Is Digital the Answer to Economic Progress post this Pandemic?
The COVID-19 crisis is an unparalleled one in the history of mankind which caught the entire world by a great unpleasant surprise. The major challenge for the global economy is to sustain the Business Continuity amidst the lock down and social distancing. While some organisations were better prepared, some puzzled initially but eventually tackled it and rest have grumbled and capitulated to the situation and waiting for it to get over.
The coronavirus has shattered business models and has forced us to rethink on our strategies. Even the most agile and dynamic businesses had to react faster to the ‘new normal’ of the lockdown economy; restrictions on travel, the shutdown of physical stores or factories, and a massive rise in remote working. The pandemic is bound to renovate forever business models and operational strategies for industries and governments. While it is not known how long this crisis will last, the uncertainty is fast-tracking the transition toward embracing technologies and positioning digital transformation at the driver of global business dynamics. The coronavirus is pushing organizations to innovate now what they would have planned to do in 5 years of time.
Against this milieu, the question is no longer should organizations digitize, but, rather, how can they deliver a transformation that best prepares them to handle uncertain times and create opportunities from crisis.