Digital Transformation by riding the Covid wave

With Covid-19 suddenly hitting the hunky-dory economy at a mind-boggling pace, there is no denying that change is inevitable- economic, sociological, corporate as well as personal. And the only way ahead is the digital way. Now, Covid-19 is a reality. But whether it will prove to be a boon or a bane to your business, depends on your digital readiness.

How digital-ready is your company?

A huge digital transformation is what the world demands and it took a virus for us to realize this virtual reality! With technology and high-speed internet connectivity, business continuity can be done digitally with people operating remotely. Easier said than done, right? Are we actually prepared to brace the situation of the so-called “digital transformation”? Or, as a country, we would still like to operate the brick and mortar format?

Well, the future is quite challenging, as it is uncertain. Businesses are forced to make some tough choices. Some are cutting corners to survive while others are making the most of this time to ride the wave; so that they make sure that when this pandemic comes to an end, they would emerge stronger than today.

Larger organizations have been able to sail through if they have a strong digital presence. Even giants like TCS has changed its working model with a min of 75% of its employees would be operating from home at all points of time. Is this a boon or a bane for the economy, employees, et all?

Let us look at some statistics….

While it is important to reduce the overall expenses of the company but not at the expense of increasing the digital footprint. A Mckinsey Digital-Led Recovery report shows that those companies acting with a “through-cycle” outlook will be in the best position for accelerated growth when the downturn is over.

This has been proved during the 2007-08 recession with a company operating through the downturn had a commanding position over its peers. So, the most important lesson is that the companies which act early and more decisively during a crisis are the ones who emerge as leaders or winners post the downturn.

“Digital measures RE-WIRE organizations to perform better. This is not a one-time change. It is more of a FUNDAMENTAL REBOOT of how things get done.”

Digital Transformation in India

Most people are stuck within the four boundaries of their homes. Some changes are temporary but some would be permanent. This virus would have changed the way we look at life altogether!

The time spent online has risen significantly. The total internet hits have surged by between 50% and 70%, according to preliminary statistics. Streaming has risen by more than 12%.

Most people, these days, are whiling away time on the internet and are now bored with reading more and more information about Covid-19 unless miraculous good news like vaccine or test is discovered.

Key Take-Away: GO DIGITAL, NOW is the time

• If you have been planning to go online, NOW is the time
• If you have your online presence but your organic traffic isn’t very high, NOW is the time
• If you want to do, but didn’t get the time yet, NOW is the time
• If you think you should, but don’t know it for sure, NOW is the time.

Having a digital or a virtual presence as an integral part of your BCP (business continuity plan) is inevitable. So, NOW is the time.

1. Create your own website
2. Do the payment integrations
3. Take charge of your social media handles- FB page, Insta Live, LinkedIn Pulse, Quora, etc.
4. Create your blog and spread awareness

Ensure you have a virtual presence so that you can operate from anywhere in the world, even while sipping a margarita in Goa, and your business would be up and running.

Written by:

Rupanjali Mitra Basu

Founder, FINPROWISE SOLUTIONS