The Covid-19 pandemic and subsequent economic lockdown have been a significant inflection point for millions of businesses in the country and around the world. The sad truth is that many businesses might not make it back from this devastating inflection point. It can be easy to fall into a fear-paralyses state, but with the right tools, strategy and methodologies, you can navigate these times, and you can even come out THRIVING.
What is an inflection point?
An inflection point is a phenomenon or event that significantly alters circumstances or the progress of a company, industry, economy or political situation. The change is either significantly positive or significantly negative. It is decisive, and almost nothing escapes its impact.
Case in point: Covid-19
The Double-Edge Inflection Point
Covid-19 has worsened or accelerated some previous inflection points, with arguably the most prominent one being digital transformation. Whether it’s exacerbated or accelerated your digital transformation depends on your structures’ readiness for digital transformation.
What is digital transformation?
“Digital transformation is the integration of digital technology into all areas of a business, fundamentally changing, and improving the way the business operates and delivers value to its stakeholders, customers and communities. Moreover, it represents a cultural change that requires organisations to continually challenge the status quo, experiment, and get comfortable with failure.”- The Enterprisers Project
The urgent need to evolve
As a result of the radical impact of Covid-19, customer expectations that drive how customers find, buy and use products and services has evolved significantly recently. To remain relevant, businesses must adapt to, meet and deliver on these customer expectations. And because we’ve seen how pivotal digital technology has been in catering for these expectations, businesses must adapt and digitally transform accordingly urgently.
What should you do about all of this?
It’s undeniable that irrespective of the industry you’re in or business function you manage, those who embrace digital transformation stand a better chance of succeeding and seeing the other side of this disruption. Companies that don’t effectively adopt and adequately implement digital technology will fail to prosper. This fundamental premise needs to be appreciated, especially in the context of the Covid-19 inflection point and related disruption.
In short: Companies that have not figured this out, or have not yet started their journey or are too slow at implementing digital transformation, are already beginning to fall behind and risk never being able to catch up.
To fully embrace and implement digital transformation, you will need to re-evaluate systems, structures and strategy. Digital transformation doesn’t have to be a daunting task. At A-Game Business, we are excited about the opportunity this has brought to the foreground, and as always, we are delighted to share our knowledge around this area with you. Knowledge we have gained and refined over 12years that will guide you in some decision making around how to transform successfully digitally.
Up for the challenge that can steer your business to THRIVE?
Join us at our ‘Thrive – The Digital Transformation Masterclass’ to learn more about an effective digital transformation strategy, approach and framework this Thursday, 2 July 2020 at 9h00 CAT. Click here to register.
KK Diaz: Business and Digital Transformation Strategist, Digital Marketer and 5-times Author