Don’t Get Left Behind
Feeling overwhelmed with the changing climate? Well, I can guarantee you are not alone. Over time as we settle in and the panic subsides we will probably need to start thinking about answering some important questions. As clients, employees, and supply chains are forced into new ways of operating, we need to ask: What are the digital actions we’ve hesitated to pursue in the past? As counterintuitive as it may feel, right now, is precisely the time to advance your digital footprint.
Where do I start? We suggest the answer lies within innovating entirely new digital offerings, deploying design thinking and digital technologies across your business. Since this crisis began, Experience Digital has adopted these ideologies internally and for its customers, with tailored off-the-shelf software solutions designed specifically for customer’s needs, to adapt to the “new normal”.
With so much change, what do I focus on? We need to first recognise that most companies know how to navigate new digital actions in ordinary times of change, but very few do so in times of crisis. Equally, customers are often slow to adjust to new ways of doing things, with seemingly inherent resistance to change. As a result, both often experiment at a pace that fails to match the rate of change around them. Additionally, they seldom embrace the action needed to move quickly from managing initiatives to implementing the successful ones.
What I’m suggesting is that businesses focus on speed. Change is always a difficult obstacle to overcome, but change and the rate of that change are critical. This coupled with an emphasis on the digital changes that are most consequential to your business growth.
How do I overcome the financial impact? Start by evaluating your financials and identify triggers that weaken liquidity. For each trigger, companies should define changes that stabilize the organization in each scenario (process improvements, optimising accounts payable and receivable; cost reduction; divestments and mergers and acquisitions). Any digital upgrade and augmentations that will keep your business working optimally, whilst minimising disruption.
Stay close to your customers. Businesses that navigate disruptions better often succeed because they invest in the heart of their customer and are able to forecast their behaviours.
Practice the plan. Many top teams do not invest time in understanding what it takes to plan for disruptions until they are in it.
At Experience Digital we recognize that there is a substantial economic impact during this pandemic. This is why we need to act quickly and try new things if we don’t want to get left behind.
If you would like to understand more about what we do and how we can help you adapt to change, please reach out to us at firstname.lastname@example.org or contact me at email@example.com.