Moving boldly does not imply progressing without prior thought because bold actions and the prospects of gaining new insights are deeply connected. The real-time ability to not simply survive but also learn during a crisis is, in fact, the one ingredient that can turbocharge your ability to scale quickly.
There’s been an all-encompassing digital revolution that happened in a shorter span during the pandemic. COVID-19 forced businesses to move to a digital world to continue operations. This means that businesses rely more on technology now, to communicate and share information.
Many businesses have had to create or update their websites, social media accounts, digital presence, and online platforms to stay connected with customers and employees. Additionally, many businesses switched to digital tools and apps to manage their supply chain channels as well.
A lot of fear associated with jumping into the digital transformation bandwagon was pushed to the backburner to embrace the new-age digital offerings in the hopes of building a sustainable business model. So, the question is, how can this digital transformation be made more seamless and efficient?
Reinvent Your Business Model from the Bottom Up
The concept of reinventing your business model at its core is about making changes to the fundamental way in which your company operates.
This digital transformation might involve revamping your strategy, altering your product offering, digital business transformation, or shifting your focus to a new market. These changes can reinvigorate your company and help you achieve long-term success if done correctly.
It is notable that, organizations adopting AI tools, digital platforms, algorithms, and design thinking and utilizing them to revolutionize their model at scale have been outperforming their competitors. This is likely to become a common practice as businesses are continuously confronted with large quantities of information and need to implement forward-thinking strategies in contrast to their peers.
New Offerings
The COVID-19 pandemic has brought about ecosystem-level changes. These changes are not merely restricted to economic changes but extend to new ways of servicing customers and interacting with suppliers beyond old industry boundaries; similar to how digital platforms have disrupted value pools and value chains in the past.
Most firms are looking for cloud transformation and digital transformation, and virtual alternatives for their formerly physical services; or at the very least, new ways to make them available with minimum physical interaction. And it is a known fact that newer offerings sprout with newer partnerships and platforms.
Hence, it is beneficial to look for ways to push your organization’s comfort zones as you engage with new partners and platforms. You must focus on gaining visibility into the areas where you can confidently invest your time, people, and money to the most significant benefit.
Reinventing Business Models
Design thinking, which requires the application of systemic logic and intuition to solve complicated issues and envision ideal future conditions, is essential. End-users are the focus of a design-centric approach.
It also aids in making real-time sense of how suppliers, channel partners, and competitors are reacting to a crisis. Further, design thinking gives insights into how the ecosystem that encompasses them all is evolving in preparation for the new normal that will emerge when the immediate crisis has passed.
Developing an end-to-end view of your operational and management models is essential to go beyond current business propositions. Organizations that invest in peripheral adjustments to the edges of their business model almost often fail to meet their objectives.
As per a report by McKinsey, “Organizations that quickly adopted AI tools and algorithms, as well as design thinking to reimagine their business at scale, will outperform their peers. This will be increasingly true as companies deal with larger amounts of data in a rapidly evolving landscape and look to make rapid, accurate course corrections to stay ahead of their competition”.
Learning Amidst a Crisis
Sometimes, the greatest lessons come from the toughest situations.
Learning along the landscape of crisis in business implies that businesses must learn and adapt quickly to survive and thrive in a competitive environment. This can be done through a variety of methods, including but not limited to creating a learning organization, encouraging employees to take risks, and using technology to facilitate learning.
By embracing a culture of continuous learning, businesses can stay ahead of the curve and ensure their survival in today’s rapidly changing world.
Techwave: Your Digital Partner
Techwave is more than just a digital technology company. We are your partner on your digital transformation journey, providing innovative solutions and services to help you succeed. We are there with you at every step, from planning and development to implementation and support. With Techwave by your side, you can be bold and achieve anything you desire in the digital world.
Our Digital Services:
- Data & Analytics : Data and analytics are essential tools to help organizations make better decisions after their digital transformation. For example, when the supply chain was hugely hit during the COVID-19 crisis, retailers with full supply-chain transparency and algorithms to detect purchase-pattern changes before the crisis have been able to navigate the crisis rather effortlessly.
By providing data and analytics services, we can assist you in improving your business performance. Surveys, focus groups, interviews, and social media are just a few ways we collect information and use it to help our clients better understand their customers and marketplaces. Our analytics help our clients understand how their businesses are performing and identify areas for improvement. - Cloud and DevOps : Cloud and DevOps services enable you to outsource the management of your IT infrastructure and operations. This helps you focus on your core business while our team manages and scales the infrastructure to meet your needs. You can leverage modern technology and practices, such as containerization and automation that allows us to provide high-quality service while keeping costs low.
- Process and Services Automation : Techwave is a one-of-a-kind and robust process automation solution that helps businesses increase production and efficiency. Our technology is simple to implement and aids businesses in automating business processes, improving customer service, and increasing efficiency.
Techwave automates processes and services, resulting in significant speed, efficiency, and quality benefits. Our solutions are customized to your company’s requirements, making it simple to get started with minimal disturbance to your current operations.
For example, the sudden switch to completely remote working emphasized investing in emerging remote work technologies with attributes like flexibility and diversity to maintain maximum productivity. Process automation to capture maximum value is one of the many challenges that we cater to. - Software Product Engineering : Techwave offers comprehensive, agile software product engineering services. We help you take your idea from concept to market-ready product. Our experienced engineers can help with all stages of product development, from requirements gathering and design through testing and deployment. We work closely with you to ensure that your product meets your needs and exceeds your expectations.
- Digital Value Map :Techwave’s digital value map (DVP) is the first of its kind. It offers unprecedented visibility into the often complex and hidden relationships between business functions, data, and technologies.
The DVP helps companies align their digital strategies and services and help you with your digital journey to achieve your core business goals. This is achieved by revealing how different data and technology investments support or detract from critical objectives.
In short, we assess your digital maturity by mapping – Where are you in the journey of digital transformation? What more can be done? How to get there?
With Techwave’s DVP, businesses can get a clear understanding of where they stand and how much muscle needs to be flexed to attain the defined digital goals. Our DVP service helps to better allocate resources to create maximum value.
Conclusion
Being able to trust your digital partner is a critical factor in your digital journey. Techwave is a reliable and valuable digital transformation partner for businesses on their digital journey. Our cutting-edge technology and innovative solutions have helped many organizations achieve their goals and objectives.
With Techwave by your side, you can be confident that your business will be successful in the digital services age.