The Need to Act Now to Emerge as Winners of the Future
“Yesterday is history, tomorrow is a mystery, today is a gift, that’s why we call it the present”. –
It’s strange how this quote rings true for businesses – especially today when the luxury of time seems to have disappeared completely. The ones that previously had the leeway to drive transformation projects in two or three-year phases are today compelled to scale digital initiatives in a matter of days or weeks.
As the pandemic forces employees, customers, and supply chains to get attuned to newer ways of working, now is the right time for companies to stop and ponder about what could have possibly restricted them to pursue bold digital actions in the past. As overwhelming as it may sound, today at this moment of crisis, is precisely the time for companies to boldly propel their digital agendas.
The Digital Mandate for the New Normal
As the proliferation of technology has disrupted business value chains in the past, the pandemic has set similar systemic changes in motion. These changes are not just restricted to socioeconomics, rather there are visible shifts in customer preferences and perceptions, service and product deployment models, cross-border supplier management, and in every other aspect of business.
In such a world of accelerated change, the majority of companies will likely find themselves in situations where comprehending the future will become next to impossible. With so much uncertainty and few straightforward answers, companies need to focus on the near-term actions ‘now’. Such as:
- Boost Product Development Velocity
- Create Meaningful Customer Experiences
- Build Alternative Revenue Pipelines
- Prioritize Process Excellence and Quality
- Foster Business Model Transformation
Fast Tracking Digital Transformation – Taking the Leap of Faith
Both digital natives and new market entrants are intrinsically led by a digital mindset that seeks to disrupt an existing market or conspires to create a new one. Incumbents on the other hand, who are looking to subtly adapt need to embrace a similar thought process while boldly seizing the opportunities that arise.
After all, the ones that are able to not just adapt but also thrive in a dynamic market will essentially have their transformation projects underpinned by three key value drivers:
- Accelerate: Pull the levers of efficiency, rigor, and productivity to accelerate outcomes of existing engineering initiatives
- Invent: Collaborate with customers to expand ecosystems, create new products and deliver exceptional experiences
- Transform: Incrementally recalibrate business processes and operations to cater to new market requirements.
Watch this space for more on how you can Engineer Your Next. Now and tune into LiveWorx Episode Three: Digital Transforms Physical on June 24th, sponsored by Tech Mahindra, to learn more about how you can benefit from Digital Transformation