Top 5 Things Business Leaders Should Prepare For In The Upcoming Digital Era
The impacts of the Covid-19 pandemic is undeniable, and at the same time, the crisis has also offered many valuable lessons, where many companies need to quickly adapt and continue their businesses via digital channels, as well as enable their employees to work from home, all in a very short amount of time.
Many business activities that were conducted in person can now be in digital channels. For example, banking, shopping, face-to-face meetings, HR onboarding, etc. all are carried out online now.
Business leaders and their teams are learning a lot about adapting to the new digital economy. And seemingly, productivity remains the same or even better when team members work from home. Everyone around the world is still waiting for recovery after the post-covid era.
Still, technology will continue to play an important, dominant role in shaping the new business landscape. Here are the top five things businesses need to prepare after the pandemic, in order to stay competitive in the market.
- End-to-end digital self-services
Businesses were already shifting into the digital-first world before Covid, and the pandemic has accelerated the trend, requiring business leaders to quickly enabling digital-first experiences, including full-scale self-service digital tools provided to consumers, for end-to-end digital on-boarding, minimizing in-person support.
The roles of technology leaders are becoming equally important like other executives that are external and customer-facing. The digital business model needs advanced software and analytics systems to extract insights from raw data, increasing business value in the new landscape.
Many organizations found it difficult to achieve their business goals during the pandemic because they did not have an online strategy in the first place, in order to properly communicate with their employees and engage customers when they need it the most.
Thus, technical leaders must take the initiatives to invest in technology to enable their business to go digital. The return on the technology investment should also be adequately assessed and shown to the non-technical leaders in regards to specific business outcomes
Also, businesses need to implement better analytics tools to extract insights from the data they have captured over the years and taking corrective action based on the insights discovered.
- Consider Software Outsourcing & Offshoring
The IT team should be able to facilitate and allow businesses to hire and onboard employees from any world across the globe. This is because software development outsourcing and offshoring are still essential for many businesses to compete in the near and long term, quickly filling up the talents gap. Collaborative tools and solutions can be applied for this new process and operations.
- Attract, Hire, and Retain Tech Workers.
In some developed nations, where physical offices are expected to be soon reopened, business leaders are required to adapt and ensure that they are actively engaging with employees working in remote locations.
Specifically, businesses must maintain an ongoing feedback loop with their teams to gauge the sentiment and determine if their investments in collaborative and virtual solutions are bringing the intended outcomes.
- Remote Work
Remote work is effective but it has its own limitations. Several issues such as loss of physical team meetings and collaboration. Thus, business leaders need to focus on attracting and keeping tech talents, prioritizing the people and their teams, delight employees with flexible working requirements and challenges.
At the same time, it’s also important to keep the team organized and work in productive ways that fit the new remote/hybrid working model.