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Digital Boom is Our New Reality

Time to read: 6 minute(s)

Due to the ongoing pandemic of COVID-19, many modern businesses are in a state of complete uncertainty. The pandemic crisis vividly demonstrated and insisted on the emergence and development of digital capabilities. Now more than ever, businesses must be alert to change and be able to respond quickly, from the price of supplies to the working conditions of their employees. It is true that there are lots of organisations/businesses that changed because of covid, but still many companies are still simply not ready for this.

How will the Breakthrough of Digital Technologies Help Us?

It’s not just a matter of an immediate response to the effects of COVID-19, but also a calculation for the long-term future. The expectations of companies, their co-mediators, and users or customers about what is to come are changing at a rapid pace. Although things evolve differently depending on the region or sector, the same problem remains the importance of recognizing and defining the new reality. So how do we prepare for the future competition and what are our pandemic opportunities? There are three important factors: progressive practices; a constant focus on results; and the ability to use digital technology.

Previously, there might have been doubts about the need for digital technology, but with the pandemic, those doubts have been completely dispelled. Virtual communication between customers and employees or heads of companies has become completely normal and commonplace. On rare occasions, digital communication is a forced extreme in order to keep business alive. In today’s world, it’s either choose to go digital or go dark.

The Earlier the Better

The digital mandate to do business is not new, just more clearly delineated. The economy was moving toward digitalization and servitization even before the pandemic. World events have simply accelerated this paradigm, as evidenced by the shift in spending in the digital direction. The question how to shift reality fast is still unresolved. For businesses that did not actively embrace the digital world, the pandemic was a very tough test, as they ended up being very unprepared. Just imagine the stress for CEOs who, in addition to taking care of their employees’ health, demand spikes, and complete economic uncertainty, must also think their way through the emerging digital technologies. In this case, making quick and drastic decisions can definitely lead to mistakes.

The best example of adapting to the situation and new emerging business opportunities are companies that not only had already developed digitalization strategies but also managed to implement them before the pandemic – they are now able to identify their competitors and even outperform them. But at the same time, they are not relaxed and assess the consequences of the Coronavirus with the same sober vision as others. In this economic situation, the lack of digital technology is not the only problem, but these companies definitely have more potential and resources to weather the storm and even emerge from it sicker and more competitive.

In a difficult pandemic situation, companies are faced with great difficulty in assessing the condition and making the right responses. Companies must ask themselves the questions: what to sell? How to communicate with customers? Will covid really change way people spend money?  Where are the weaknesses in supply? How to motivate employees who work from home?

business opportunities after coronavirus/pandemic opportunities

Benefits of Digital Technologies

Those companies that have switched to digital technologies already have much greater resistance to factors that adversely affect the business. Also, such companies have an advantage over competitors, which will give them the opportunity to quickly restore work and move on to rapid growth.

  • Efficiency: digital technologies are used to optimize operations and automate manual processes. This helps to increase speed, reduce losses and focus on activities that bring income.
  • Productivity: employees already know how to use digital technologies, so they do not waste time on assimilation – common work tools increase productivity and maintain company culture. It is rather easy to adapt company to new conditions of work.
  • Security: the cyber threat is also evolving. Companies are already aware of this, so they can take security measures in advance to prevent information leakage, for example.
  • Customer relationships: it is easier to track the preferences of the buyer or customer in order to provide him with a quality service and keep in touch even while being on different continents.
  • Flexibility: information derived from data enables rapid decision-making and response. The flexibility of digital calls allows you to adapt to the situation for yourself at any time.

The world has gone into lockdown due to the Coronavirus. To date, maintaining a distance is the main and most effective way to stop a pandemic. Thus, the so-called “boom” of digital technologies will appear, since everything that depends on contacts between people has been transferred online.

What Has Changed?

Digitalization has emerged to fill in the missing pieces due to social distancing measures. People would not be able to shop, work and study without the intervention of digital technology. Thanks to them, we have the opportunity to support many aspects of our life. What about business growth opportunity, there are lots of them too:

  • Remote work: for many, going online was a likely shock and made it difficult to adapt to a new forced workplace. This was a test for the system as well – figuratively, but even literally, as the user’s request exceeded the system’s throughput. At the same time, this area continues to develop at a rapid pace, since a large number of the population is still working remotely. Digital technology tools are becoming more and more complex and thus make work easier and increase the employee’s comfort level.
  • Multi-channel comment: many consumers are still shopping online, even those who didn’t do it before as physical offices close their branches. Deliveries of food, things, and services are in particular demand. Now it is possible to order a dish not only in a restaurant but also to fully “go” shopping in an online supermarket.
  • Digital content: entertainment in connection with the pandemic has also moved mainly to digital format. Nothing new, but strong demand has pushed many companies to develop their digital services, adapt business and improve their quality and people’s involvement. Millions of people have bought subscriptions to streaming services.
  • Building platforms: during the pandemic and likely beyond, companies, institutions, or organizations from all walks of life will be building platforms to stay afloat. No one could have imagined that even the fitness industry could switch to providing its services online: virtual training, streaming classes. Educational institutions of different categories also made sure that students had the opportunity to continue their education, even being far away from the classroom. Big events and concerts, exhibitions, and conferences are now taking place virtually. It is not certain that all of them will continue to operate online after the end of the pandemic, but some will leave at least a hybrid approach.
  • Digital healthcare system: the transition to digital health care was undertaken to ease the strain caused by the pandemic. Diagnostics in a remote format or telemedicine helps patients receive diagnoses and medical consultations right at home, which eliminates an unnecessary trip to the hospital. 3D printing technology has also been added to digital technologies for medicine. Before the advent of a vaccine, one of the most important preventive tactics was information sharing. Thanks to technology, the number of infected people could be tracked online.

What is the result?

Over the past two years, it has become clear that the digital “boom” is more of a necessity for us in the future than a challenge. But this only means that the conditions of use will be much improved than before the pandemic. Some people refuse to belive it, but business opportunities after coronavirus have even grown. Don’t be too optimistic, just take it real.

It is also taken into account that talents, budget, and resources will be limited and new problems will arise with greater urgency. Some companies will not be able to keep up with the speed of breakthroughs in these technologies and will most likely have to rethink their long-term vision.

Each step in the digital transformation as well as new business oppotunities soon will need to be rethought and discussed with experts. But at the same time, everyone, experiments, and the promotion of digital technologies will continue, because, with the right approach, companies will only grow stronger, become more flexible and customer-oriented.

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Why It’s Time to Start Talking About the New Digital Economy?
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