A s the particular pandemic slows down in many parts of the world, many companies will find that digital technologies will be one of the most powerful options for recovery during this next phase associated with the COVID-19 crisis.
Businesses will also undertake this challenge despite severe obstacles which include inconsistent revenue, disorganized workforces, broken supply chains, and a persistent lack of investment capital.
In the Philippines, companies have been forced to adopt new business models, including managing a hybrid work environment, expanding on digital business channels, and providing customers with a more pleasant and holistic electronic experience that will increases engagement.
Many organizations still struggle to embrace these new technologies. Their legacy technologies have been deemed a liability as they hamper their ability to quickly follow new plus improved way of operations. As the cyberattack threat increases, they are also now more susceptible to cyber incidents as cybercriminals exploit opportunities in these newly digitized operations.
Because of the nature of this unprecedented environment, digital technologies are one of the most effective solutions for recovery. More specifically, the proactive technology strategy built around adapting operations and building resilience can equip businesses with a stronger competitive edge as they recover from the pandemic.
ADAPTING BUSINESS OPERATIONS IN EVER-CHANGING CONDITIONS
Facing uncertainty in this pandemic is one of the greatest challenges businesses must address. The impact of COVID-19 on the economy as well as in our daily lives continues to evolve. This presents an unknown operating environment for enterprises.
The capacity to adapt to these challenges will become crucial within this brand new way associated with doing business during these ever-changing conditions. Although it will end up being difficult to predict how conditions may change, companies can utilize these key actions as discussed in a recent EY article on how embracing technology may bring success:
• Reevaluate infrastructure to support a hybrid workforce. This particular includes a flexible communications plan that supports the particular return-to-office situation. New facilities will benefit the company a lot more in the long run by helping facilitate collaboration, remote working and higher levels of automation in procedures. Teams will certainly be able to better manage resources, track production, and protect the enterprise through the collaborative software platform.
• To ensure company continuity, cloud adoption will help business functions transition more smoothly to support an ecosystem-based approach. This will allow a lot more collaboration plus connection among various teams that may improve decision making. Using the cloud will also allow companies to ramp up and down its supporting infrastructure because economic problems change, linking suppliers, customers, shippers and employees to gain a flexible advantage.
• Automation remains a key pillar of any electronic transformation for a business. This offers tremendous potential with regard to leaders looking to drive transformation in their organization: through cost savings and increased delivery speed to new operating models, to higher-value efforts regarding their people.
BUILDING RESILIENCY AND FLEXIBILITY INTO THE ENTERPRISE
New business models are being introduced because of the particular pandemic, such as hybrid work situations where employees work from home plus in-office, a digital experience that will boosts customer engagement, and the acceleration associated with digital companies at the expense of traditional physical channels.
However , numerous organizations have struggled in order to catch up and be more digitally prepared. Traditional systems — always high-cost plus slow-moving — have become a much greater liability. Moreover, as hackers take advantage of recently digitalized activities, more companies are now frequently becoming targeted by cyberattacks due to their lack associated with adequate cyber protection.
Focusing on the following three key areas can help companies build a more resilient and flexible enterprise where digital technology will be critical:
1 . Restructure IT operations
Upgrading digital infrastructure can enhance electronic sales stations, the virtual customer experience and direct-to-customer delivery methods. This is evident even in the particular case of public services where government agencies right now allow a more seamless wedding with the citizenry. For example, the particular Bureau associated with Internal Revenue (BIR) today accepts not only tax returns but also payments via electronic channels. Soon, its e-invoicing facility can expand and further facilitate online interaction between the Bureau plus the taxpayers, be it large or micro, small and medium enterprises (MSMEs).
2. Reevaluate digital strategy
Now is the particular time to assess which new technologies the company will need to improve on, such as expanding impair infrastructure and contactless obligations and adopting 3D printing and augmented and virtual reality. In addition, companies will need in order to make difficult decisions around replacing legacy technologies sooner than later.
3. Double down on cybersecurity
Companies should ensure that the digital infrastructure is secure and that their data is safe and backed up. Leaders should furthermore review their cybersecurity infrastructure and enhance where necessary. Moreover, they must consider how to better assistance the security of third parties like suppliers, customers plus contractors. Companies should also keep in mind that strengthened security measures across its ecosystem ought to complement and provide a more effective defense against the current generation associated with security threats without slowing the business straight down.
ACCELERATING DIGITAL TRANSFORMATION
According to a 2010 Harvard Business Review study that will looked into how business fared during the 2008 recession, less than 10% of businesses emerged stronger than before the crisis. They did this particular despite the global problems by balancing strategic investments that focused on brand new technologies while cost-cutting through divestments.
With COVID-19 creating fundamental changes to how we live and work on a larger scale than in the particular 2008 recession, the gap will only widen between leading and underperforming companies. The successful businesses of tomorrow will be those that accept and accelerate their electronic transformation in order to fast-track recuperation and create a competitive advantage in a post-pandemic world.
This article is for general information only and is not a substitute for professional advice exactly where the facts and circumstances warrant. The particular views plus opinions expressed above are those of the author and do not really necessarily represent the views of SGV & Co.
Warren R. Bituin is the technologies consulting leader of SGV & Company.