Albert Einstein mentioned one time, “In the midst of crisis is opportunity;” no truer is this than the current COVID-19 global pandemic. It has accelerated the pace at which the world has gone digital, transforming the working environment, the way we carry out our daily activities, even how we worship, and has prompted many companies to pivot and re-examine their business models in order to thrive. This period, which is defined as the Fourth Industrial Revolution, has resulted in the explosion of all things digital.
Digital is the New Normal
Digital mediums for businesses are the new normal, and that’s because of COVID-19. As the new regulations and rules were applied to prevent the spread of COVID-19, businesses were forced to close their physical locations and to implement home office regulations.
Digital transformation and adopting platform-based business models will define the shape of individual organizations’ recoveries, and there are rules, guidelines and established best practices to ensure success in this area.
Reinforcing the expected rebound for economic growth is the fact that digitisation is a trend that is here to stay. In today’s rapidly digitising world, organisations can no longer disregard automation and the adoption of technologies, and digital is key for any business to survive in a post COVID19 world.
Impact of Social Media
The pandemic provided an opportunity for businesses to look at digital media in a new way. It proved that social media is not only for influencers or big brands, but it is for everyone. Even if you aren’t doing business physically, your potential customers are always looking for you online, and this is where you should be.
Before COVID-19 social media was optional, businesses weren’t reluctant to do business on social media. Post COVID-19, social media is no longer optional, and it has become necessary. During the lockdown, the use of social media exploded because people were staying in their homes and using social media. The engagement went up, and businesses knew that they’d have to engage with your audience online if they want to stay alive. Now, social media is expanding boundaries for doing business online; it’s no longer challenging because all you have to do is stay connected with your audience.
Digitalization vs. Operational Business
Vladislav Vodatinskij is a successful project manager and senior business consultant. Since more than 10 years he is leading European projects in the sectors of railway, automotive and aviation. Starting from 2016 Vodatinskij has been awarded already two times by Rolls Royce Germany with “CO2ST” Award for successful project management.
Nowadays his business consulting company “ENGINEC” needs to manage projects remote. Communication is one critical element of remote work – innovation, and leadership is the other. The question facing companies today is not whether innovation is better done in-person or via remote teams, knows Vodatinskij. The real question now is how can leaders organize remote teams to be innovative. Almost every innovation project leader is likely to have to innovate with team members working remotely. In that sense, most teams today are virtual teams.
Opportunities for Innovation and Business Models for European Companies
Vodatinskij outlines: “Many companies are wondering how to deal with the situation and the economic consequences. And that’s why it is now the best time for innovation. ” Digital transformation and adopting platform-based business models will define the shape of individual organizations’ recoveries, and there are rules, guidelines and established best practices to ensure success in this area.
Can incumbent businesses think like a digital native as part of their digital transformation? Yes, this is possible, knows Vodatinskij. Businesses can combine engineering excellence with industry experience, niche horizontal expertise, platform assets and IPs that form the core of modern digital businesses today. A typical digital transformation lifecycle could start with a well-articulated digital agenda and a readiness assessment. This would lead to a reimagining of the organization’s business processes, and a platform roadmap to create unique digital services and product propositions.
Digital transformation is essential for businesses, and the pandemic COVID-19 has digitally transformed almost every industry. If you’re not using digital mediums for your business, you should start using now, because digital is the future.