Welcome back to our blog. Today we want to touch upon a lingering topic – a world crisis, and an ongoing calamity that struck the world right at the beginning of 2020. And while the COVID-19 is still in the process of unravelling the effects, it will have on the current economic, social, and political state of affairs, a specific prediction of what is going to happen in the aftermath can already be made. We will dedicate this article to explore what corporate sector and the business one should expect when the crisis will be finally over.
The first thing that comes to mind is an inevitable acceleration of digital transformation, and, as a result, complete alteration of the modern business landscape. Why do we think that? Well, even before the COVID-19 crisis, 92% of companies were already making changes to their existing business processes by supplying them with digitalisation where it was applicable. But here is the tricky part, let’s say that you are a medium-sized business and you provide FMCG (Fast Moving Consumer Goods). During the crisis, your orders are going through the roof because before you were smart enough to supply your consumers with a user-friendly app.
Nonetheless, when the COVID-19 occurred on a mass scale, it became clear that it is not simple enough to cover only one part of the business process digitally. Think of the operations, that were not ready to accept such a large number of orders because they either lacked resources to carry out mass testing or because they were closed due to the healthcare issues. In both ways, it took quite some time to resolve these issues and return to the quasi-normal state of affairs.
Take, for example, one European variety-store chain, that was capable of establishing a fully functioning e-commerce business in just three months. This particular business not only improved their delivery like-for-like revenue growth in its primary market by 3% but also was able to implement an interconnected online platform which included all functions, such as warehousing, merchandising, marketing, and customer support. The only logical conclusion that comes to mind in this scenario is that the digital transformation will become total as the new health conditions would require that.
What Mckinsey called “the digital agenda for recovery” only solidifies the point of view mentioned above not only for businesses but also for corporate. According to the recent survey, a very considerable number of companies have sent their employees to be working from home with an indefinite date of return to the office. So here we see that even with giant corporations, the drastic change is inevitable, and we are only beginning to grasp its full effect on us.
The only summary point we want to outline in the end is that the digital transformation is upon us, and it will touch every possible sector of our lives.
Thanks, again, for reading our blog, more information on this topic soon.