Rishi Khanna is a serial entrepreneur and high growth CEO at ENO8 and ISHIR. He works with clients and leaders to think exponentially.
Digital transformation has been an essential ingredient in ensuring business survival over the past few months. Digital transformation was always a hot topic prior to 2020; however, Covid-19 made it a more necessary component of business strategy.
For many years, business owners and leaders have known that digital transformation was essential; however, Covid-19 made the urgency to deploy digital solutions necessary, as opposed to a luxury. As a result, we've seen some great innovations coming forward. Take a look at how Covid-19 has accelerated digital transformation and why that is a welcome change.
We've Had To Work With The Theory Of Constraints
When you look at the pandemic through a business lens, you can see that it has accelerated our need to work with the theory of constraints. This theory states that every business or entity will have its own constraints and limitations, and once we know this, we can leverage it to our advantage.
The pandemic has made it so that we have had to identify the weakest point within a business and ensure that this is worked upon in order to survive. As competition has been higher than ever, this theory has driven us forward, and digital transformation and technology use have often been a topic of constraint for many businesses.
Limited Options Have Made Tech Essential
In the age of the coronavirus, we've had to take on a survival mentality and use our business instincts to keep our businesses alive. Our limited options have meant that tech and digital transformation have been essential and critical.
For example, restaurants have had to use tech to keep people ordering online in order to both minimize the spread and keep in business. We have all had to adopt a do-or-die mentality when it comes to technology. Without it, many businesses wouldn't have survived.
Digital Transformation Finally Has A Sense Of Urgency
For many years, businesses have not had any urgency when it came to going digital. People have been comfortable with leaving technology transformation the last thing on their list.
However, Covid-19 meant that many businesses had to run remotely. Again, survival instinct kicked in, and leadership realized that they had to start spending on these tech systems. They invested in basic tech, such as cloud software. Without it, they simply would not survive.
While this sense of urgency has caused a bit of anxiety among business leaders who have had to make quick decisions on their feet, it has undoubtedly been a good thing in the long run. This means that businesses are now set up for success and have undergone digital transformation in a much shorter time frame.
Survival of the Fittest
Ultimately, Covid-19 has spurred a survival-of-the-fittest landscape. Whoever was able to adapt and innovate has been able to stay alive. This has been a bad thing for some, who have ultimately gone out of business. However, the crux is that the businesses that have adapted, innovated and adopted digital processes and tools have given themselves the best chance of survival now and in the years to come.
Accelerate The Outcome
In order to do take advantage of this time, you need to get your mindset out of the swamp and start building a culture of continuous innovation.
Start by establishing a small task force in your business to look at the external factors at play here, review internal constraints and resources, keep an on the competition and survey the new opportunities that are now possible due to the pandemic. You can also align your business with an outside innovation and digital transformation consulting organization that will challenge you and your team to think outside the box and look at the opportunity from a new perspective.
Convert these opportunities into some experiments. Promote a culture of failing fast among your team. Understand that customer needs are changing rapidly due to the urgency brought on by the pandemic. Testing those experiments with customers and gaining their feedback is imperative to measuring results and seeing what digital tools are moving the needle for your customers.
I'd love to hear what you have done to digitally transform your business. What digital tools, strategies, automation solutions or products have you started leveraging in your business, and how have they helped you? How have these digital products or ideas helped you get closer to your end customer?
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