A Step in the Right Direction
There has been a remarkable shift in the way businesses are prioritising technology to maintain the continuity of existing business functions. The main theme behind a successful digital transformation during this crisis will be based on the creation of business models that will survive in a less contact society concept. Will you define the new normal to innovate faster and meet demand?
When an unforeseen crisis strikes, it is up to your business to have the appropriate measures in place in order to counter it. New opportunities have unlocked the potential of e-Commerce, while digital banking tools, such as mobile wallets and online payment platforms have become the new norm. Forced social distancing parameters are driving businesses to embrace video conferencing and telemedicine is being practised at an unprecedented scale. Robots are disinfecting rooms, drones are patrolling public areas to conduct thermal imaging and 3D printers are printing masks and parts for ventilators. Limited human interaction is paving the way for automation.
We will continue seeing technology playing a leading role in the reshaping of entire industries and generating efficiency gains.
What is concerning, however, is the number of businesses that are wholly vulnerable because of two principal factors; an undeveloped continuity plan and lack of cyber-security defence.
You might have had your business plans for 2020 ready, but evidently, COVID-19 requires a forward-thinking approach, new strategies and re-planning on many fronts. Decision-makers and business leaders need to reconsider whether their plans are good enough. What you knew before may not serve you well in an altered tomorrow. Business leaders must adopt a proactive approach and be prepared to adjust their products and services to meet the needs of changing customer expectations. Some parts of this evolution are clear. Digital trends that were evident before we entered the crisis have accelerated and will accelerate further. On the brighter side, re-member that change creates opportunity. Businesses who act now and take a proactive approach to their changing markets will ensure survival and success.
“Post COVID-19, your business will hit the ground running only if you have invested in the latest technologies to reach your customers fast and if your business has established a strong digital presence.”
— Dana Farrugia
CEO - Tech.mt
As the Government rolls out incentives to fight the effect of COVID-19 pandemic on businesses, I encourage you to invest in digital assets that will help your business become sustainable and future proof. Re-financing and business strategy modelling should not only include managing debt or reallocation of finances but also an investment in digital solutions that will become one of your most valuable assets once the pandemic is over. Post COVID-19, your business will hit the ground running only if you have invested in the latest technologies to reach your customers fast and if your business has established a strong digital presence. It is a path that would have been taken anyway but now the pace has to be accelerated substantially.
The pandemic has forced short-term adaptation however, this should be viewed as a leap towards digital transformation, leading to more flexibility to customers and employees and potentially opening new revenue opportunities.
Digitisation might just be a buzz word that many businesses aspire to undertake, but when faced with reality, it can be tough to implement while conducting business as usual.
Our team at Tech.mt invites you to reach out to further explore how we can assist you to fulfil your business goals. We continuously drive research and market intelligence on the global tech community, thereby understanding market demand, consumer opinions and risks. This allows us to assist companies to distinguish their brand from their competitors and commercialise their vision more sustainably and become more resilient to this crisis.