Companies based at a place were running successfully before COVID-19 situation. There was not much need of digitization during that time but after the whole world got affected with virus and virus started showing its effect on a large scale it was next to impossible for the companies to work in a normal way. There comes the need of digitization for the companies who were working both ways were much comfortable after sudden lockdowns in different countries but other companies took time to manage new, normal and slowly slowly everyone accepted this and started making their companies available on digital platforms. This is a whole different situation currently to handle everything sitting at a certain place but it’s really helpful as earlier companies used to deal in their own cities and in nearer areas but now with digitalization. they can reach people all over the country and every corner in the world.
This digitization has helped to break the boundaries and open new opportunities for companies. Now even small home-based businesses can deal with lots of customers. It is really helpful to make a country more productive. Especially for countries like India that need this type of revolution in business, now anyone can start their own business without making much effort and can reach a higher level. New combinations of talent and technology are delivering decisive advances in customer experience, operational efficiency and competitive edge. Digital transformation should drive positive outcomes: whether it’s streamlining processes, harnessing data or shaping entirely new ways of doing business, this is about uniting every part of the enterprise in a common purpose.
Now whether goods, services or entertainment you can get them all with you just by click of your fingers and because of the growing need all these companies flourished widely in various less time periods. In just a few minutes time the COVID-19 crisis has brought about years of change in the way companies in all sectors and regions do business. Nearly all respondents say that their companies have stood up at least temporary solutions to meet many of the new demands on them, and much more quickly than they had thought possible before the crisis. What’s more, respondents expect most of these changes to be long lasting and are already making the kinds of investments that all but ensure they will stick. In fact, when we asked executives about the impact of the crisis on a range of measures, they say that funding for digital initiatives has increased more than anything else—more than increases in costs, the number of people in technology roles, and the number of customers.
To stay competitive in this new business and economic environment requires new strategies and practices. Respondents from the companies that have executed successful responses to the crisis report a range of technology capabilities that others don’t—most notably, filling gaps for technology talent during the crisis, the use of more advanced technologies, and speed in experimenting and innovating.
During the pandemic, consumers have moved dramatically toward online channels, and companies and industries have responded in turn. The survey results confirm the rapid shift toward interacting with customers through digital channels. They also show that rates of adoption are years ahead of where they were when previous surveys were conducted—and even more in developed Asia than in other regions. Respondents are three times likelier now than before the crisis to say that at least 80 percent of their customer interactions are digital in nature. Looking at the interest of customer towards digital sources business fastly moved to adapt to digitization and with this speed all the problems related to economy can be easily solved.
Written By : Aadya Rani