As the Covid-19 pandemic has shut down the physical world, everyone is expecting that the digital world will step in and fill in the gap. Will this be realistic? – Indeed, the rapid migration to digital platforms will allow companies to compensate for their loss during this critical situation.
Undoubtedly, Covid -19 has accelerated digital transformation globally and has made us realised the potential of technological solutions which can improve and help our lives, sustain and expand our business. As such, prioritizing innovation has become the key to unlocking post crisis growth. The ability to anticipate new ways of operating will be essential to weathering this alarming situation. By now, most of the leaders have driven their businesses to digitalise at least some aspect of their organisations’ structure to protect employees as well as support consumers who are facing mobility constraints.
Across every sector, the world is experiencing efforts to improve consumer confidence and keep the economy on track. Recent data from Mc Kinsey shows that Banks across the world have transitioned to digital Onboarding and launched digital consumer outreach to make payments for loans and mortgages flexible. In addition, grocery stores have switched to online ordering and distribution. Schools in many countries have pivoted online learning and remote classrooms. Doctors have started telemedicine distribution, helped by more flexible control. And the list continues.
Refocus digital efforts towards changing customer expectations:
As businesses continue to focus on their digital transformation strategies and are making steady progress, it is also important to review the goals and priorities along the way. What seemed to be the right vision and plan only a few years ago, could now just be part of a bigger picture that companies and leaders need to recognise and actualise for future success.
Many companies saw a drastic change in consumer purchasing habits as lockdowns and isolation policies were put in place. Some of them have innovated and scaled new digital platforms to be able to engaged with their customer base. This is often predicted on a profound understanding of the customer journey and during this pandemic how those needs can rapidly evolve. A number of technical advances such as intelligent data processing, face and speech recognition, have become possible due to Artificial Intelligence (AI).
AI tools analyse a huge amount of data to learn underlying patterns, allowing computer systems to make decisions, predict human behaviour, recognise images and human expressions. These skills will be highly useful as businesses are confronting and adapting to the next normal situation after this pandemic. Furthermore, rapidly evolving technologies such as IOT sensors and the greater availability of software tools and computing infrastructure are closing the gap between the physical and digital worlds.
In several ways, the Covid-19 pandemic has poked holes in the preparedness of organisations and has demonstrated how underutilised technologies are that could have ameliorated some of the worst impacts.
Partner with NanoBNK
NanoBNK, our Fintech company is offering its services and solutions to bridge the gap between the physical and digital world to help companies recover from the Covid 19 pandemic in delivering full Digital Transformation Solutions for our Customers.