Over the past few months, we have seen how digital technology helps in the fight against COVID-19. Several strategy discussed how expanding digital services can help reduce the impact of COVID-19 on the businesses now and boost the growth later. Moreover, digital development can help Malaysia businessess to work along with COVID-19 as begins to take place again here in Malaysia. We will share about how digitalized businesses could help us to cope with the new norms.
Strategy 1: Transform business
Amid the uncertainty as to what behaviours and trends from the crisis will endure, this is much clearer. Updating their business for a digital-first world, led by purpose, is now an important for almost every business. To acheive this, businesses will have to determine where new business value exists in the new norm, what digital business models will require it, and what tools and behaviours will support the adaptability that is required.
Successful efforts will affect structural change within a company and go beyond incremental efficiencies to fundamentally transform what business they are in and how they operate. Technology disruption is rapidly shifting traditional industry boundaries, and increasingly forcing companies to collaborate with others, and create new, shared value in digital ecosystems. It is estimated that digital ecosystems could represent more than $60 trillion in revenue by 2025, or more than 30% of global corporate revenue. In this rapidly changing landscape, “digital-at-the-core” business models that are adaptive, data-led, asset-light and based on services rather than products give companies an advantage. Operating models, supply chains and teams must become more intelligent, resilient, and agile.
A company’s ability to harness value from data will be at the heart of this transition. In other word, real time, predictive data can enable decisions “at the edge” distributed across multiple partners and machines. It can empower front-line employees to deliver better consumer experiences and stronger collaborations without needing to contact face-to-face. At the same time, as digital interactions with consumers grow, companies must take proactive steps to protect their data privacy and security and adopt models that give them agency over their data.
Learning from prior attempts, businesses must ensure their digital transformations are guided by its overall purpose and strategy, driven by cross-functional teams, and measured by “fit-for-purpose” performance metrics. They must balance goals – combining short term efficiency gains with long-term new value and integrating business value with a broader societal purpose. The approach to implementation must be iterative – charting a clear course yet retaining the flexibility to pivot when needed. Most importantly, companies must continuously update capabilities and skills.
Opportunity 2: Empower stakeholders
Digital technologies and models can be powerful tools for companies to empower all their stakeholders, and to put into practice stakeholder principles of the COVID era.
In aftermath of the pandemic, many employees will need to be reskilled or redeployed at scale and be better equipped to succeed in a digital world.
As consumers seek stronger health and safety measures, convenient and flexible purchase options and affordable and trusted products, models such as digitally enabled platforms and “as-a-service” can help redefine service delivery.
Opportunity 3: Change systems
Traditional business models have left multiple communities unserved in “market deserts” with no or limited access to services such as food, digital connectivity, skills or finance. While the pandemic further aggravated these gaps, it also presents a unique opportunity to accelerate digital collaborations that can transform age-old systems and address systemic market failures. Built across traditional industry boundaries, new, creative and unusual digital collaborations can reach and serve a more diverse set of people at unprecedented speed and scale.
Take for instance digital inclusion and transformation of small businesses around the world. Small businesses constitute 40–60% of GDP in most countries, yet many are cut off from the digital economy. The power of digital models to redefine systems is already visible in examples like Ant Financial, that uses its digital platform for microloans in China.
It conducts algorithmic analysis of huge amounts of transactional and behavioural data from sellers, marketers, service providers and manufacturers to calculate real-time credit scores and process microloans in minutes. Appropriate technologies tools & systems can be especially empowering for businesses and households that have seen persistent gaps.
The digital transformation and financial inclusion of small business can set forth a healthy cycle of enhanced labour productivity and innovation, rejuvenated local communities and strengthened social cohesion.
Digital and data collaborations across industries can also help accelerate other positive outcomes across our social and economic systems. In the coming years, it is possible that no one will speak of “digital transformation” because the term will have become irrelevant: Non-digital businesses will simply not exist. To avoid becoming one of those dying businesses, business leaders must take the opportunity – and a pressing need – to invest in bold and purposeful digital transformations now.
Well, most importantly we have to take good care of ourselves and people nearby us to prevent the spread of such disaster and together we go go through this!
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