
- Retailers have been forced to close due to the lockdown in many states, but for those that have established online stores, many have seen more profits while collecting more data to their advantage. This data will likely help these retailers retain customers and better serve their demands.
- Entertainment establishments like Scene75 were forced to close during the lockdown. Luckily for some, they already had online platforms that generate revenue such as online games with in-app purchases.
- Airlines and travel agents that have the infrastructure and resources to quickly deploy features to navigate their users through an online cancellation and voucher programs have been able to reduce customer service costs and also reduce the burden on their existing customer service representatives while maintaining customer loyalty.
Can I catch up?
I know the question you have right now is “Is it too late for my business to go digital?”. Here at CoStrategix we’ve done heavy analysis in sectors across different verticals and have the answers.
A large part of the commitment would require changes in your organization’s focus, structure, leadership’s transformational agility, integrations, security, and logistics. While this may sound overwhelming, CoStrategix has helped a large number of companies from startups to fortune 500s transform the way they do business and with the exception of our clients in the travel industry, all of them are doing well and poised to continue growing. We are here to help and can help you navigate the complexity.
If you feel that your organization is or is not ready for digital transformation, give us a call either way or send us an email to schedule some time to discuss your unique needs and how we can help. Visit our expertise page here to see more information about our process and feel free to visit this page to see some case studies of how we’ve been helping our customers win big!