The future is arriving: Some global business lessons of COVID-19

We are proud to support a global network of business customers, all of whom are navigating through this pandemic crisis. To understand their needs and arrive at solutions while we’re working remotely across a highly dynamic environment, my team and I have been connecting through calls, chats, video conferences, messages – it seems every way but smoke signals and carrier pigeons!

And from our unique vantage point serving customers across diverse sectors, industries, markets, and sizes, we’ve seen trends from customers and partners who have been the most successful.

 Accelerated Digital Transformation

Digital Transformation Quiz Susanne Wolk (Twitter)

Digital transformation. It’s been a theoretical priority for businesses since the 1990’s. Pre-COVID-19, digital transformation moved through most businesses at the pace of competition. But the pace of competition has rapidly increased. Industries that have been resistant to transformation are seeing an unprecedented need for change (look at the retail clothing industry, for instance).

Companies now realize that times of uncertainty call for a level of agility that only digital systems and processes can accommodate. So, businesses are undergoing accelerated digital transformation in the thick of a pandemic. In fact, digital transformation and business transformation have become synonymous as we accelerate into the future.

And I’m not talking about simply accommodating remote workers or developing digitally native business models. Businesses are increasing collaboration, increasing reach beyond physical boundaries, accommodating personalization and finding efficiencies in order to better serve customers.

While those with functional digital strategies in place are faring better, this doesn’t mean that businesses with more traditional infrastructure won’t be able to catch up.

 How?

 Leveraging business strategies that align with times of uncertainty

 Corporate strategy considers uncertainty, but not the extent of uncertainty we’ve seen in recent months. During this time, here are a few guiding principles I’ve seen work the best.

·     Stay customer-obsessed and your customers will remember you for it. Gain clarity on your unique value proposition to your customers. Ensure your mission and purpose are aligned around this.

·     Many large enterprises have divisions that have lost traction or efficacy. Focus your energies on the most functional, profitable aspects of your portfolio. Your portfolio strategy must align with your mission, purpose, and value prop.

·     Emulate tech startups. Become iterative in your innovation. Adopt small-scale, fast-moving and “test, learn and pivot” strategies. This will help you contain risk and reduce your exposure to failure.

People are still paramount. Even and especially in a digital world.

If you’ve read anything from me, then you already know one of my guiding principles is: life is all about relationships! In both personal and professional contexts. And as I’ve seen firsthand, the businesses that are maintaining their internal and external relationships are the ones who are evolving more effectively during the COVID-19 pandemic.

Be transparent. Over-communicate. Not only to keep employees and partners apprised of what’s going on with your business, but also to LEARN from them. To discern what’s working and what’s not, while also relaying and fostering a sense of empathy among your teams.

Take note of how work behaviors are changing. Are your teams working more outside of business hours? Are people collaborating more or less? Has digital collaboration been beneficial or detrimental to independent thinking time? Use the answers to find ways to alleviate pressures that are coming from new ways of working.

Conclusion

Responding to a global crisis has meant that even large enterprises have had to function with the agility we typically attribute to smaller business. They’ve had to make quick decisions based on near and long-term fiscal uncertainty, overcome employee isolation, and rethink corporate strategies including dialing up their digital transformation in the context of their overall business transformation.

The future success of every business will be determined by their ability not to return back to “the way it was” but rather by their ability to reinvent themselves in a world that has weathered a storm and been profoundly changed forever.